nep-cul New Economics Papers
on Cultural Economics
Issue of 2021‒05‒10
six papers chosen by
Roberto Zanola
Università degli Studi del Piemonte Orientale

  1. Academic artists' engagement and commercialisation By Azagra-Caro, Joaquín M.; Benito-Amat, Carlos; Planells-Aleixandre, Ester
  2. Regulation or Reputation? Evidence from the Art Market By Kim Oosterlinck; Anne-Sophie Radermecker
  3. Foreign bank lending: The role of home country culture during prosperous and crisis periods By Krzysztof Jackowicz; Oskar Kowalewski; Lukasz Kozlowski
  4. Animal Crossing: New Horizons meets "Maslow's pyramid" By Benti, Behailu Shiferaw; Stadtmann, Georg
  5. Music Sentiment and Stock Returns Around the World By Edmans, Alex; Fernandez, Adrian; Garel, Alexandre; Indriawan, Ivan
  6. Faith and Assimilation: Italian Immigrants in the US By Gagliarducci, Stefano; Tabellini, Marco

  1. By: Azagra-Caro, Joaquín M.; Benito-Amat, Carlos; Planells-Aleixandre, Ester
    Abstract: Academic artists are researchers who create artistic work. They form part of the cultural life of cities and contribute to welfare not only through research but also through art. They may commercialise their art or use it to engage in scientific knowledge diffusion. We seek to understand the relationship between art, academic commercialisation and engagement, and detect sociodemographic, organisational and institutional barriers to academic art. The resources needed to develop and diffuse art in addition to conducting research, may exclude women researchers and contribute to their marginalisation in science, and may be incompatible with a career focused on science quality or an organisational logic based on scientific prestige. We study the responses to a survey of some 7,000 Spanish academics and compare university researchers to other researchers. More than half of the researchers surveyed create artistic work; however, whereas engagement is the norm rather than the exception, commercialisation is rare. Being a woman researcher, working in a university and producing good quality science run counter to being an artist. Younger researchers are artists, but commercial rather than engaged. The detrimental effect of science quality on being a commercial or engaged artist turns positive after a certain threshold, which suggests polarisation among academic artists. Among commercial artists, this polarisation seems to apply specifically to university researchers. We discuss the implications for the valorisation of art across interaction channels and in research evaluations.
    Date: 2021–04–29
  2. By: Kim Oosterlinck; Anne-Sophie Radermecker
    Abstract: We study the effect of public regulation of the art market. In 1981, France passed a Decree to regulate attribution practices, in a market where authenticity plays a key role in valuation and price formation mechanisms. By using empirical evidence from sales of early Flemish paintings (1955-2015), we show that the decree had a limited impact not only on due diligence and attribution practices but also on value of sales. The size and relative depth of the French art market compared to other countries, as well as the development of technical art history, the globalization of the art market, and compliance mechanisms explain the moderate impact of this Decree on old master sales. Our results therefore suggest that to regulate attribution in the arts, market mechanisms might be more effective than regulation.
    Keywords: Art Market; Authenticity; Reputation; French Regulation; Marcus Decree
    JEL: K20 Z11
    Date: 2021–04–29
  3. By: Krzysztof Jackowicz (Department of Banking, Insurance and Risk, Kozminski University, Poland); Oskar Kowalewski (IESEG School of Management and LEM-CNRS 9221, France); Lukasz Kozlowski (Department of Banking, Insurance and Risk, Kozminski University, Poland)
    Abstract: We investigated whether home country culture determines the lending behavior of foreign subsidiaries in host countries during both tranquil and difficult economic times. We employed a dataset of foreign-owned banks originating from 49 home countries and operating in 47 host countries during the period 1996–2018. We found that, in general, only certain dimensions of the home country culture of multinational banks influence lending activities of the foreign bank subsidiaries. However, the impact of home country culture strengthens significantly during crises. Interestingly, we established that the cultural values of the home country are more important than the cultural distances between home and host countries in explaining foreign bank lending attitudes.
    Keywords: foreign bank, lending, national culture, crisis
    JEL: G01 G21
    Date: 2021–04
  4. By: Benti, Behailu Shiferaw; Stadtmann, Georg
    Abstract: Relying on Maslow's needs-based theory of motivation, we analyze the role of the video game Animal Crossing: New Horizons (ACNH) in satisfying needs. We use an interdisciplinary framework involving both psychology and gaming. While ACNH creates a virtual world, we highlight its role in satisfying the needs of the real person. In doing so, we reflect on the interdependence between the real world and the virtual one.
    Keywords: Maslow's theory of motivation,Animal Crossing,Maslow's pyramid,seven-stage model,real world needs,virtual world needs
    Date: 2021
  5. By: Edmans, Alex; Fernandez, Adrian; Garel, Alexandre; Indriawan, Ivan
    Abstract: This paper introduces a real-time, continuous measure of national sentiment that is language-free and thus comparable globally: the positivity of songs that individuals choose to listen to. This is a direct measure of mood that does not pre-specify certain mood-affecting events, nor assume the extent of their impact on investors. We validate our music-based sentiment measure by correlating it with mood swings induced by seasonal factors and weather conditions. We find that music sentiment is positively correlated with same-week market returns and negatively correlated with next-week returns, consistent with sentiment-induced temporary mispricing. Results also hold under a daily analysis and are stronger when short-sale constraints limit arbitrage. Music sentiment also predicts increases in net mutual fund flows, and absolute sentiment precedes a rise in stock market volatility.
    Keywords: behavioral finance; Investor Mood; Investor Sentiment
    JEL: G12 G14
    Date: 2021–02
  6. By: Gagliarducci, Stefano; Tabellini, Marco
    Abstract: We study the effects of religious organizations on immigrants' assimilation. We focus on the arrival of Italian Catholic churches in the US between 1900 and 1920, when four million Italians had moved to America, and anti-Catholic sentiments were widespread. We combine newly collected Catholic directories on the presence of Italian churches across years and counties with the full count US Census of Population. We find that Italian churches reduced the social assimilation of Italian immigrants, lowering intermarriage rates and increasing ethnic residential segregation. We find no evidence that this was the result of either lower effort exerted by immigrants to ``fit in'' the American society or increased desire to vertically transmit national culture. Instead, we provide evidence for other two, non-mutually exclusive, mechanisms. First, Italian churches raised the frequency of interactions among fellow Italians, likely generating peer effects and reducing contact with other groups. Second, they increased the salience of the immigrant community among natives, thereby triggering backlash and discrimination.
    Keywords: Assimilation; Immigration; religious organizations
    JEL: J15 N31 Z12
    Date: 2021–02

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