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					                                                                                 Game, Set, Money!
                                                                                 Department of Economics/Finance
                                                                                         Meagan Jackson
                                                                                            Ali Ballard
                                                                                         Heather Brantley
                                                                                                                                                        Evaluating the Statistical Significance
                         Abstract                                                                                Data
                                                                                                                                                              of Estimated Coefficients
  This study estimates the determinants of career prize                         Equation:                                                             P-values are a measure of statistical significance. If
  money for the top 100 Women’s Tennis Association                              Log of Career Prize Money = f(Total Wins, Years Pro,                  the observed significance level is less than the chosen
  (WTA) players in 2009. We use various measures of                             Height, US, Other, Right)                                             significance level (alpha), then the researcher should
  performance and physical attributes to analyze whether
                                                                                                                                                      reject the null hypothesis in favor of the
  these variables can explain the variation in women’s
                                                                                 Table 1 Descriptive Statistics                                       alternative. Otherwise, there is not enough evidence to
  career prize money. In addition to total wins, other
                                                                                                                                                      reject the null hypothesis. For instance, if a P-value for
  important determinants of career prize money include                     Variable       Standard             Mean        Maximum         Minimum    the estimated coefficient of a variable is 0.0012, this
  number of years in the WTA, height, nationality, and                                    Deviation                                                   means that there is only a 12 in 10,000 chance that the
  whether the player is right-handed. For every ten wins
                                                                                                                                                      true coefficient of price is actually 0. The lower the P-
  on the tour, a player’s career salary will increase                   Log of           $4,596,906      $3,261,129       $26,547,893      $209,511   value for an estimated coefficient, the more confident
  approximately five percent. Each year in the WTA will                 Career Prize                                                                  you are in the estimate. In our paper, P-values of 0.10
  increase a player’s career salary by six percent. Each                Money                                                                         or lower are considered low enough for us to be
  additional inch in height will increase salary by roughly 5           Total Wins          106.20             261.96       550.00           88.00    confident that the estimated coefficient is statistically
  percent. While a player from the United States does not
                                                                        Age                  4.38              24.45            38.00        18.00    significant. If the P-value is 0.05, we say that the
  earn significantly more or less than a Russian player,
                                                                                                                                                      estimated coefficient is statistically significant at the 5
  players of non-American origin earn approximately 28                  Years Pro            3.83               9.10            18.00         2.00    percent level.
  percent less than a Russian player. Finally, right-
  handed players earn 33 percent more than left-handed                  Height               2.69              68.04            75.00        61.50
  players.                                                                                                                                                             Conclusion/Results
                                                                                 Table 2 Regression Results                                           We collected data on various factors we believed were
                         Variables                                                                                                                    relevant to a player’s financial success and the results
  Independent Variables                                                 Variable           Coefficient          Standard Error          P-Value       suggest that many of the coefficients on these variables
  Total Wins: All registered single matches played over
                                                                                                                                                      were in fact statistically significant. Since the Career Prize
  the course of a player’s career                                       Total Wins               0.005                  0.001             <.0001
                                                                                                                                                      Money dependent variable was not normally distributed, we
  Years Pro: Total number of years the player has been
                                                                        Years Pro                0.061                  0.022              0.007      decided to use a log transformation to normalize the data.
  in the WTA
                                                                                                                                                      Total Wins, Years Pro, Height, Nationality, and whether the
  Height: Player’s height in inches                                     Height                   0.047                  0.021              0.028
                                                                                                                                                      player is Right-handed were all significant determinants of
  US: Refers to a player’s nationality
                                                                        US                      -0.135                  0.208              0.518      Career Prize Money. While 2009 saw a surge of Russian
  Other: Players of non-American and non-Russian
                                                                                                                                                      women finishing in the top 100, they did not earn
  nationality                                                           Other                   -0.283                  0.154              0.069      significantly more prize money than American players.
  Right: Indicates whether the player is right handed
                                                                        Right                    0.335                  0.190              0.082      Future research would expand the number of observations
  Dependent Variable
                                                                                                                                                      to include the top 100 players from 2000-2009 and create a
  Log of Career Prize Money: The log of money earned                    Adj. R2 = 0.63                                                                dependent variable that includes both career prize money
  through match winnings                                                N = 100                                                                       and money from sponsorships.


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