娱乐产业经济学：财务分析指南

Part I Introduction
Chapter 1 Economic perspectives
1.1 Time concepts
Leisure and work
Recreation and entertainment
Time
Expansion of leisure time
1.2 Supply and demand factors
Productivity
Demand for leisure
Expected utility comparisons
Demographics and debts
Barriers to entry
1.3 Primary principles
Marginal matters
Price discrimination
Public good characteristics
1.4 Personal-consumption expenditure relationships
1.5 Industry structures and segments
Structures
Segments
1.6 Valuation variables
Discounted cash flows
Comparison methods
Options
1.7 Concluding remarks
Selected additional reading
Part II Media-dependent entertainment
Chapter 2 Movie macroeconomics
2.1 Flickering images
2.2 May the forces be with you
Evolutionary elements
Technology
Capital
Pecking orders
Exhibition
Production and distribution
2.3 Ups and downs
Admission cycles
Prices and elasticities
Production starts and capital
Releases and inventories
Market-share factors
Collateral factors
Exchange-rate effects
Trade effects
Financial aggregates
2.4 Markets-primary and secondary
2.5 Assets
Film libraries
Technology
Utilization rates
Interest and inflation rates
Collections and contracts
Library transfers
Real estate
2.6 Concluding remarks
Selected additional reading
Chapter 3 Making and marketing movies
3.1 Properties physical and mental
3.2 Financial foundations
Common-stock offerings
Combination deals
Limited partnerships and tax shelters
Bank loans
3.3 Production preliminaries
The big picture
Labor unions
3.4 Marketing matters
Distributors and exhibitors
Sequencing
Distributor-exhibitor contracts
Release strategies, bidding, and other related practices
Exhibition industry characteristics
Capacity and competition
Rentals percentages
Home video and merchandising
Home video
Merchandising
Marketing costs
3.5 Profitability synopsis
3.6 Concluding remarks
Selected additional reading
Chapter 4 Financial accounting in movies and television
4.1 Dollars and sense
Contract clout
Orchestrating the numbers
4.2 Corporate overview
Revenue-recognition factors
Inventories
Amortization of inventory
Unamortized residuals
Interest expense and other costs
Calculation controversies
Statement of Position 00-2
Merger and acquisition issues
4.3 Big-picture accounting
Financial overview
Participation deals
Pick-ups
Coproduction-distribution
Talent participations and breakeven
Producers'' participations and cross-collateralizations
Home-video participations
Distributor-exhibitor computations
Distributor deals and expenses
Studio overhead and other production costs
Truth and consequences
4.4 Television-programming accounting
Feature licensing
Program production and distribution
Development and financing processes
Syndication agreements
Costs of production
Costs and problems of distribution
Timing troubles
4.5 Weak links
Exhibitors: the beginning and the end
Distributor-producer problems
4.6 Concluding remarks
Selected additional reading
Chapter 5 Music
5.1 Feeling groovy
5.2 Size and structure
Economic interplay
The American scene
The global scene
Composing, publishing, and managing
Royalty streams
Performances
Mechanical royalties
Synchronization fees
Copyright
Guilds and unions
Concerts and theaters
5.3 Making and marketing records
Deal maker''s delight
Production agreements
Talent deals
Production costs
Marketing costs
Distribution and pricing
Distribution
Pricing
Internet effects
5.4 Financial accounting and valuation
Artists'' perspective
Company perspective
Valuation aspects
5.5 Concluding remarks
Selected additional reading
Chapter 6 Broadcasting
6.1 Going on the air
Technology and history
Basic operations
Regulation
Organizational patterns and priorities
Networks and affiliates
Ratings and audiences
Inventories
IndePendent and public broadcasting stations
6.2 Economic characteristics
Macroeconomic relationships
Microeconomics considerations
6.3 Financial-performance characteristics
Variable cost elements
Financial-accounting practices
6.4 Valuing broadcast properties
6.5 Concluding remarks
Selected additional reading
Chapter 7 Cable
7.1 From faint signals
Pay services evolve
7.2 Cable industry structure
Operational aspects
Franchising
Revenue relationships
7.3 Financial characteristics
Capital concerns
Accounting conventions
7.4 Development directions
Pay-per-view
Cable''s competition
MMDS/LMDS
SMATV
DBS/DTH
STV
Telephone companies
7.5 Valuing cable-system properties
7.6 Concluding remarks
Selected additional reading
Chapter 8 The Internet
8.1 Casting a wide net
8.2 Rules of the road
Laws of the media
Network features
8.3 Operational aspects
Agent of change
Revenue sources
Advertising
Fees
8.4 Accounting and valuation
Accounting
Valuation
8.5 Concluding remarks
Selected additional reading
Chapter 9 Publishing
9.1 Gutenberg''s gift
First words
Operating characteristics
9.2 Segment specifics
Books
Educational/professional
Trade
Periodicals
Newspapers
Magazines and other periodicals
9.3 Multimedia
Developer/publisher issues
Distribution issues
9.4 Accounting and valuation issues
Accounting
Valuation
9.5 Concluding remarks
Selected additional reading
Chapter 10 Toys and games
10.1 Not just for kids
Financial flavors
Building blocks
10.2 Chips ahoy!
Slots and pins
Pong: pre and apres
10.3 Structural statements
Home video games
Coin-op
Profit dynamics
10.4 Concluding remarks
Selected additional reading
Part III Live entertainment
Chapter 11 Gaming and wagering
11.1 From ancient history
At first
Gaming in America
Preliminaries
The Nevada experience
Enter New Jersey
Horse racing
Lotteries
Indian reservations, riverboats, and other wagering areas
11.2 Money talks
Macroeconomic matters
Funding functions
Regulation
Financial performance and valuation
11.3 Underlying profit principles and terminology
Principles
Terminology and performance standards
11.4 Casino management and accounting policies
Marketing matters
Cash and credit
Procedural paradigms
11.5 Gambling and economics
11.6 Concluding remarks
Selected additional reading
Chapter 12 Sports
12.1 Spice is nice
Early innings
Media connections
The wagering connection
12.2 Operating characteristics
Revenue sources and divisions
Labor issues
12.3 Tax accounting and valuation
Tax issues
Historical development
Current treatments
Asset valuation factors
12.4 Sports economics
12.5 Concluding remarks
Selected additional reading
Chapter 13 Performing arts and culture
13.1 Audiences and offerings
Commercial theater
On and off Broadway
Circus
Orchestras
Opera
Dance
13.2 Funding sources and the economic dilemma
13.3 The play''s the thing
Production financing and participations
Operational characteristics
13.4 Economist echoes
Organizational features
Elasticities
Price discrimination
Externalities
13.5 Concluding remarks
Selected additional reading
Chapter 14 Amusement/theme parks
14.1 Flower power
Gardens and groves
Modern times
14.2 Financial operating characteristics
14.3 Economic sensitivities
14.4 Valuing theme-park properties
14.5 Concluding remarks
Selected additional reading
Part IV Roundup
Chapter 15 Epilog
15.1 Common elements
15.2 Guidelines for evaluating entertainment securities
Cash flows and private market values
Debt/equity ratios
Price/earnings ratios
Price/sales ratios
Book value
15.3 Final remarks
Appendix A: Sources of information
Appendix B: Major games of chance
Blackjack
Craps
Roulette
Baccarat
Slots
Other casino games
Poker
Keno
Big Six Wheel
Bingo
Pai Gow, Fan Tan, and Sic Bo
Pan
Trente-et-quarante Rouge et Noir
Lotteries
Tracks
Sports book
Appendix C: Supplementary data
Glossary
References
Notes
Index