nep-cul New Economics Papers
on Cultural Economics
Issue of 2016‒04‒09
three papers chosen by
Roberto Zanola
Università degli Studi del Piemonte Orientale

  1. Religious Heritage Tourism and Creative Economy in Cirebon: The Diversity of Religious, Cultures and Culinary By Jaelani, Aan; Setyawan, Edy; Hasyim, Nursyamsudin
  2. Business models, diffusion of innovation and imitation: The case of online press By LYUBAREVA, Inna; ROCHELANDET, Fabrice; ETIENNE, Jean-Michel
  3. Testing the Efficiency of the Art Market using Quantile-Based Unit Root Tests with Sharp and Smooth Breaks By Goodness C. Aye; Tsangyao Chang; Wen-Yi Chen; Rangan Gupta; Mark Wohar

  1. By: Jaelani, Aan; Setyawan, Edy; Hasyim, Nursyamsudin
    Abstract: Cirebon has an element of completeness in tourism management. Religious, heritage and tourism is a combination of three industry from the perspective of economics that play a role in the development of tourism and has the potential to encourage people's creativity in the economic sector. With a qualitative approach, this study confirms the religious heritage and the creative economy tourism the icon for Cirebon in developing the tourism industry, including travel and religious culture as well as a variety of culinary and crafts
    Keywords: religious, heritage, tourism, creative economy, local tourism
    JEL: L60 L67 L8 L83 Q24 Q26 Z1 Z12
    Date: 2016–03–11
  2. By: LYUBAREVA, Inna; ROCHELANDET, Fabrice; ETIENNE, Jean-Michel
    Abstract: A body of literature shows the destabilizing role of ICT and change from analogue to digital in the cultural industries in general, and in press industry in particular. This literature demonstrates that constant experimentation and innovation in the area of organizational arrangements and business models (BM) has become a key competitive advantage. As a result, traditional BMs, which were dominant and stable in different cultural industries (such as media, film, music, publishing etc), have given rise to a multiplicity of arrangements in business management and the emergence of disruptive and innovative business models, which often successfully coexist in the same market segment. According to this view point, strategic and structural change is necessarily driven by competition or the need for efficiency. However alternative theories predicts that in depending on the industry structural characteristic, only early adopters of innovation may be driven by a desire to improve performance, whereas as an innovation spreads and organizational field becomes more established, there may be a push towards homogenization. The case of the French press is quite symptomatic of that standpoint. From the empirical analysis of 100 press websites observed over the period from 2004 to 2014, the paper substantiates the convergence process towards three dominant clusters of online BMs: “A minima Digital”, “Freebie Plus” and “Exploring Leaders”. Using a Random Effects Probit econometric model the paper puts forward that this isomorphic process is mainly due to the fact that mimetic behavior over-weights search for performance in French press.
    Keywords: Online Press, Business Models, Innovation of Service, Imitation, Isomorphism
    JEL: L82 M2 O33
    Date: 2016–01
  3. By: Goodness C. Aye (Department of Economics, University of Pretoria); Tsangyao Chang (School of Finance, Hubei University of Economics, China); Wen-Yi Chen (Department of Senior Citizen Service Management, National Taichung University of Science and Technology, Taiwan); Rangan Gupta (Department of Economics, University of Pretoria); Mark Wohar (Department of Economics, University of Nebraska-Omaha, USA and Loughborough University, UK)
    Abstract: This paper examines the efficiency market hypothesis for the art market using a novel nonlinear quantile-based unit root test while accounting for sharp shifts and smooth breaks in the data. We use quarterly data which covers 1998:1 and 2015:1. Our analysis is based on 15 art price indices: Contemporary, Drawings, France, Global index (Euro), Global index (USD), Modern art, Nineteenth century, Old Masters, Paintings, Photographies, Postwar, Prints, Sculptures, UK and US. We find evidence of structural shifts and nonlinearity in the art indices. We cannot reject the null of unit root and/or stationarity in the art series based on the conventional linear unit root tests and quantile-based test that did not account for structural breaks. However, when we use the same methods but accounting for sharp shifts and smooth breaks, we are able to reject the unit root null for each of the art indices. Further we find evidence of asymmetric behaviour in some of the indices: two global indices, Paintings, Prints, Sculptures, Modern art and Postwar, where unit root exist at some quantiles but not at others. Overall, our result suggest that the art market is inefficient. We provide some practical and policy implications of our findings.
    Keywords: Art market, efficiency, sharp and smooth breaks, conventional unit root tests, quantile unit root tests
    JEL: C22 G10 G23
    Date: 2016–03

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