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Alternative Investments: The Case of Wine

SSRN Electronic Journal
2006
  • 7
    Citations
  • 8,645
    Usage
  • 19
    Captures
  • 0
    Mentions
  • 0
    Social Media
Metric Options:   Counts1 Year3 Year

Metrics Details

  • Citations
    7
    • Citation Indexes
      7
  • Usage
    8,645
    • Abstract Views
      6,787
    • Downloads
      1,858
  • Captures
    19
    • Readers
      18
    • Exports-Saves
      1
      • SSRN
        1
  • Ratings
    • Download Rank
      18,411

Article Description

For repeat transactions data from monthly auction hammer prices, we analyze the level and quality of Bordeaux wine returns using the Fama-French Three-Factor Model and the Capital Asset Pricing Model. Returns average up to 0.75% per month above those predicted by these models. Further, investment grade wines benefit from low exposure to market risk factors, thus offering a valuable dimension of portfolio diversification. These findings are consistent with simple theoretical considerations and support a documented growing interest in wine investments.

Bibliographic Details

Lee W. Sanning; Sherrill Shaffer; Jo Marie Sharratt

Elsevier BV

Wine; Investing; Diversification; Asset Pricing; Portfolio

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