This paper reviews data in an attempt to find a causal relationship between money spent on players, in the form of transfer fees, and a team's win percentage. This paper uses panel data from transmarkt, a German run website that has been compiling transfer data for over fifteen years. I have added variables to control for player ability, in the form of international experience, and team fixed effects to control for teams that have an advantage on the field before games are even played. I find that money is positively correlated with win percentage, but the correlation is not as high as in previous research.
