And the Oscar goes to ..... Peeeeedrooooo!

Abstract

In this article we are interested in how the production of Spanish feature films reacts to an Oscar award. We use time series data for the 1953-2008 period and estimate a production function assuming that the Oscar effect accrues through an augmenting input factor. We consider a lag structure that allows the Oscar to have a diminishing effect over time. In general our evidence supports a positive Oscar effect. Nevertheless, the only significant Oscar award at the 1% and 5% levels is that of Talk to Her, which Penélope Cruz euphorically announced with her celebrated cry.