This study examines the degree to which creative industries fit regional economic settings in the developing world. In so doing, we examine the characteristics of regions where clusters of these industries are found, particularly in Indonesia. Our findings show that creative industries develop...

Previous research does not teach us much about the role of music for skill development. Learning a musical instrument during childhood may affect educational opportunities by improving cognitive skills, teaching non-cognitive skills or sending positive signals to school teachers. Our study is...

Marketing in public cultural institutions can be defined as a tool for achieving an organizational and creative concept that seeks to build relationships with the audience. This paper will define how public cultural institutions manage their marketing departments, with particular emphasis on the...

Commercial Land Use and Interjurisdictional Competition

While stock market expectations are among the most important primitives of portfolio choice models, their measurement has proved challenging for some respondents. We argue that the magnitude of measurement error in subjective expectations can be used as an indicator of the degree to which...

We use hand-collected data from four German crowdinvesting portals to analyze what determines individual investment decisions in crowdinvesting. In contrast with the crowdfunding campaigns on Kickstarter, where the typical pattern of project support is U-shaped, we find crowdinvesting dynamics...

The nine largest countries in the Euro area have surprisingly different degrees of wealth inequality. At the same time, there is a strong negative correlation between wealth inequality and homeownership rates across countries. To account for this fact, we first analyze decompositions of the Gini...

We show that technical indicators deliver economic value in predicting the U.S. equity premium. A crucial element of this value stems from the stability of return predictability over the full sample period from 1950 to 2013. Results tentatively improve over time and beat alternatives over...

This paper examines the treatment of sovereign debt exposure within the Basel framework and measures the impact of bank regulation on the demand of Monetary Financial Institutions (MFI) for marketable sovereign debt. Our results suggest that bank regulation has a significant positive impact on...

This paper examines the effects of financial market imperfections in the context of financial integration. We employ a general equilibrium model with heterogeneous entrepreneurs and address the question of cross-border capital flows from poor to rich as well as focus on aggregate capital...