Myopic loss aversion was suggested byBenartzi and Thaler (1995)as an explanation for the equity premium puzzle. Its main prediction is that loss averse investors, who evaluate their investment performance too frequently and therefore often observe small losses on their stock portfolios, would invest too little in equity. We investigate the link between myopic loss aversion and actual investment decisions of individual investors, using survey data. Our results are consistent with the predictions of Benartzi and Thaler. Higher myopic loss aversion is associated with lower stock investment as a share of total assets. Investors tend to evaluate their stock portfolio performance too often, which contributes to the prevalence of myopic loss aversion. The effect of myopia is most apparent when investors both evaluate their portfolios frequently and trade stocks regularly

Purpose – The purpose of this research is to focus on the internationalisation process and experiences of Korean theatre companies. Factors investigated include cultural issues impinging on production values and the roles of entrepreneurial thinking and creativity. An analysis of impacting barriers on performing arts internationalisation is also carried out. Design/methodology/approach – A case study approach was used to investigate the performance and internationalisation activities of five Korean theatre companies that participated in the Edinburgh Festival Fringe. Findings – The exporting of Korean cultural products contributes markedly to the perception and understanding of Korea. Small theatre companies with a tolerance of risk-taking, together with competencies in creativity and entrepreneurial thinking, can help to minimise the effect of unforeseen problems experienced during the internationalisation of theatre productions. Research limitations/implications – The in-depth case study approach adopted here has resulted in the uncovering of data that would not have been unveiled through questionnaire analysis alone. The findings can, however, contribute to future large-scale surveys of the arts industry. Practical implications – The issues identified in this study are also relevant for other forms of internationalising artistic productions. The successful combination of artistic ability and the implementation of entrepreneurial competencies, together with the creative use of limited resources, serve as competitive advantages for the arts organisation. Originality/value – This research promotes a cross-disciplinary approach to arts marketing in general by encouraging the interrogation of fields such as entrepreneurship, small business marketing and internationalisation research.