Identificación y control de riesgos idiosincrásicos para productos financieros de la industria cultural y creativa
DOI:
https://doi.org/10.32719/25506641.2021.9.1Palabras clave:
financiamiento de la industria cultural y creativa, riesgo idiosicriático, identificación de riesgo, señal múltiple de calidadResumen
Este trabajo explora las características discretas y diversificadas de la industria cultural y creativa (ICC) para identificar y controlar el riesgo idiosincrático de esta en el mercado abierto de capital financiero. Se selecciona y procesa un panel data de empresas de la industria cultural y creativa registrado en el Mercado Bursátil de Arte y Cultura de Tianjin, en el período 2011- 2017 para identificar los factores que influyen en el riesgo idiosincrático de la ICC a través de un modelo de señal múltiple de calidad. Los resultados muestran que la liquidez, el riesgo de mercado y las características particulares de la industria tienen un significativo impacto en el riesgo idiosincrático. Vale recalcar que el impacto del riesgo de mercado sobre el riesgo idiosincrático de la ICC se limita solo dentro de la industria, mientras que la compraventa en el sistema financiero externo no tiene impacto significativo en el riesgo idiosincrático de la ICC, por lo tanto, no se observa efecto de sustitución de inversión. La investigación concluye que el riesgo idiosincrático de la ICC puede ser identificado y controlado basado en la liquidez, el riesgo de mercado y el patrón de compraventa de las empresas en la ICC. Esto ayuda a los empresarios de esta industria a evaluar el riesgo financiero de potenciales inversiones y a los hacedores de la política pública a mejorar los mecanismos de vigilancia del sistema financiero.
Descargas
Referencias
Akdeniz, Brillur M., and Mehmet Berk Talay. 2013. “Cultural Variations in the Use of Market Signals: A Multilevel Analysis of the Motion Picture Industry”. Journal of the Academy of Marketing Science 41 (5): 601-624.
Bartram, Söhnke M., Gregory Brown and René Stulz. 2017. “Why Does Idiosyncratic Risk Increase with Market Risk?” CESifo Working Paper, No. 6560, 19 March. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3014723.
Bharadwaj, Neeraj, Charles H. Noble and Anette Tower. 2017. “Predicting Innovation Success in the Motion Picture Industry: The Influence of Multiple Quality ASignals”. Journal of Product Innovation Management 34 (5): 659-680. https://doi.org/10.1111/jpim.12404.
Bharadwaj, Neeraj, and Charles H. Noble. 2015. “Innovation in Data-rich Environments”. Journal of Product Innovation Management 32 (3): 476-478. https://doi.org/10.1111/jpim.12266.
Basuroy, Suman, Kalpesh Kaushik Desai and Debabrata Talukdar. 2006. “An empirical investigation of signaling in the motion picture industry”. Journal of Marketing Research 43 (2): 287-295.
Beggs, Alan, and Kathryn Graddy. 2009. “Anchoring Effects: Evidence from Art Auctions”. The American Economic Review 99 (3): 1027-1039.
Calantone, Roger, Sengun Yeniyurt, Janell D. Townsend and Jeffrey B. Schmidt. 2010. “The Effects of Competition in Short Product Life-cycle Markets: The Case of Motion Pictures”. Journal of Product Innovation Management 27 (3): 349-61. https://doi.org/10.1111/j.1540-5885.2010.00721.x.
Connelly, Brian, Trevis Certo, Duane Ireland and Christopher Reutzel. 2011. “Signaling Theory: A Review and Assessment”. Journal of Management 37 (1): 39-67. https://doi.org/10.1177/0149206310388419.
Gilchrist, Simon, Jae Sim and Egon Zakrajsek. 2014. “Uncertainty, Financial Frictions, and Investment Dynamics”. Working paper, 19 March. https://bit.ly/2CUmdNq. www.nber.org/papers/w20038.
Goyal Amit, and Pedro Santa-Clara. 2003. “Idiosyncratic risk matters!”. The Journal of Finance 58 (3): 975-1007. https://doi.org/10.1111/1540-6261.00555.
Gourier, Elise. 2016. “Pricing of Idiosyncratic Equity and Variance Risks”. Working Papers 781, 10 January. www.elisegourier.com/uploads/3/7/9/6/37964671/singleauthorpaper.pdf.
Huang Juan, Tang Shancai. 2014. “Art Financial Markets: A Documentary Review, Studies of International Finance”. Journal of Economic Perspectives 21 (2): 79-88. https://kns.cnki.net/ kcms/detail/detail.aspx?dbcode=CJFD&filename=GJJR201402009&dbname=CJFD2014.
Keller, Kevin Lane. 1993. “Conceptualizing, Measuring, and Managing Customer-based Brand Equity”. Journal of Marketing 57 (1): 1-22.
Keller, Kevin Lane. 2013. Strategic Brand Management: Building, Measuring, and Managing Brand Equity. Boston: Pearson.
Li Kai, Shi Jinyan. 2003. “Analysis of Chinese Security Fund Nonsystematic Risk”. Social Science 5 (3): 172-174.
Liu Ye, and Lu Yajuan. 2012. “Research on Integrating Evaluation and Surveillance for Non-system Risk in Financial Institutions: New Thinking in Post-crisis Era”. Finance & Trade Economics 2: 66-72.
McGrath, Tara, Renaud Legoux and Sylvain Sénécal. 2017. “Balancing the Score: The financial Impact of Resource Dependence On Symphony Orchestras”. Journal of Cultural Economics
(4): 421-439. 10.1007/s10824-016-9271-z.
Pownall, Rachel A.J. 2013. “Valuing the Non-pecuniary Benefits of Assets Using Probability Weighting Functions”. Working paper. Maastricht University. Accessed 04.04. https://bit.ly/31m68t2.
Shleifer, Andrei, and Robert Vishny. 1997. “The Limits of Arbitrage”. Journal of Finance 52: 35-55. https://doi.org/10.1111/j.1540-6261.1997.tb03807.x.
Stein, John P. 1977. “The Monetary Appreciation of Painting”. Journal of Political Economy 85: 1021-1035.
Spence, Michael. 1973. “Job Market Signaling”. The Quarterly Journal of Economics 87 (3): 355-74. https://bit.ly/3aQrrGE.
---. 2002. “Signaling in Retrospect and the Informational Structure of Markets”. The American Economic Review 92 (3): 434-59.
Spiegel, Matthew, and Xiaotong Wang. 2005. “Cross-sectional Variation in Stock Returns: Liquidity and Idiosyncratic Risk”. Working paper. Accessed April 2005. 23.04. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=709781.
Vidal-García Javier, Marta Vidal and Duc Khuong Nguyen. 2016. “Do Liquidity and Idiosyncratic Risk Matter? Evidence from The European Mutual Fund Market”. Review of Quantitative Finance and Accounting 47 (2): 213-247. Midwest Finance Association 2013 Annual Meeting Paper. Available at SSRN: https://bit.ly/38hazJP.
Vidal-García, Javier, Marta Vidal, Sabri Boubaker and Riadh Manita. 2019. “Idiosyncratic Risk and Mutual Fund Performance”. Annals of Operations Research 281 (1-2): 349-372. https://doi.org/10.1007/s10479-018-2794-2.
Wu Xiaoqiu. 2009. Portfolio Investment. Beijing: China Renmin University Press.
Xi, Mu. 2014. “Cultural Financial New Development Framework and Vision of Cultural Industries”. Humanities and Social Sciences 12 (1): 50-57.
Xiao-Peng, Hu. 2006. “Research on the Cultural Creative Industry Based on Capital Property”. China Industrial Economy 12: 5-12. https://bit.ly/3hssxL4.
Xu, Weishuang. 2017. “Research on the Causes and Coping Strategies of Financing Constraints of Small and Medium-Sized Cultural Enterprises”. In 7th International Conference on Management, Education, Information and Control (MEICI 2017). Atlanta, 19 November. https://bit.ly/3ez9I8u.
Zhao Guodong, Chen Xiao and Lu Haoru. 2016. “An Empirical Study on the Factors of Non-systemic Risk Influence of Listed Companies in Chinese Financial Industry”. Contemporary
Finance 4: 30-33. https://bit.ly/2TXKAP5.
Zhang Suqiu, Gujiang. 2015. “Cultural Financial Risk Spillover Effects on Their Integrational Development”. Statistics & Information Forum 20 (6): 53-58. https://bit.ly/368BV21.
