Representing videos using vocabularies composed of concept detectors appears promising for event recognition. While many have recently shown the benefits of concept vocabularies for recognition, the important question what concepts to include in the vocabulary is ignored. In this paper, we study how to create an effective vocabulary for arbitrary-event recognition in web video. We consider four research questions related to the number, the type, the specificity and the quality of the detectors in concept vocabularies. A rigorous experimental protocol using a pool of 1,346 concept detectors trained on publicly available annotations, a dataset containing 13,274 web videos from the Multimedia Event Detection benchmark, 25 event groundtruth definitions, and a state-of-the-art event recognition pipeline allow us to analyze the performance of various concept vocabulary definitions. From the analysis we arrive at the recommendation that for effective event recognition the concept vocabulary should i) contain more than 200 concepts, ii) be diverse by covering object, action, scene, people, animal and attribute concepts,iii) include both general and specific concepts, and iv) increase the number of concepts rather than improve the quality of the individual detectors. We consider the recommendations for video event recognition using concept vocabularies the most important contribution of the paper, as they provide guidelines for future work.