Choosing to Cofinance: Analysis of Project-Specific Alliances in the Movie Industry
利用电影行业项目数据，分析内部融资与外部联盟融资的选择，发现项目风险与联盟形成正相关，制片厂倾向于内部开发最安全的项目，且内部与外部项目绩效相似。
We use a movie industry project-by-project dataset to analyze the choice of financing a project internally versus financing it through outside alliances. The results indicate that project risk is positively correlated with alliance formation. Movie studios produce a variety of films and tend to develop their safest projects internally. Our findings are consistent with internal capital market explanations. We find mixed evidence regarding resource pooling, i.e., sharing the cost of large projects. Finally, the evidence shows that projects developed internally perform similarly to projects developed through outside alliances. The Author 2007. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please email: journals.permissions@oxfordjournals.org, Oxford University Press.