What's an oscar worth?

This article examines the impact of an Academy Award nomination and award f or best picture, best actor/actress, and best supporting actor/actress on a film's (i) market share of theaters, (ii) average revenue per screen, and (iii) its probability of survival. The model is estimated using weekly box- office data for a matched sample of nominated and non-nominated films. The results indicate substantial financial benefits for a nomination and award for best picture and best actor/actress. The structure of rewards is consis tent with that found in two-stage, single-elimination tournaments. (JEL L1, L8).