To Save or Savour: A Review of Wine Investment
AbstractIt has been argued that adding wine to an investment portfolio provides a diversification benefit. There is not, however, agreement on how the return to wine should be estimated. Nor is there agreement on a standard approach to test for a diversification benefit. By considering different approaches to estimating the return to wine and testing for a diversification benefit it is shown that claims wine provides a diversification benefit should be treated with caution.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by University of Western Australia, School of Agricultural and Resource Economics in its series Working Papers with number 139663.
Date of creation: 23 Nov 2012
Date of revision:
Alternative Assets; Portfolio Optimisation; Financial Economics; Risk and Uncertainty;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-01-07 (All new papers)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Case, Bradford & Quigley, John M, 1991. "The Dynamics of Real Estate Prices," The Review of Economics and Statistics, MIT Press, vol. 73(1), pages 50-58, February.
- Huberman, Gur & Kandel, Shmuel, 1987. " Mean-Variance Spanning," Journal of Finance, American Finance Association, vol. 42(4), pages 873-88, September.
- Oliver Ledoit & Michael Wolf, 2008.
"Robust Performance Hypothesis Testing with the Sharpe Ratio,"
IEW - Working Papers
320, Institute for Empirical Research in Economics - University of Zurich.
- Ledoit, Oliver & Wolf, Michael, 2008. "Robust performance hypothesis testing with the Sharpe ratio," Journal of Empirical Finance, Elsevier, vol. 15(5), pages 850-859, December.
- William F. Sharpe, 1963. "A Simplified Model for Portfolio Analysis," Management Science, INFORMS, vol. 9(2), pages 277-293, January.
- Fogarty, James Joseph & Jones, Callum, 2011.
"Return to wine: A comparison of the hedonic, repeat sales, and hybrid approaches,"
108668, University of Western Australia, School of Agricultural and Resource Economics.
- James J. Fogarty & Callum Jones, 2011. "Return To Wine: A Comparison Of The Hedonic, Repeat Sales And Hybrid Approaches," Australian Economic Papers, Wiley Blackwell, vol. 50(4), pages 147-156, December.
- Jaeger, Elizabeth, 1981. "To Save or Savor: The Rate of Return to Storing Wine: Comment," Journal of Political Economy, University of Chicago Press, vol. 89(3), pages 584-92, June.
- Harry Markowitz, 1952. "Portfolio Selection," Journal of Finance, American Finance Association, vol. 7(1), pages 77-91, 03.
- Krasker, William S, 1979. "The Rate of Return to Storing Wines," Journal of Political Economy, University of Chicago Press, vol. 87(6), pages 1363-67, December.
- James Joseph Fogarty, 2006. "The return to Australian fine wine," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 33(4), pages 542-561, December.
- Jorion, Philippe, 1985. "International Portfolio Diversification with Estimation Risk," The Journal of Business, University of Chicago Press, vol. 58(3), pages 259-78, July.
- Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
- Elton, Edwin J & Gruber, Martin J & Padberg, Manfred W, 1976. "Simple Criteria for Optimal Portfolio Selection," Journal of Finance, American Finance Association, vol. 31(5), pages 1341-57, December.
- Elton, Edwin J & Gruber, Martin J & Rentzler, Joel C, 1987. "Professionally Managed, Publicly Traded Commodity Funds," The Journal of Business, University of Chicago Press, vol. 60(2), pages 175-99, April.
- Jack Triplett, 2004. "Handbook on Hedonic Indexes and Quality Adjustments in Price Indexes: Special Application to Information Technology Products," OECD Science, Technology and Industry Working Papers 2004/9, OECD Publishing.
- Sirapat Polwitoon & Oranee Tawatnuntachai, 2008. "Emerging Market Bond Funds: A Comprehensive Analysis," The Financial Review, Eastern Finance Association, vol. 43(1), pages 51-84, 02.
- C. Lanier Benkard & Patrick Bajari, 2005. "Hedonic Price Indexes With Unobserved Product Characteristics, and Application to Personal Computers," Journal of Business & Economic Statistics, American Statistical Association, vol. 23, pages 61-75, January.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (AgEcon Search).
If references are entirely missing, you can add them using this form.