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Event portfolios: asset value, risk and returns

Journal article
Authors Tommy D. Andersson
Donald Getz
David Gration
Maria M. Raciti
Published in International Journal of Event and Festival Management
Volume 8
Issue 3
Pages 226-243
ISSN 1758-2954
Publication year 2017
Published at Department of Business Administration
Centre for Tourism
Pages 226-243
Language en
Links https://doi.org/10.1108/IJEFM-01-20...
Keywords Evaluation, Policy, Assets, Event portfolios, Extrinsic and intrinsic value, Risk and return.
Subject categories Business Administration

Abstract

Purpose – The research question addressed is whether an event portfolio analysis rooted in financial portfolio theory can yield meaningful insights to complement two approaches to event portfolios. The first approach is extrinsic and rooted in economic impact analysis where events need to demonstrate a financial return on investment. In the second approach events are valued ally, with every event having inherent value and the entire portfolio being valued for its synergistic effects and contribution to social and cultural goals. The paper aims to discuss these issues. Design/methodology/approach – Data from visitors to four events in the Sunshine Coast region of Australia are analyzed to illustrate key points, including the notion of “efficient frontier.” Findings – Conceptual development includes an examination of extrinsic and intrinsic perspectives on portfolios, ways to define and measure value, returns, risk, and portfolio management strategies. In the conclusions a number of research questions are raised, and it is argued that the two approaches to value event portfolios can be combined. Research limitations/implications – Only four events were studied, in one Australian local authority. The sample of residents who responded to a questionnaire was biased in terms of age, education and gender. Social implications – Authorities funding events and developing event portfolios for multiple reasons can benefit from more rigorous analysis of the value created. Originality/value – This analysis and conceptual development advances the discourse on portfolio theory applied to event management and event tourism.

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