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Article Dans Une Revue Quarterly Review of Economics and Finance Année : 2021

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

Résumé

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.
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Dates et versions

hal-03703194 , version 1 (23-06-2022)

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Philippe Masset, Jean-Philippe Weisskopf, Jean-Marie Cardebat, Benoît Faye, Eric Le Fur. Analyzing the risks of an illiquid and global asset: The case of fine wine. Quarterly Review of Economics and Finance, 2021, 82, pp.1-25. ⟨10.1016/j.qref.2021.06.023⟩. ⟨hal-03703194⟩
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