We find a significant negative effect of idiosyncratic stock-return volatility on investment. We address the endogeneity problem of stock return volatility by instrumenting for volatility with a measure of a firm's customer base concentration. We propose that the negative effect of idiosyncratic risk on investment is partly due to managerial risk aversion, and find that the negative relationship between idiosyncratic uncertainty and investment is stronger for firms with high levels of insider ownership. Several mechanisms can mitigate this effect namely the use of option-based compensation and shareholder monitoring. We find that the investment-idiosyncratic relationship is weaker for firms that make use of option-based compensation, and insider ownership does not matter for firms primarily held by institutional investors. * Federal Reserve Board, vasia.panousi@frb.gov, and Kellogg School of Management, d-papanikolaou @kel-logg.northwestern.edu. We would like to thank
Attempting to answer some of the questions set in the previous chapter, this chapter turns to a theatre performance (City State, by the group Kanigunda) and a film (Homeland; dir. Tzoumerkas), both from 2010. Putting particular emphasis on the performance aesthetics of collage in the former, and the idiosyncratic editing style of the latter, the chapter develops a theory of archive trouble. Archive trouble is an embodied reaction to history-telling that aims to disturb its traditional forms, disassemble its accepted versions and rearticulate body and history. It is argued that ‘as archive trouble becomes a central modality of biopolitical realism, archival and allegorical modes of expression start working together, echoing one another, feeding off one another’, but also undermining each other. The Weird Wave’s radical potential rests on the way it problematizes archives of history and belonging, at the same time as it focuses on the limits of the body’s biopolitical condition.
Το παρόν άρθρο είναι αποτέλεσμα μεταδιδακτορικής έρευνας που διενεργήθηκε σε συνε ργασία με το Αριστοτέλειο Πανεπιστήμιο Θεσσαλονίκης την περίοδο 2016-2018. Παρουσιάζει ποιοτικά συμπεράσματα για τους κλάδους της δισκογραφίας και των συναυλιών την περίοδο της οικονομικής κρίσης καθώς και ποσοτικά ευρήματα διαδικτυακής έρευνας κοινού σχετικά με τη μουσική κατανάλωση. Με βάση αυτά, το άρθρο θεμελιώνει ως βασική του θέση ότι η διαμόρφωση πολιτικής με αναπτυξιακό πρόσημο για τη μουσική παραγωγή στο τρέχον περιβάλλον της οικονομικής ύφεσης χρειάζεται να στηριχθεί στη φιλοσοφία που διέπει ένα πολιτιστικό οικοσύστημα παρά μια δημιουργική βιομηχανία.
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