Econometric analysis of copyrights

摘要

This paper explores the impact of copyrights on firm value and on the demand for firm output. Using panel data on franchise value and ticket sales from the National Football League over the 1991-2000 period, we analyze the effect of copyrights (in this case, team logos) using several parametric estimators, the Arellano and Bond [1991. Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies 58, 277-297] dynamic panel dataestimator, and a semi-non-parametric method based on difference-indifferences propensity score matching. We find a negative effect of logo changes on franchise value that is robust across multiple specifications. In addition, logo changes also appear tohave a moderate positive, albeit not particularly robust, impact on ticket sales.