本文研究美國職棒大聯盟(MLB)的球員是否隱藏資訊不對稱之現象,其中包括逆選擇及道德風險。我們採用簽訂大於或等於三年合約的美國職棒大聯盟的球員為分析樣本,包含了投手和打者。本文的研究樣本期間是從1995年到2012年,在這期間內包含了335份擁有長期合約的樣本數。本文透過事件研究法來分析投手及打者在簽約前及簽約後的績效指標來檢測資訊不對稱的現象。實證結果顯示,美國職棒大聯盟的球員在簽定合約前是有逆選擇的行為,而在簽訂合約後亦有道德風險的情況出現。迴歸分析也呈現類似的結果,但還是有些差異的地方像是打者在簽訂合約後第三年表現得特別優秀,是為了爭取下一份新的合約.研究證據說明美國職棒大聯盟的球員在簽訂一份長期合約後,績效表現顯顯會下滑,且比簽訂長期合約前來得差,我們定義此現象為 “擺爛效應"。
In this paper we study whether the MLB players induce the problem of asymmetric information, including the adverse selection and the moral hazard. We use long term contracts, greater or equal to three years contract, signed by the Major League Baseball (MLB) players, including pitchers and hitters, to examine our main issues. Sample period we used is from year 1995 to year 2012. In terms of event study method and based on most performance indicators of pitchers and hitters, the empirical evidence of 335 long term contracts (125 pitchers and 200 hitters) indicates that MLB players do behave an adverse selection before signed a long term contract and a moral hazard after signed a long term contract. Regression analysis also discovers similar results. Specially, some interesting findings are emerged. In order to strive for a new contract batters perform better during the third year after signed the contract. Overall, the evidence indicates that MLB players with long term contracts tend to perform worse after signed a long term contract. This study refers it as a “Leave it rotten effect”.