nep-cul New Economics Papers
on Cultural Economics
Issue of 2013‒06‒04
seven papers chosen by
Roberto Zanola
University Amedeo Avogadro

  1. Does Cultural Heritage Affect Employment Decisions: Empirical Evidence for Second Generation Immigrants in Germany By Anja Köbrich León
  2. Music consumption at the dawn of the music industry: the rise of a cultural fad By Guerzoni, Marco; Nuccio, Massimiliano
  3. Fair re-valuation of wine as an investment By BOCART, Fabian; HAFNER, Christian
  5. Futures Commodities Prices and Media Coverage By Almánzar, Miguel; Torero, Máximo; Grebmer, Klaus von
  6. Ethical Investment and Consumers in Cultural History By Alam, Niaz
  7. Organizational Culture and Subjective and Work Well-being. The Case of Employees of Portuguese Universities By Santos, Joana; Gonçalves, Gabriela; Gomes, Alexandra

  1. By: Anja Köbrich León
    Date: 2013
  2. By: Guerzoni, Marco; Nuccio, Massimiliano (University of Turin)
    Abstract: This paper discusses the extent to which socio-demographic characteristics of consumers and their past consumption are less effective in explaining the decision of purchasing a cultural good than the characteristics of the product itself, which allow imitative behaviors and are at the basis of distinction. While the former approaches are well discussed in the literature, the latter refers to the Bourdieu’s idea of objectified cultural capital, which has been rarely explored in empirical works. Because the various explanatory effects interact with each others, the paper tests a theoretical model which matches individual characteristics of the consumer with the properties of the cultural product. Specifically, we discussed the emergence of a new version of a cultural good, which is able to broaden the dimension of the market by gaining quick success in the the audience. This diffusion pattern is a quite rare event, but disruptive for the market and extremely profitable for the producer. The authors label this occurrence disruptive cultural fad and try to understand the determinants of its adoption. The hypotheses of the model are tested on a unique dataset of micro-data of purchasing transactions in Milan in the early 19th century,when the music by Gioachino Rossini emerged as disruptive cultural fad at the dawn of the music industry
    Date: 2012–09
  3. By: BOCART, Fabian (Université catholique de Louvain, ISBA, Belgium); HAFNER, Christian (Université catholique de Louvain, CORE & ISBA, Belgium)
    Abstract: The prices of wine is a key topic for market participants interested in valuing their stock, including dealers, restaurants or consumers who may be interested in optimizing their purchases. As a closely related issue, re-valuation is the need to regularly update the value of a stock. This need is especially met by fund managers in the growing industry of wine as an investment. In this case, fair-value measurement is compulsory by law. We briefly review methods available to funds and introduce a new quantitative method aimed at meeting IFRS 13 compliance for fair valuation. Using auction data, we apply our method to compute current fair value of a basket of wines.
    Keywords: IFRS13, hedonic regression, repeated sales, wine investment
    JEL: C14 C43 M40 G12
    Date: 2013–05–22
  4. By: Michela Ponzo; Vincenzo Scoppa (Dipartimento di Scienze Economiche, Statistiche e Finanziarie, Università della Calabria)
    Abstract: Product quality is often unobservable ex-ante and consumers rely on experts’ judgments, sometimes coming under the form of ratings or awards. Do awards affect consumers’ choices or they are conferred to the most popular products? To disentangle this issue, we use data of the most important Italian Literary Prize, the “Strega Prize”, undertaking two different estimation strategies to evaluate the impact on book sales of being awarded the Prize. First, we adopt a Regression Discontinuity Design using as dependent variable a measure of book sales and as forcing variable (proxying for intrinsic book quality) the jury votes received by each nominated book in the competition. We find a very strong impact of the Strega Prize on sales. Second, using weekly data on appearances in bestseller lists, we estimate a difference-in-differences model, comparing sales performance of treated and control books before the award is conferred with their respective performance afterwards. The results confirm a huge influence of the Prize on book sales and show that most of the impact occurs in the weeks following the announcement.
    Keywords: Cultural Economics, Awards, Literary Prize, Book Sales, Product Quality, Regression Discontinuity Design, Difference-in-Differences model
    JEL: Z10 Z11 L15 L80 M30 D12
    Date: 2013–05
  5. By: Almánzar, Miguel; Torero, Máximo; Grebmer, Klaus von
    Abstract: In this paper we examine the effects of media coverage of commodity prices increases and decreases on the price of the commodity and how media coverage in other commodities affects prices. We provide evidence of the relationship between media coverage and its intensity to the price level of agricultural commodities and oil futures. We find that price movements are correlated with the media coverage of up movements, or increase in prices. The direction of the correlation is robust and positive for media coverage of increases in prices, and negative for decreases in prices. These results point to increases in prices being exacerbated by media attention by 8%. In addition, we find interesting countervailing effects of this reinforcing price pressures due to media activity in the previous days. Finally, we find that even though volatility is higher for the set of days where there is media coverage, this hides important dynamics between media coverage and volatility. The volatility of market adjusted returns is negatively correlated with the media coverage, both up and down media coverage. Markets days with intense media coverage of commodity prices tends to have lower volatility.
    Keywords: prices, future prices, volatility, media, food security, time series, commodity returns, Agricultural Finance, Demand and Price Analysis, Food Security and Poverty, G13, Q11, C53, C58, D84, D82,
    Date: 2013–05
  6. By: Alam, Niaz
    Abstract: A short cultural history of the impact of Ethical Investment and Consumers over the years. Primarily from a UK based perspective looking at the evoluton of ethical business issues and their contemporary impact. Topics covered include impacts in books, films and foreign policy. History of Influencing the market via international conventions and discussion of debates on the value of mainstreaming, political disputes (The human rights and wrongs of boycotts) and the 1990s take off for codes of conduct
    Keywords: Responsible Investment, SRI, Ethical consumers, Ethical Investment
    JEL: B00 B2 B29 B30 Z1 Z13
    Date: 2013–04–28
  7. By: Santos, Joana (University of Algarve); Gonçalves, Gabriela (University of Algarve); Gomes, Alexandra (University of Algarve)
    Abstract: This study investigated the determination of Organizational Culture on the Well-Being at Work and determination on the Subjective Well-being of employees of Public Institutions of Higher Education in Portugal. The final total sample had 635 participants, employees of Portuguese Public Higher Education Institutions. The hierarchical regression shows a significant effect of Organizational Culture on the criterion variable, Subjective Well-Being. By adding Well-Being at Work, it increased the explanatory power of the model. It was still possible to establish a structural equation model, which considers the determination of Support Organizational Culture on Well-being at Work and this on Well-being Professional. These results reveal the importance of organizations implementing a culture of support, particularly in ensuring the Well-being of its employees.
    Keywords: Organizational Culture; Subjective Well-Being; Well-Being at Work
    JEL: L32 M14
    Date: 2013–05–22

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