nep-cul New Economics Papers
on Cultural Economics
Issue of 2006‒12‒09
three papers chosen by
Roberto Zanola
Universita degli Studi del Piemonte Orientale

  1. Il mercato della musica e INTERNET: una analisi economica By M. Ziliotti
  2. Ten Years of Misleading Information - Investment Advice in Printed Media By Lidén, Erik R.; Rosenberg, Markus
  3. The success of “Made in Italy”: an appraisal of quality-based competitiveness in food markets By A. Ninni; M. Raimondi; M. Zuppiroli

  1. By: M. Ziliotti
    Keywords: Economia di rete, Internet, musica
    JEL: L82 D85 H89
    Date: 2006
  2. By: Lidén, Erik R. (Department of Economics, School of Business, Economics and Law, Göteborg University); Rosenberg, Markus (Department of Economics, School of Business, Economics and Law, Göteborg University)
    Abstract: This paper analyzes the returns to stock recommendations published in eleven well-known Swedish morning newspapers, tabloids, business newspapers and magazines during the period 1995-2004 prior to, at the time of, and for up to a year after the recommendation was published. The sample size of 5,190 buy recommendations and 851 sell recommendations by far makes it the most comprehensive study of stock recommendations in the printed media to this date. Buy recommendations are found to insignificantly underperforming the risk-replicating portfolio by almost two percentage points for the year after they were published. Buy's of small- firm stocks outperform the risk-replicating portfolio whereas medium- and large-sized firms underperforms. Unique buy recommendations perform better than repeated ones. Sell-recommended stocks underperform stocks with the same riskiness. However, readers could not profit from them because they actually increase in value. <p>
    Keywords: Stock recommendations; effcient market hypothesis; printed media; initiations; information asymmetry
    JEL: G10 G14 G20
    Date: 2006–11–30
  3. By: A. Ninni; M. Raimondi; M. Zuppiroli
    Abstract: The role of quality is often stressed in explaining the Italian success in the international markets for consumption goods. Here the proxy for a quality led domain is a strong price rigidity of the demand in rich consuming countries for some food imports coming from Italy. Our analysis does not support this idea, as the usual price competition seems to be quite common also in very detailed food markets. It suggests that the quality image of Italian goods offers protection for some traditional products, but that this protection is not strong enough to counteract price competition. Then, the supposed incidence of the qualitatively superior Italian products on the total of the Italian products is probably overestimated.
    Keywords: Quality, Italian trade, food
    JEL: F14 L15 L66
    Date: 2006

This nep-cul issue is ©2006 by Roberto Zanola. It is provided as is without any express or implied warranty. It may be freely redistributed in whole or in part for any purpose. If distributed in part, please include this notice.
General information on the NEP project can be found at For comments please write to the director of NEP, Marco Novarese at <>. Put “NEP” in the subject, otherwise your mail may be rejected.
NEP’s infrastructure is sponsored by the School of Economics and Finance of Massey University in New Zealand.