TAILIEUCHUNG - Infringements of Stock Images and Lost Revenues

We take this approach for empirical reasons. We interpret the large asset pricing literature as suggesting that the Fama-French factor model is a robust specification of the systematic risk in equity returns. It can explain the cross- sectional variations in stock returns quite well. Thus, we do not construe our additional drivers as additional dimensions of systematic risk. 6 Instead, we assume that they help describe the way individual bank stocks relate to these factors by affecting the risk loadings. For example, leverage amplifies risk and return to holders of the bank’s equity but does not alter the nature of. | Infringements of Stock Images and Lost Revenues September 2007 s AJ A Stock Artists Alliance INTRODUCTION Nearly all aspects of the stock photography business have been transformed in the past decade. Film-based capture and overnight delivery of analog images have been replaced by digital images and electronic delivery. High-speed databases and broadband internet connections have made it easy to market sell and deliver images anywhere in the world all with the press of a button. In addition the internet has brought a major shift in how and where images are used. Print uses are declining and new media uses such as online and portable devices are proliferating. In the future the stock photo industry will rely more heavily on revenues from these new media formats and non-traditional licensing models. Along with the opportunities of the new digital age significant challenges for the stock industry have also emerged. One challenge in particular is not yet fully appreciated although we think this challenge also creates an opportunity for photographers image distributors and industry groups to create new customers new markets and new revenue streams. Easy online access to millions of stock images has also made them extremely susceptible to theft and misuse. With just a click and a drag users can move a digital file from any web site onto their desktop without payment or license. Although images sourced this way are typically low-resolution they are often good enough. High resolution is traded for an unbeatably low price free. In addition to outright piracy digital media have also increased the potential for legitimately licensed images to be used outside the scope of the original license. Once downloaded image files can be easily repurposed and redistributed to other users. File names are commonly changed and identifying metadata is stripped or altered making these images vulnerable to misuse. This paper addresses how and why the stock photo industry is subject to this .

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