Exploring the intangible impacts of cultural events on the creative sector: Experiences from the Cultural Olympiad programmes of Torino 2006 and London 2012

This paper engages with the debates around the Olympic legacy by exploring the qualitative, intangible impacts of the Cultural Olympiad programme on local small creative firms in Torino, Italy and London, UK. The research objectives are achieved through a qualitative study of local small creative firms’ perceptions of the impacts of the Olympic Games’ cultural programme on their activities. To achieve this, Torino 2006 and London 2012 are used as case studies. The findings of this exploratory study show that cultural events can impact the creative sector. They do this by providing opportunities for mutual learning and access to initiatives that may generate ideas and new skills, as well as contributing to the development of a creative field. The study also explores the weaknesses and missed opportunities linked to the Cultural Olympiad programme, as perceived by creative practitioners. These include the lack of information and failure to engage smaller businesses. Based on qualitative analysis and discussion, recommendations for future organizers and further research are provided.

Impact of the financial crisis on cross-border mergers and acquisitions and concentration in the global banking industry

The global banking industry has seen dramatic changes in the past 40 years. Most recently, the financial liberalization of emerging markets and the global financial crisis have significantly impacted the market share of banks worldwide. This article investigates the impact of the 2007–2008 financial crisis on cross-border mergers and acquisitions (M&As) in the banking sector and emphasizes the role of emerging-market banks in the postcrisis consolidation trend. Using M&A data and concentration data over the period 2000–2013, our analysis indicates that the financial crisis had a significant impact on worldwide M&As, especially on the direction of the transactions. Emerging-market banks appear to be major acquirers in the postcrisis period, targeting both neighboring countries and developed economies in Europe. We also observe an increase in bank concentration in developed markets most hit by the financial crisis, especially in the United States and the United Kingdom, whereas bank concentration decreased in emerging markets.