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Art return indices are usually estimated based only on a few means of artistic expression (mainly paintings and drawings). Other forms of expression (e.g. sculptures and installations) are generally ignored, in part because they are three-dimensional and, hence, more difficult to measure. We analyze the price determinants as well as the return and risk of three artistic expressions (paintings, drawings and sculptures) executed by Fernando Botero, the most expensive living Latin American artist, to analyze the degree to which their risk and return attributes differ throughout a 20-year period.

We analyzed all paintings, drawings and sculptures executed by Botero and sold at Sotheby’s and Christie’s between 2000 and 2020 (a total of 707 artworks). The data and the images of each artwork were obtained from the web pages of these two auction houses. A hedonic regression was run to explain the price of each artwork and use explanatory variables that are standard in the literature. Art price indices for paintings, drawings and sculptures were constructed using the year-dummy variables estimated in the regressions. We performed a similar analysis for another artist, Carlos Cruz-Diez, as a robustness to our results.

The performance of Botero’s sculptures through time differs markedly from that of his paintings and drawings. Our results suggest that it is possible that returns estimated in the literature could suffer from a bias, as they have usually ignored the performance of sculptures and other artistic expressions. Botero’s paintings provided a return that was comparable to those of his sculptures (3.36% and 3.20%, respectively), they were two times as high as those of his drawings (1.68%). On the other hand, whereas paintings and drawings had similar annual standard deviations (26% and 25.22%, respectively), sculptures had a much smaller standard deviation (16.96%).

A limitation of the hedonic regression method lies in the need to have a significant and diverse sample to identify the true effect of each variable on the price of a good. Another limitation is that we were only able to use art prices from auctions, as this is the only comprehensive source of art price data that is publicly available. These two limitations are shared by all the studies that use the hedonic pricing model.

Our results have practical applications for art collectors and investors, as well as for artists, galleries and, in general, for the whole art market ecosystem. The risk and return attributes of the various artistic expressions of an artist can be different, and thus it makes sense to analyze each one of them individually, as well as their correlations with the other artistic expressions and with traditional and other alternative investments.

The art market is part of what is known as the “orange economy” (also known as the Creative Economy). According to the World Bank, the economic value of the creative sector is not well known or appreciated, even though cultural, creative and artistic activities are vital for our sense of well-being.

To the best of our knowledge, this is the first paper that compares the financial performance of paintings, drawings and sculptures for the case of a specific artist. We chose Botero for three reasons. First, he is a Latin American living artist who has achieved the highest levels of international sales. Second, Botero has worked extensively on various artistic expressions (oil paintings, drawings on different materials and sculptures) throughout his life, a characteristic that is essential to be able to carry out our study. Third, there is a long record of auction sales for each of Botero’s artistic expressions.

Los índices de rentabilidad del arte generalmente se estiman basándose únicamente en unos pocos medios de expresión artística (principalmente pinturas y dibujos). Otras formas de expresión artística (por ejemplo, esculturas e instalaciones) generalmente se ignoran, en parte porque son tridimensionales y, por tanto, más difíciles de medir. Analizamos los determinantes del precio, así como el retorno y el riesgo de tres expresiones artísticas (pinturas, dibujos y esculturas) ejecutadas por Fernando Botero, el artista latinoamericano vivo más caro, para analizar en qué medida sus atributos de riesgo y retorno difieren a lo largo del tiempo, en un período de 20 años.

Analizamos todas las pinturas, dibujos y esculturas ejecutadas por Botero y vendidas en Sotheby’s y Christie’s entre 2000 y 2020 (un total de 707 obras de arte). Los datos y las imágenes de cada obra se obtuvieron de las páginas web de estas dos casas de subastas. Se realizó una regresión hedonante para explicar el precio de cada obra de arte y se utilizaron variables explicativas estándar en la literatura. Los índices de precios de arte para pinturas, dibujos y esculturas se construyeron utilizando variables ficticias anuales estimadas en las regresiones. Realizamos un análisis similar para otro artista, Carlos Cruz-Diez, como análisis de robustez de nuestros resultados.

El desempeño de las esculturas de Botero a través del tiempo difiere marcadamente del de sus pinturas y dibujos. Nuestros resultados sugieren que es posible que los retornos estimados en la literatura sufran un sesgo, ya que generalmente han ignorado el desempeño de esculturas y otras expresiones artísticas. Las pinturas de Botero proporcionaron un retorno comparable al de sus esculturas (3.36% y 3.20%, respectivamente), pero fueron dos veces superiores a los de sus dibujos (1.68%). Por otro lado, mientras que las pinturas y los dibujos tuvieron desviaciones estándar anuales similares (26% y 25.22%, respectivamente), las esculturas tuvieron una desviación estándar mucho menor (16.96%).

Una limitación del método de regresión hedónica radica en la necesidad de contar con una muestra significativa y diversa para identificar el verdadero efecto de cada variable sobre el precio de un bien. Otra limitación consiste en que solo pudimos utilizar precios de arte de subastas, ya que esta es la única fuente completa de datos sobre precios de arte que está disponible públicamente. Estas dos limitaciones son compartidas por todos los estudios que utilizan el modelo de precios hedónico.

Nuestros resultados tienen aplicaciones prácticas para coleccionistas e inversores de arte, así como también para artistas, galerías y, en general, para todo el ecosistema del mercado del arte. Los atributos de riesgo y retorno de las diversas expresiones de un artista pueden ser diferentes, por lo que tiene sentido analizar cada una de ellas individualmente, así como sus correlaciones con las otras expresiones artísticas y con las inversiones tradicionales y otras alternativas.

El mercado del arte forma parte de lo que se conoce como “economía naranja” (también conocida como Economía Creativa). Según el Banco Mundial, el valor económico del sector creativo no es bien conocido ni apreciado, a pesar de que las actividades culturales, creativas y artísticas son vitales para nuestra sensación de bienestar.

Hasta donde hemos podido comprobar, este es el primer artículo que compara el desempeño financiero de pinturas, dibujos y esculturas para el caso de un artista específico. Elegimos a Botero por tres razones. En primer lugar, es el artista vivo latinoamericano que ha alcanzado los mayores niveles de ventas internacionales. En segundo lugar, Botero ha trabajado extensamente en diversas expresiones artísticas (óleos, dibujos sobre distintos materiales y esculturas) a lo largo de su vida, característica que resulta fundamental para poder realizar nuestro estudio. En tercer lugar, existe un largo historial de ventas en subasta de cada una de las expresiones artísticas de Botero.

This paper aims to outline a map of all the research that exists on mobile technology and tourism archived in the two main databases worldwide (Web of Science and Scopus). Accordingly, with the identification of all the scientific articles that deal with both mobile technology and tourism, the authors seek to ascertain the evolution of mobile technology in the tourism sector through the years, countries, universities and authors and determine the various collaborations brought about between authors, universities, institutions and/or companies in various research projects. Finally, it also allows the authors to distinguish the main topics under study within the scope of ‘mobile tourism’.

A mixed methodology has been carried out. The search focused on the principal databases of bibliographic references and citations of periodical publications, such as articles from scientific journals, books and other types of printed material. Once the results were obtained in the respective databases, it was necessary to be able to work with them. In this respect, the authors had to extract the relevant data and dump it in a bibliographic reference manager, for which they chose Mendeley. After this, the tabulation of data was performed in Excel and tables and graphs were created from all the data collected.

The main results obtained and analyzed are the number of articles per year, countries and universities. In the same way, it is interesting to highlight the number of countries and universities that participate in each article under study. On the other hand, an analysis has been carried out regarding the number of articles per author, as well as the topics dealt with in the different articles.

This analysis reveals the role that has been played by mobile phones in tourism since the first scientific article was recorded in 2002. In this regard, in recent years there has been a significant increase in the number of articles, finally resulting in moderate figures in relation to countries (40) and universities (233) that have formed part of the subject matter under study. In contrast to other areas of research in tourism, the relevance of this subject is therefore evident, as is the need for greater background knowledge to establish research models adapted to the new reality of tourism in a world of ever-increasing mobility.

The inspection of flexible risers is a critical activity to ensure continuous productivity and safety in oil and gas production. The purpose of this paper is to present the design and development of a novel automatic underwater tool for riser inspection that fits the most commonly used riser diameters and significantly improves inspection quality and reduces its operating costs.

The mechanical and electronic design of the inspection system is discussed, as well as its embedded sensors and control system. The tool is equipped with a suspension system that is able to adapt to the riser diameter and negotiate obstacles on the pipe wall. Numerical simulations were carried out to analyze the mechanical design, and a hardware-in-the-loop simulation was developed for tuning the control system. Further, experimental results are presented and discussed.

Experimental tests in laboratory tanks and shallow seawater have confirmed the effectiveness of the tool for detailed real-time inspection of underwater pipelines.

The use of the proposed tool will potentially reduce the time and costs for riser inspection, currently performed by divers or high-cost ROVs.

The authors present a reliable tool able to perform automatic inspections up to 250 m deep in less than 30 min, equipped with a high-definition visual inspection system, composed of full-HD cameras and lasers and a suspension mechanism that can negotiate sharp obstacles in the pipe wall up to 25 mm high. The tool uses a comprehensive control system that autonomously performs a full inspection, collecting sensors data and returning safely to the surface. Its robust design can be used as basis for several other nondestructive techniques, such as ultrasound and X-ray.

This study aims to analyze the media coverage of the impact of extreme weather events (EWE) and related risk management activities in Brazil.

Using a documentary analysis, the authors examined the media coverage of droughts and floods from 2003 to 2013 with concomitant official reports.

The results indicate that although media coverage conveys the direct impact of floods and droughts on society, it underemphasizes the importance of risk management activities. Moreover, the private sector rarely engages in risk management and mitigation activities, despite the documented supply chain disruptions.

This study focuses solely on media coverage as provided by wide-circulation newspaper in Brazil and would benefit by being extended to all media platforms.

The results highlight the need for private sector involvement in risk management activities to facilitate the adaptation to climate change.

The study reveals the deficiency of existing reports and lack of awareness regarding EWE.

The study contributes by focusing on climate awareness and how society can adapt to climate change, as well as how businesses can improve supply chain operations to facilitate smoother risk management.

Organizational happiness has received exponential attention in recent years. To offer an over-view for future research gap, this article produces a comprehensive review by combining bibliometric analysis and interviews to key authors in the field. The main objective of this paper is to show the state of research regarding the environment in the management of happiness in organizations: the evolution of scientific activity, current trends in authorship, topics and future setting research agenda.

The methodological process focuses on a mixed method. A systematic review of the relevant literature; bibliometric analysis and network mapping in the Web of Science and Scopus data-bases; bibliometric network analysis of authorship, citation and co-occurrence of key words in scientific publications.

The results reveal that happiness management is gaining importance and, moreover, more than half of the publications about happiness management are related to the environment in which the organizations are immersed. Therefore, the study provides some research directions and insists on role of environment to better understand the theoretical and practical perspectives. Likewise, bibliometric analysis and interviews allow to measure quality, impact, productivity and scientific evolution which are increasingly valued in order to identify the main concepts and topics that are considered key, drivers of research and those gaps that should be addressed in future research work for the conceptual framework of happiness management in organizations.

Conclusions are drawn that promoting corporate social responsibility strategies, aimed at fostering sustainability and care for the environment result in the well-being of organizations and the performance of their workers are highlighted.

One of the channels a brand can use to create experiences is events. The brand promoting the event and its sponsors can obtain various benefits in the form of brand image, personality and notoriety. The main aim of this research is to evaluate the effects that experiencing an event has on experience with the promoting brand.

The study analysed the musical event MTV Winter Festival 2010, considering the opinion of 127 attendees to discover the impact of experiencing the MTV entertainment television channel event in three areas: improved brand experience, improved brand personality and increased brand reputation. EQS was used to test the proposed model.

Regarding event experience antecedents, “immersion” has been identified as the most important one and brand experience as an important effect. Also, brand experience has been found to have a positive impact on exciting brand personality and exciting brand personality in turn on brand reputation.

Although two of the hypotheses on the antecedents of emotional event experience (“surprise” and “participation”) were not confirmed, it can be said that progress has been made on the benefits of marketing experiences since this is the first empirical investigation to deal with the connection of event‐brand experiences in the area of the arts.

The purpose of this paper is to address the development of a conceptual framework to drive and assess the quality of software production in the digital ecosystem domain.

This research used action research paradigm, the soft methodology SSM and the framework PRO2PI-MFMOD. The methodologies were applied at Brazilian Public Software Ecosystem.

The results of this research shows: the dimension of the capacity, as suggested by ISO/IEC 15504, is insufficient for quality treatment in certain domains; SSM methodology is suitable for scope and domain clarification in digital ecosystems; and PRO2PI-MFMOD framework is suitable to create a reference model process for digital ecosystems software production.

A complete SSM cycle was conducted, but with only one research cycle. In that sense, the results obtained in this research can be interpreted as boundaries to reflections regarding the learning occurred in the system.

The research offers an empirical contribution, mapping and defining maturity framework elements that can be used by the software production digital ecosystems, aiming the description and understanding of the phenomenon through the theoretical views of complexity theory, systemic thinking, digital ecosystems and maturity models.

The contributions can be summarized in the following aspects: the maturity models evolution, shifting from command and control basis to cooperation and connection basis; the maturity models scope, drifting from organizational units to collaborative networks of software production; the assimilation and broadcast of digital ecosystems concept by MCTI; and the maturity levels introduced in the research can be used as a particular case of capacity dimension of the further ISO/IEC 33000 standards.

Through the results obtained with systematic revision of the literature, one can notice the absence of publications that approach all the four axes that ground this research simultaneously. The proposed subject is original and relevant to the software community in the matter of software process improvement and to the current and further public digital ecosystems of software development.

The purpose of this paper is to provide a contextual overview of learning disability (LD) in Brazil.

The paper uses an historical approach, providing a critical appraisal of the key theories and treatment of people with LD from the sixteenth century to the present.

Brazil has experienced a different historical trajectory in terms of treatment and practice for people with LD compared to Europe, the UK and the USA.

Brazil is one of the most rapidly developing, globally important countries with an emerging major economy. There are opportunities now for people with LD to be included in their country’s development, yet their needs should be highlighted.

The purpose of this paper is to examine the effects of service quality on perceived positive and negative social impact of the 2016 Rio de Janeiro Olympic Games.

A field study was conducted in Rio de Janeiro, and data were collected from residents who attended the Olympic Games through a self-administered questionnaire (n=519). The questionnaire included measures of perceived service quality, positive and negative social impact. A confirmatory factor analysis analysed the psychometric properties of the constructs, and a subsequent structural equation model examined the relationships between service quality and social impact perceptions.

The results show good psychometric properties of a multidimensional construct of service quality composed of the technical, functional, aesthetic, access, accommodation and complementary events dimensions. The service quality construct was significantly related to both positive social impact (city image and community pride enhancement, social experiences and public infrastructures) and negative social impact (social conflicts and costs) perceptions.

This study contributes to the literature by examining the role of service quality in sport mega-events and testing on different facets of social impact. The findings highlight that social atmosphere and new experiences in the Olympic Games are critical when planning these events.