International Movie Revenues: Determinants and Impact of the Financial Crisis

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Institute of Economic Studies Faculty of Social Sciences Charles University in Prague

Empirical Project Assignment — Econometrics II
Due on Friday, 13 January 2012, 11.00

International movie revenues: determinants and impact of the financial crisis

Marek Kreˇmer, Jan Matiˇka c c

International movie revenues : Determinants and impact of the financial crisis

Table of Contents
Abstract Keywords Introduction Literature survey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Model . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Data analysis variables used . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . model 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . model 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Results model 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . model 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Conclusion References primary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . secondary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . data sources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Appendix Descriptive statistics for the dependent variables model 1 . . . . . . . . . . . . . . . . . . . . . . . Residuals versus fitted values plot . . . . . . Breusch-Pagan test for heteroskedasticity . model 2 . . . . . . . . . . . . . . . . . . . . . . . Residuals versus fitted values plot . . . . . . Breusch-Pagan test for heteroskedasticity . The correlation matrix . . . . . . . . . . . . 2 2 2 2 3 3 4 4 4 4 6 6 6 7 8 8 8 8 9 9 10 11 11 12 13 13 14

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Marek Kreˇmer, Jan Matiˇka c c

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International movie revenues : Determinants and impact of the financial crisis

Abstract
This empirical project examines the determinants of international box office revenues for movies produced in United States during 2006 - 2010. Our sample consists of 424 films released in this period. We also test the hypothesis if the world financial crisis had any significant impact on the international box office revenues.

Keywords
the financial crisis, movie international box office revenue, movies produced in the United States, budget, rating, Academy Awards,

Introduction
When choosing a topic of our empirical paper we were considering different suggestions. As we both are pretty much interested in movies we finally decided to exit a viewer seat for a while and perform an empirical study on the movie industry. While being newcommers in sophisticated movie data analysis, we needed first to get acquainted with important theoretical concepts and empirical papers concerning this topic.

Literature survey
When going down the history, [Litman, 1983] was the first who has attempted to predict the financial success of films. He has performed a multiple regression and found a clear evidence that various independent variables have a significant and serious influence on the...
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