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on Cultural Economics |
| By: | Brett Danaher; Samita Dhanasobhon; Michael D. Smith; Rahul Telang |
| Abstract: | Digitization raises a variety of important academic and managerial questions around firm strategies and public policies for the content industries, with many of these questions influenced by the erosion of copyright caused by Internet file-sharing. At the same time, digitization has created many new opportunities to empirically analyze these questions by leveraging new data sources and abundant natural experiments in media markets. In this chapter we describe the open “big picture” questions related to digitization and the copyright industries, and discuss methodological approaches to leverage the new data and natural experiments in digital markets to address these questions. We close our chapter with a specific proof of concept research study that analyzes an important academic and managerial question — the impact of legitimate streaming services on the demand for piracy. We use ABC's decision to add its content to Hulu.com as a natural experiment and show that it resulted in an economically and statistically significant drop in piracy of that content. |
| JEL: | K42 L38 L82 O3 O34 |
| Date: | 2013–11 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:19634&r=cul |
| By: | Korteweg, Arthur; Kräussl, Roman; Verwijmeren, Patrick |
| Abstract: | This paper shows the importance of correcting for sample selection when investing in illiquid assets with endogenous trading. Using a large sample of 20,538 paintings that were sold repeatedly at auction between 1972 and 2010, we find that paintings with higher price appreciation are more likely to trade. This strongly biases estimates of returns. The selectioncorrected average annual index return is 6.5 percent, down from 10 percent for traditional uncorrected repeat sales regressions, and Sharpe Ratios drop from 0.24 to 0.04. From a pure financial perspective, passive index investing in paintings is not a viable investment strategy once selection bias is accounted for. Our results have important implications for other illiquid asset classes that trade endogenously. -- |
| Keywords: | Art investing,Selection bias,Portfolio allocation |
| JEL: | D44 G11 Z11 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:cfswop:201318&r=cul |
| By: | Stephan Brunow (Institute for Employment Research (IAB); Bastian Stockinger (Otto-Friedrich University of Bamberg) |
| Date: | 2013–11 |
| URL: | http://d.repec.org/n?u=RePEc:nor:wpaper:2013022&r=cul |
| By: | De Smet, Dries; Vanormelingen, Stijn |
| Date: | 2012–01 |
| URL: | http://d.repec.org/n?u=RePEc:ner:leuven:urn:hdl:123456789/408682&r=cul |
| By: | Schokkaert, Jeroen |
| Keywords: | Economics; Sports; |
| Date: | 2013–10–17 |
| URL: | http://d.repec.org/n?u=RePEc:ner:leuven:urn:hdl:123456789/414623&r=cul |
| By: | Meloni, Giulia; Swinnen, Jo |
| Abstract: | It is hard to imagine in the 21st global wine economy, but until 50 years ago Algeria was the largest exporter of wine in the world – and by a wide margin. Between 1880 and 1930 Algerian wine production grew dramatically. Equally spectacular is the decline of Algerian wine production: today, Algeria produces and exports little wine. This paper analyzes the causes of the rise and the fall of the Algerian wine industry. There was an important bi-directional impact between developments of the Algerian wine sector and French regulations. French regulations had a major impact on the Algerian wine industry. Vice versa, the growth of the Algerian wine industry triggered the introduction of important wine regulations in France at the beginning of the 20th century and during the 1930s. Important elements of these regulations are still present in the European Wine Policy today. |
| Keywords: | European agriculture; wine history; regulation; appelations; institutions; |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:ner:leuven:urn:hdl:123456789/401907&r=cul |