TAILIEUCHUNG - File-Sharing and Copyright: Felix Oberholzer-Gee Koleman Strumpf

On the other hand, scholars have argued that adopting environmental and social policies can destroy shareholder wealth (., Friedman 1970; Clotfelter 1985; Navarro 1988; Galaskiewicz 1997). In its simplest form the argument goes that sustainability may be just another type of agency cost where managers receive private benefits from embedding environmental and social policies in the company, but doing so has negative financial implications (Baloti and Hanks 1999; Brown, Helland, and Smith 2006). More broadly, according to this argument, management might lose focus by diverting attention to issues that are not core. | HARVARD BUSINESS SCHOOL File-Sharing and Copyright Felix Oberholzer-Gee Koleman Strumpf Working Paper 09-132 Copyright 2009 by Felix Oberholzer-Gee and Koleman Strumpf Working papers are in draft form. This working paper is distributed for purposes of comment and discussion only. It may not be reproduced without permission of the copyright holder. Copies of working papers are available from the author. File-Sharing and Copyright1 Felix Oberholzer-Gee Harvard University foberholzer@ Koleman Strumpf University of Kansas cigar@ May 15 2009 1. Introduction The advent of file-sharing technology has allowed consumers to copy music books video games and other protected works on an unprecedented scale at minimal cost. In this essay we ask whether the new technology has undermined the incentives of authors and entertainment companies to create market and distribute new works. While the empirical evidence of the effect of file sharing on sales is mixed many studies conclude that music piracy can perhaps explain as much as one fifth of the recent decline in industry sales. A displacement of sales alone however is not sufficient to conclude that authors have weaker incentives to create new works. File sharing also influences the markets for concerts electronics and communications infrastructure. For example the technology increased concert prices enticing artists to tour more often and ultimately raising their overall income. Data on the supply of new works are consistent with our argument that file sharing did not discourage authors and The publication of new books rose by 66 over the 2002-2007 period. Since 2000 the annual release of new music albums has more than doubled and worldwide feature film production is up by more than 30 1 We would like to thank Josh Lerner Scott Stern Amitay Alter and participants in the NBER s 2009 Innovation Policy and the Economy Conference in Washington . for helpful comments. 2 Copyright refers to a complex bundle

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