Analyzing the risks of an illiquid and global asset: The case of fine wine

被引：11
|
作者：
Masset, Philippe [1 ]
Weisskopf, Jean-Philippe [1 ]
Cardebat, Jean-Marie [2 ]
Faye, Benoit [3 ]
Le Fur, Eric [3 ]
机构：
[1] Ecole Hoteliere Lausanne, HES SO, Haute Ecole Specialisee Suisse Occidentale, Route Cojonnex 18, CH-1000 Lausanne, Switzerland
[2] Univ Bordeaux, Ave Leon Duguit, F-33608 Pessac, France
[3] INSEEC Grande Ecole, Hangar 19, F-33070 Bordeaux, France
来源：
QUARTERLY REVIEW OF ECONOMICS AND FINANCE | 2021年 / 82卷
关键词：
Wine; Alternative assets; Liquidity; Exchange rate; HEDONIC PRICE EQUATION; BORDEAUX WINE; INVESTMENT; RETURN; QUALITY; HEDGE; EQUILIBRIUM; MARKET; DIVERSIFICATION; RATINGS;
D O I：
10.1016/j.qref.2021.06.023
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We use a unique and very deep database to examine the performance of wine investments over the period 2003-2014. Our results reveal that the returns stemming from those investments are important but can largely be explained by their exposure to common risk factors. It appears essential to properly account for the lack of liquidity on the wine market and its exposure to global currency risk. Controlling for these wine market specificities and contradicting prior evidence, fine wines do not seem to offer abnormal returns. (c) 2021 Board of Trustees of the University of Illinois. Published by Elsevier Inc. All rights reserved.
引用
收藏
页码：1 / 25
页数：25
相关论文
共 50 条
  • [31] Demand for fair value accounting: The case of the asset revaluation boom in Korea during the global financial crisis
    Yoo, Choong-Yuel
    Choi, Tae Hee
    Pae, Jinhan
    JOURNAL OF BUSINESS FINANCE & ACCOUNTING, 2018, 45 (1-2) : 92 - 114
  • [32] Volatility spillovers between fine wine and major global markets during COVID-19: A portfolio hedging strategy for investors
    Samitas, Aristeidis
    Papathanasiou, Spyros
    Koutsokostas, Drosos
    Kampouris, Elias
    INTERNATIONAL REVIEW OF ECONOMICS & FINANCE, 2022, 78 : 629 - 642
  • [33] Risks Prioritization in Global Supply Networks Using MICMAC Method: A Real Case Study
    Elmsalmi, Manel
    Hachicha, Wafik
    2013 INTERNATIONAL CONFERENCE ON ADVANCED LOGISTICS AND TRANSPORT (ICALT), 2013, : 394 - 399
  • [34] ESG risks to global platinum supply: A case study of Mogalakwena Mine, South Africa
    Cole, Megan J.
    RESOURCES POLICY, 2023, 85
  • [35] The Dynamics of Sustainability Risks in the Global Coffee Supply Chain: A Case of Indonesia-UK
    Bashiri, Mahdi
    Tjahjono, Benny
    Lazell, Jordon
    Ferreira, Jennifer
    Perdana, Tomy
    SUSTAINABILITY, 2021, 13 (02) : 1 - 20
  • [36] A combined DEMATEL and grey system theory approach for analyzing occupational risks: A case study in Turkish shipbuilding industry
    Seker, Sukran
    Recal, Fusun
    Basligil, Huseyin
    HUMAN AND ECOLOGICAL RISK ASSESSMENT, 2017, 23 (06): : 1340 - 1372
  • [37] Southern actors and the governance of labour standards in global production networks: The case of South African fruit and wine
    Alford, Matthew
    Visser, Margareet
    Barrientos, Stephanie
    ENVIRONMENT AND PLANNING A-ECONOMY AND SPACE, 2021, 53 (08): : 1915 - 1934
  • [38] KEY ASPECTS OF MANAGING SUCCESSFUL WINE TOURISM DEVELOPMENT IN TIMES OF GLOBAL ECONOMIC CRISIS - A CASE OF CROATIA
    Kesar, Oliver
    Ferjanic, Danijela
    ACTA TURISTICA, 2010, 22 (01) : 99 - 130
  • [39] Transnational Governance, Deliberative Democracy, and the Legitimacy of ISO 26000: Analyzing the Case of a Global Multistakeholder Process
    Hahn, Ruediger
    Weidtmann, Christian
    BUSINESS & SOCIETY, 2016, 55 (01) : 90 - 129
  • [40] Is It Time for Commercial Weather Satellites? Analyzing the Case of Global Navigation Satellite System Radio Occultation
    Borowitz, Mariel
    NEW SPACE-THE JOURNAL OF SPACE ENTREPRENEURSHIP AND INNOVATION, 2016, 4 (02): : 115 - 122
12345