Abstract:Purpose -Cross disciplinary research is carried out on the internationalisation process and experiences of Korean performing arts companies. Factors investigated include cultural issues, production values, the roles of entrepreneurial marketing and creativity and barriers to performing arts internationalisation.Design/methodology/approach -A case study approach is used to investigate the performance and internationalisation activities of five Korean dance companies which participated in the Edinburgh Festival Fringe.Findings -The exporting of Korean cultural products contributes to the perception of Korea. Small dance companies with a tolerance of risk-taking, and with entrepreneurial marketing competencies can minimise the effect of problems experienced during internationalisation of their productions. Research limitations/implications -The case study approach uncovers data which would not have been unveiled through questionnaire analysis alone. The findings can also contribute to future large scale surveys of the arts. Practical implications -The issues identified are also relevant for other forms of internationalising artistic productions. Internationalisation strategy constructed from artistic and entrepreneurial marketing perspectives results in competitive advantages for the arts organisation.Originality/value -This research promotes a cross-disciplinary approach to arts marketing in general by encouraging the interrogation of fields such as entrepreneurship, small business marketing, arts marketing and internationalisation.
Myopic loss aversion was suggested by Benartzi and Thaler (1995) as an explanation for the equity premium puzzle. Its main prediction is that loss averse investors, who evaluate their investment performance too frequently and therefore often observe small losses on their stock portfolios, would invest too little in equity. We investigate the link between myopic loss aversion and actual investment decisions of individual investors, using survey data. Our results are consistent with the predictions of Benartzi and Thaler. Higher myopic loss aversion is associated with lower stock investment as a share of total assets. Investors tend to evaluate their stock portfolio performance too often, which contributes to the prevalence of myopic loss aversion. The effect of myopia is most apparent when investors both evaluate their portfolios frequently and trade stocks regularly.
In our analysis of the cultural value of the Royal Scottish Academy New Contemporaries Exhibition, we assessed the institution's role in shaping emerging artists' careers, as well as wider cultural value. Supported by our conceptual framework of value creation, issues assessed included the expected versus experienced value of the exhibition and the individual artworks, price setting, the market mechanism surrounding the exhibition, and its enhancement. The created cultural value is facilitated by high-visibility media exposure and through development of career-enhancing networks. We have generated new insight into cultural value more generally by moving beyond dominant instrumental valuation approaches. We have addressed many of the gaps in understanding the mechanisms behind engagement with contemporary art. We have progressed theory with the assistance of our conceptual framework and supporting qualitative data. Cultural value is expressed in contemporary art through artistic production systems and its cultural messages. Artists' cultural value is often constructed via the intrinsic worth of their work, rather than from market influences. Cultural value is often personal to the viewer, shared with others and remembered over time. It is also co-created among the other stakeholders involved.
This case study examines how an artist residency at an aquaculture institute within a university creates value on campus and beyond. We find that the residency, initially regarded as 'risk-taking' by both artist and institute, created unexpected opportunities stemming from the synergies between art and science. We find that 'new ways of seeing' aquaculture science resulted in the creation of aesthetic, emotional, environmental, educational and social values embracing the intrinsic, instrumental, and institutional, on both personal and organisational levels. The lack of available time from academic staff and financial support for the artist, however, need to be addressed in order to achieve the residency's full potential. In addition to the arguments for art-based initiatives generally, we suggest that artist residencies, if planned thoughtfully, have the potential to create an innovative and creative culture on campus and beyond.
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