TY - GEN

T1 - The risk of creativity

T2 - 28th International Business Information Management Association Conference - Vision 2020: Innovation Management, Development Sustainability, and Competitive Economic Growth

AU - Voronov, Victor S.

AU - Ivanov, Viktor V.

AU - Darushin, Ivan A.

PY - 2016

Y1 - 2016

N2 - Over the last years, business concepts of new cyber intermediaries in the market of intellectual property have quickly transformed towards aggregating extra large portfolios of intellectual assets. Namely, in our previous work we analyzed aggregator models for digital images, video, audio and literary works (texts). Main focus was solely put on general concepts of managing risks related to large portfolios of copyright assets. In this paper, at first, we study specific nature of a market mechanism involved in sale of such assets. Sales statistics over a long time for a certain digital image is presented graphically in structured price brackets. Secondly, VaR (EaR) methodology, well known in financial engineering, is adapted and applied for the first time for quantitative evaluation of risks related to real intellectual assets (digital images) portfolio. Based on empirical distribution of revenue positions across a portfolio, a nonparametric method of historical simulation is applied to solve the task. Next, divergence of results of different approaches was evaluated including a simple parametric model. Our work proves that VaR (EaR) model can be successfully used for the portfolios of such assets class.

AB - Over the last years, business concepts of new cyber intermediaries in the market of intellectual property have quickly transformed towards aggregating extra large portfolios of intellectual assets. Namely, in our previous work we analyzed aggregator models for digital images, video, audio and literary works (texts). Main focus was solely put on general concepts of managing risks related to large portfolios of copyright assets. In this paper, at first, we study specific nature of a market mechanism involved in sale of such assets. Sales statistics over a long time for a certain digital image is presented graphically in structured price brackets. Secondly, VaR (EaR) methodology, well known in financial engineering, is adapted and applied for the first time for quantitative evaluation of risks related to real intellectual assets (digital images) portfolio. Based on empirical distribution of revenue positions across a portfolio, a nonparametric method of historical simulation is applied to solve the task. Next, divergence of results of different approaches was evaluated including a simple parametric model. Our work proves that VaR (EaR) model can be successfully used for the portfolios of such assets class.

KW - Copyright asset

KW - Earnings-at-risk

KW - Historical simulation

KW - Non-parametric model

UR - http://www.scopus.com/inward/record.url?scp=85013973517&partnerID=8YFLogxK

M3 - Conference contribution

SP - 2088

EP - 2097

BT - Proceedings of the 28th International Business Information Management Association Conference - Vision 2020

PB - IBIMA

Y2 - 9 November 2016 through 10 November 2016

ER -