nep-cul New Economics Papers
on Cultural Economics
Issue of 2020‒11‒02
two papers chosen by
Roberto Zanola
Università degli Studi del Piemonte Orientale

  1. The Digital Strategy of Editorial Houses: A Matter of Book Content? By Elisa Salvador; Pierre-Jean Benghozi
  2. The impact of the results of football matches on the stock prices of soccer clubs By Robert Ślepaczuk; Igor Wabik

  1. By: Elisa Salvador (ESSCA - Ecole Supérieure des Sciences Commerciales d'Angers); Pierre-Jean Benghozi (X-DEP-MIE - Département de Management de l'Innovation et Entreprenariat de l'École polytechnique - X - École polytechnique)
    Abstract: Traditional editorial houses are now confronted with the emergence of the online diffusion of e-books. This phenomenon has forced publishing houses to also make their catalogue of printed books available as digital versions. However, it would be inaccurate to envision and report on the digital strategies of publishing houses in a global way since digitisation has very different effects according to the various types of books: dictionaries, illustrated books or novels, for example. The aim of this article is therefore to examine to what extent the type and categories of books influence — or not — in a differentiated way the behaviour of publishers in their digitisation strategies and the design of their e-book catalogues. The expected results should reflect divergent approaches towards proactive behaviour and the appropriation of e-book technologies. Not all publishers are on the path towards publishing in digital formats. Consequently, this article provides a comparative analysis of catalogues of printed books and e-books. It compares the strategy of 104 editorial houses, focusing on a specific country – in this case, France. The most widely diffused book categories with the total number of books available in printed and digital formats have been identified for every editorial house analysed. The analysis is supported and processed thanks to the use of the national systematic databank of French publishers (Electre). The results shed light on the effective influence of the digital book on printed book categories and make it possible to characterise accordingly the strategies of editorial houses in the digital age.
    Abstract: Les maisons d'édition traditionnelles sont aujourd'hui confrontées à l'émergence de la diffusion en ligne de livres électroniques. Ce phénomène a contraint les maisons d'édition à rendre leur catalogue de livres imprimés également disponible en version numérique. Cependant, il ne serait pas juste d'envisager et rendre compte des stratégies numériques des maisons d'édition de manière uniquement globale. Car la numérisation a des effets très différents selon les différents genres de livres : dictionnaires, livres illustrés ou romans, par exemple. L'objectif de cet article est donc d'examiner dans quelle mesure le type et les catégories de livres influencent - ou non - de manière différenciée le comportement des éditeurs dans leurs stratégies de numérisation et la conception de leurs catalogues de livres électroniques. Tous les éditeurs ne sont pas engagés de la même manière pour publier en formats numériques. Notre hypothèse était que l'analyse des catalogues reflète des approches divergentes en matière d'anticipation et d'appropriation des technologies du livre électronique. Cet article propose une analyse comparative des catalogues de livres imprimés et de livres électroniques. Il compare la stratégie de 104 maisons d'édition, en se concentrant sur un pays spécifique, en l'occurrence la France. Nous avons identifié et analysé, pour chacune de ces maisons d'édition les catégories de livres les plus diffusées ainsi que le nombre total de livres disponibles en formats imprimés et numériques. Cette étude s'appuie sur la banque de données systématique nationale des éditeurs français (Electre). Au final, les résultats mettent en lumière l'influence effective des catégories de livres imprimés sur a disponibilité des livres numériques. Ils permettent de caractériser en conséquence les stratégies des maisons d'édition à l'ère numérique.
    Keywords: cultural and creative industries,book publishing industry,e-book,e-readers,book catalogue
    Date: 2020
  2. By: Robert Ślepaczuk (Faculty of Economic Sciences, Quantitative Finance Research Group, University of Warsaw); Igor Wabik (Faculty of Economic Sciences, University of Warsaw)
    Abstract: The aim of this paper is to study the relationship between sport results and stock prices of European football clubs. To show that connection, we use two econometric models. Firstly, we conduct an event study analysis around the dates of football games to look for existence of abnormal returns. Secondly, we use OLS regression to test what effect the unexpected part of the result has. Based on 2239 observations of football matches results played between 01/08/2016 and 02/03/2020, we find significant relationship between sport results and financial performance. Significant negative abnormal returns are observed around defeats and draws, while for wins the impact is unclear. Using second model, we find positive values for coefficients related to unexpected number of points, which can be an additional evidence of a link between football results and stock prices. Finally, we see the potential for systematic trading strategy on soccer stocks based on the presented results. Such algo strategy with market neutral characteristic should beat the market regardless of market conditions.
    Keywords: soccer stock returns, event study analysis, algorithmic investment strategies, market neutral strategy, sports efficiency
    JEL: C4 C14 C45 C53 C58 G13
    Date: 2020

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