By John Sedgwick and Mike Pokorny

William Goldman, the screenwriter of Butch Cassidy and the Sundance Kid, posited that ‘nobody knows anything’ about the financial risks associated with the film industry, elevated by the Harvard professor Richard Caves to the ‘nobody knows’ principle.  Our research suggests otherwise: analysis of the tremendous economic success of film studios over the past 100 years suggests to us that film making is not such a risky business and that somebody would seem to know something!

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