音乐版税分成：投资还是狂热？

IF 1.8 4区经济学 Q2 ECONOMICS

Economics Letters Pub Date : 2025-08-05 DOI:10.1016/j.econlet.2025.112526

Byungwan Koh, James L. Park, Jaehwan Kim

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引用次数: 0

摘要

本研究考察了韩国交易平台Musicow上的音乐版权分成在将这些资产归类为证券的外源性监管冲击期间是如何定价的。使用交易数据，我们表明与流行艺术家相关的股票与估值溢价相关。然而，这些股票在受到冲击后下跌幅度更大，表明经济基本面取代了粉丝驱动的情绪。我们的研究结果强调，即使在文化产品市场，投资者的行为也与外部风险背景下的理性估值密切相关。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Music royalty shares: Investment or fandom?

This study examines how music royalty shares on Musicow, a Korean trading platform, are priced during an exogenous regulatory shock classifying these assets as securities. Using transaction data, we show that the shares linked to popular artists are associated with a valuation premium. However, these shares decrease more sharply following the shock, suggesting that economic fundamentals supersede fan-driven sentiment. Our findings highlight that, even in markets for cultural goods, investor behavior aligns closely with rational valuation in the context of external risk.

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来源期刊

Economics Letters ECONOMICS-

CiteScore

3.20

自引率

5.00%

发文量

348

审稿时长

30 days

期刊介绍： Many economists today are concerned by the proliferation of journals and the concomitant labyrinth of research to be conquered in order to reach the specific information they require. To combat this tendency, Economics Letters has been conceived and designed outside the realm of the traditional economics journal. As a Letters Journal, it consists of concise communications (letters) that provide a means of rapid and efficient dissemination of new results, models and methods in all fields of economic research.