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Financial and Nonfinancial Performance Measures for Managing Revenue Streams of Intellectual Property Products: The Case of Motion Pictures 管理知识产权产品收入流的财务和非财务绩效措施:以电影为例
USC Marshall School of Business Research Paper Series Pub Date : 2016-07-26 DOI: 10.2139/ssrn.3459849
J. Gong, S. Young
{"title":"Financial and Nonfinancial Performance Measures for Managing Revenue Streams of Intellectual Property Products: The Case of Motion Pictures","authors":"J. Gong, S. Young","doi":"10.2139/ssrn.3459849","DOIUrl":"https://doi.org/10.2139/ssrn.3459849","url":null,"abstract":"Abstract \u0000Purpose \u0000We examine the role of financial and nonfinancial performance measures in managing revenues derived from life cycles of a type of intellectual property products − motion pictures. \u0000 \u0000 \u0000Design/approach \u0000Our study focuses on the first two markets in which audiences can watch a motion picture – the upstream theatrical market and the downstream home video market. We combine data collected from numerous public and proprietary sources and form a final sample of 654 motion pictures. Then we perform regression analysis on the data. \u0000 \u0000 \u0000Findings \u0000First, three measures of a movie’s performance in the theatrical market, opening box office revenue, peak rank, and weeks at the peak rank, have positive effects on subsequent revenues in the home video market. Second, the same set of performance measures also predicts the motion picture’s life span in the theatrical market. Third, when the actual life span of a motion picture in the theatrical market deviates from its predicted value, the total return on investment in the motion picture decreases. \u0000 \u0000 \u0000Research limitations \u0000We do not have data on other downstream markets related to motion pictures, such as pay-per-view and online video streaming. \u0000 \u0000 \u0000Practical implications \u0000This study suggests that the public and proprietary data can be used to inform managerial decisions regarding intellectual property product life cycles. \u0000 \u0000 \u0000Originality/value \u0000This is the first accounting study that directly examines life cycle revenues of intellectual property products. We also extend literature on revenue driver and revenue management research to the product level.","PeriodicalId":332226,"journal":{"name":"USC Marshall School of Business Research Paper Series","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128780178","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Comments on: 'The Trouble with Instruments: Re-Examining Shock-Based IV Designs' by Atanasov and Black 评论:《仪器的麻烦:重新审视基于冲击的IV设计》作者:Atanasov和Black
USC Marshall School of Business Research Paper Series Pub Date : 2015-11-22 DOI: 10.2139/ssrn.2697098
R. Duchin, J. Matsusaka, O. Ozbas
{"title":"Comments on: 'The Trouble with Instruments: Re-Examining Shock-Based IV Designs' by Atanasov and Black","authors":"R. Duchin, J. Matsusaka, O. Ozbas","doi":"10.2139/ssrn.2697098","DOIUrl":"https://doi.org/10.2139/ssrn.2697098","url":null,"abstract":"Atanasov and Black (2015) (AB) analyzes potential limitations of empirical studies that use shock-based IV designs, focusing specifically on our article that studies the effect of board independence on firm value (Duchin et al., 2010). With regard to our study, AB raises three concerns with our analysis. This note presents our reaction to AB’s analysis. We agree with two of the concerns in the abstract; it turns out they do not matter for the substance of our analysis. We disagree on the critical issue concerning selection of covariates. As a guide to future research, we highlight the nature of the disagreement, and explain why we believe covariates should be motivated by theory, and why an a theoretical approach to selecting covariates can result in failure to identify effects that actually exist. An important lesson from the analysis is that researchers should exercise caution when including ad-hoc covariates in empirical specifications. We offer concluding thoughts about empirical research and causal inference.","PeriodicalId":332226,"journal":{"name":"USC Marshall School of Business Research Paper Series","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-11-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116686507","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Selective Disclosure: The Case of Nikkei Preview Articles 选择性披露:日经新闻预览文章的案例
USC Marshall School of Business Research Paper Series Pub Date : 2015-11-07 DOI: 10.2139/ssrn.2634714
W. Goetzmann, Yasushi Hamao
{"title":"Selective Disclosure: The Case of Nikkei Preview Articles","authors":"W. Goetzmann, Yasushi Hamao","doi":"10.2139/ssrn.2634714","DOIUrl":"https://doi.org/10.2139/ssrn.2634714","url":null,"abstract":"Nihon Keizai Shinbun (Nikkei for short) is a leading Japanese daily newspaper specializing in economy and business. It is also the largest vendor of Japanese financial and economic databases. During earnings announcement season, the Nikkei morning edition often publishes “preview” articles that are about companies’ sales and earnings. However, these pre-date the actual company announcements, and forecast more accurately the actual results than the existing forecasts, making the Nikkei forecasts value-relevant information. We identify 2,835 preview articles in the newspaper from 2000 to 2010. We examine the circumstances under which these preview articles are written and the impact they have on the market. Our findings show that stock price reacts positively to positive news but it does not react negatively to negative news. The market reacts to the information even before the preview articles are printed, suggesting some leakage of the information to market participants. The costs and benefits (or incentives) for companies, Nikkei, and investors are investigated using changes in returns and information content around the events. We find a positive correlation between previewing and positive news sentiment.","PeriodicalId":332226,"journal":{"name":"USC Marshall School of Business Research Paper Series","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133676012","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 5
Value or Bubble? A Decomposition of the Bitcoin Price 价值还是泡沫?比特币价格的分解
USC Marshall School of Business Research Paper Series Pub Date : 2015-05-27 DOI: 10.2139/ssrn.2693885
Yun Ling
{"title":"Value or Bubble? A Decomposition of the Bitcoin Price","authors":"Yun Ling","doi":"10.2139/ssrn.2693885","DOIUrl":"https://doi.org/10.2139/ssrn.2693885","url":null,"abstract":"In this study, I analyze Bitcoin transaction data and build an economic model on Bitcoin traders incentives to decompose the Bitcoin price into a utility-driven component, a speculative component, and a friction component. The model I build extends the LDA (Latent-Dirichlet-Allocation) model, and I perform a paralleled collapsed Gibbs Sampling method to estimate the realized incentives of each individual trader at each time point. For post-estimation analysis, I look into major headline news to see which how information or rumor affects the different components of the Bitcoin price. The preliminary results show interesting patterns of trading and pricing in the Bitcoin market for the first time.","PeriodicalId":332226,"journal":{"name":"USC Marshall School of Business Research Paper Series","volume":"266 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-05-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123288228","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Motivation Matters: Corporate Scope and Competition in Complementary Product Markets 激励事项:互补产品市场中的企业范围和竞争
USC Marshall School of Business Research Paper Series Pub Date : 2015-04-01 DOI: 10.2139/ssrn.2535952
V. M. Bennett, L. Pierce
{"title":"Motivation Matters: Corporate Scope and Competition in Complementary Product Markets","authors":"V. M. Bennett, L. Pierce","doi":"10.2139/ssrn.2535952","DOIUrl":"https://doi.org/10.2139/ssrn.2535952","url":null,"abstract":"We argue that a pure capabilities-based view does not accurately explain the competitive dynamics of increasingly common settings where firms act as both complementors and competitors. We propose that the Awareness-Motivation-Capability framework is more appropriate for these settings. We derive predictions from both a pure capabilities view and the AMC framework and test those predictions in the United States auto leasing market, where the leasing subsidiaries of car manufacturers directly compete with the same independent lessors who provide complements to the manufacturers. Although our results are consistent with capabilities playing an important role, motivation appears to be a critical factor explaining the competitive dynamics of the market.","PeriodicalId":332226,"journal":{"name":"USC Marshall School of Business Research Paper Series","volume":"123 5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129551979","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 22
Can Weight-Based Measures Distinguish between Informed and Uninformed Fund Managers? 基于权重的指标能否区分知情和不知情的基金经理?
USC Marshall School of Business Research Paper Series Pub Date : 2014-11-08 DOI: 10.2139/ssrn.2520839
Junbo Wang
{"title":"Can Weight-Based Measures Distinguish between Informed and Uninformed Fund Managers?","authors":"Junbo Wang","doi":"10.2139/ssrn.2520839","DOIUrl":"https://doi.org/10.2139/ssrn.2520839","url":null,"abstract":"This paper studies weight-based mutual fund performance measures in a panel predictive regressions framework, where future stock returns are regressed on a fund's portfolio weights. Existing performance measures suffer biases related to benchmark misspecifications and are statistically inefficient. To address these issues, we introduce bias-adjusted and weighted least squares (WLS) measures. Simulations show that new methods can effectively control bias and improve power, compared with existing measures. We also apply the existing and newly introduced measures to empirical examples. Using bias-adjusted measures and efficient measures can lead to different conclusions about managers' abilities.","PeriodicalId":332226,"journal":{"name":"USC Marshall School of Business Research Paper Series","volume":"48 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127012715","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Disclosure of Status in an Agency Setting 在机构设置中披露身份
USC Marshall School of Business Research Paper Series Pub Date : 2014-06-01 DOI: 10.2139/ssrn.1963060
A. Mariño, O. Ozbas
{"title":"Disclosure of Status in an Agency Setting","authors":"A. Mariño, O. Ozbas","doi":"10.2139/ssrn.1963060","DOIUrl":"https://doi.org/10.2139/ssrn.1963060","url":null,"abstract":"We develop a model in which the principal and the agent share private information about the value of the agent for a multi-agent organization. The principal can disclose private information and make public the relative standing or status of all agents in the organization. We study whether it is better in terms of profit and utility to disclose or to not disclose status to the group of agents. Conditions for the optimality of disclosure versus non-disclosure are characterized for the cases of exogenous and endogenous human capital.","PeriodicalId":332226,"journal":{"name":"USC Marshall School of Business Research Paper Series","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114511713","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 10
Obermatt Top 10 Stocks Back Testing Obermatt十大股票回归测试
USC Marshall School of Business Research Paper Series Pub Date : 2014-02-27 DOI: 10.2139/ssrn.2438628
Hermann J. Stern
{"title":"Obermatt Top 10 Stocks Back Testing","authors":"Hermann J. Stern","doi":"10.2139/ssrn.2438628","DOIUrl":"https://doi.org/10.2139/ssrn.2438628","url":null,"abstract":"In weekly intervals, the Swiss stock research firm Obermatt publishes the top 10 stocks in a stock index based on four different investment strategies. This report describes the results of a back testing of this method. It uses prior year year-end financials to identify top 10 stock tips for a stock index at the beginning of the years 2011, 2012 and 2013. It then compares the returns of these 10 stock tips with the returns of the index that they come from. This report tests 600 investment cases (50 stock indices times 3 years times 4 investment strategies). From the beginning of 2011 to the end of 2013, Obermatt Top 10 Stock Tips generated an average outperformance over the corresponding 52 stock indices of 8.0%. In other words, Obermatt Top 10 Stock Tips generated 8% more returns than the index where they come from. Obermatt stock tips have been better than their index in 454 of the tested 600 cases (76%). The value strategy was right in eight out of ten performance comparisons (81%). The underlying data is available free of charge at Obermatt for further research and publications.","PeriodicalId":332226,"journal":{"name":"USC Marshall School of Business Research Paper Series","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130944228","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Pricing in the International Takeoff of New Products 新产品国际起飞中的定价问题
USC Marshall School of Business Research Paper Series Pub Date : 2012-09-09 DOI: 10.2139/ssrn.2165263
Deepa Chandrasekaran, J. Arts, G. Tellis, R. Frambach
{"title":"Pricing in the International Takeoff of New Products","authors":"Deepa Chandrasekaran, J. Arts, G. Tellis, R. Frambach","doi":"10.2139/ssrn.2165263","DOIUrl":"https://doi.org/10.2139/ssrn.2165263","url":null,"abstract":"This study focuses on the effect of two dimensions of price (relative price and price volatility) on the international takeoff of new products. The study examines these drivers of takeoff using a novel data set of bimonthly observations of 7 new consumer electronic products in 8 countries. The empirical analysis reveals that both relative price and price volatility significantly impact the hazard of takeoff. However, although the effect of relative price is stable across contexts, the effects of price volatility are moderated by wealth, culture, and contagion. The use of temporally disaggregate data at the bimonthly level allows for the identification of the effect of price volatility and enables a more precise identification of takeoff than that achievable with annual data.","PeriodicalId":332226,"journal":{"name":"USC Marshall School of Business Research Paper Series","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130301525","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 23
Developing Trust and Relationships in the Supply Chain Using Social Media 利用社交媒体在供应链中发展信任和关系
USC Marshall School of Business Research Paper Series Pub Date : 2012-07-22 DOI: 10.2139/ssrn.2115202
Daniel E. O'Leary
{"title":"Developing Trust and Relationships in the Supply Chain Using Social Media","authors":"Daniel E. O'Leary","doi":"10.2139/ssrn.2115202","DOIUrl":"https://doi.org/10.2139/ssrn.2115202","url":null,"abstract":"There are millions of users of Twitter, Facebook, Linked-in and other social media. Because of that access to large number of users, marketing has made extensive use of social media to get closer to the customer. Unfortunately, the supply chain has made only limited use of social media. However, social media can play an important role in the supply chain, gathering information and knowledge from disparate sources, and increasing available information, visibility of that information and velocity of that information in the supply chain. Those resulting changes in information characteristics can facilitate “sharing” information, knowledge and plans. As a result, social media in the supply chain can enable greater development of supply chain relationships and trust.","PeriodicalId":332226,"journal":{"name":"USC Marshall School of Business Research Paper Series","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129519892","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 9
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