This dissertation seeks to answer several research questions related to the field of sports economics empirically. Therefore, I have gathered data sets from various professional sports, including data about the team-level financial and sport performance of four North American major sport leagues: the National Basketball Association (NBA), National Hockey League (NHL), National Football League (NFL), and Major League Baseball (MLB), as well as from English Premier League (EPL) clubs. I use detailed individual player performance and salary data related to players in the German Bundesliga. My analyses also rely on game- and season-level data from the Spanish basketball top division Asociación de Clubs de Baloncesto (ACB). I start with an initial assessment of the uncertainty of outcome hypothesis by empirically detailing the trade-off between scoring and competitive balance in professional basketball. The following chapter addresses the financial performance of NHL franchises, prior and after a new collective bargaining agreement in 2005, which provides a unique setting in which to analyze the impact of a regulatory intervention on managerial efficiency. Subsequently, I extend the efficiency analysis to all North American Major League franchises and clubs from the English Premier League to investigate the differences in motives between North American and European sport teams, as well as how sporting performance might differentially influence teams value and revenues. The next chapter analyzes how the consistency of professional soccer players performance might affect their salaries. Finally, the last chapter offers a broader focus and integrates another field of research, by analyzing the effects of environmental regulations on foreign direct investment patterns of German multinational enterprises.