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Weininvestment- Profitieren Anleger von der Berücksichtigung öffentlich zugänglicher Informationen?

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Author Info

  • Egon Franck
  • Martin Kukuk
  • Stefan Winter

    ()
    (Institute for Strategy and Business Economics, University of Zurich
    University of Würzburg,
    Ruhr-University of Bochum)

Abstract

Berichte über phänomenale Preissteigerungen bei feinen Weinen in der zweiten Hälfte der 90er Jahre haben die Frage aufgeworfen, ob sich Weine als Kapitalanlagen eignen könnten. Während diese Frage bezogen auf den Durchschnitt aller Weine sicher zu vernei-nen sein dürfte, ist dennoch nicht ausgeschlossen, dass Weine mit bestimmten Charakteristika identifiziert werden können, die als Kapitalanlage geeignet sein könnten. Anhand einer Stichprobe mit Zeitreihen von Preisen für 1234 Weine aus dem Bordelais geht der Beitrag der Frage nach, ob es öffentlich verfügbare Informationen gibt, die eine Weinauswahl erlauben, die unter Risiko-/Renditegesichtspunkten einer Zufallsauswahl von Weinen überlegen ist. Unsere Stichprobe liefert deutliche Hinweise dafür, dass dies der Fall ist.

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File URL: http://repec.business.uzh.ch/RePEc/iso/ISU_WPS/30_ISU_full.pdf
File Function: First version, 2004
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Bibliographic Info

Paper provided by University of Zurich, Institute for Strategy and Business Economics (ISU) in its series Working Papers with number 0030.

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Length: 36 pages
Date of creation: 2004
Date of revision:
Handle: RePEc:iso:wpaper:0030

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  1. Byron, R P & Ashenfelter, Orley, 1995. "Predicting the Quality of an Unborn Grange," The Economic Record, The Economic Society of Australia, vol. 71(212), pages 40-53, March.
  2. Ashenfelter, Orley, 1989. "How Auctions Work for Wine and Art," Journal of Economic Perspectives, American Economic Association, vol. 3(3), pages 23-36, Summer.
  3. Landon, Stuart & Smith, Constance, 1997. "The Use of Quality and Reputation Indicators by Consumers: The Case of Bordeaux Wine," MPRA Paper 9283, University Library of Munich, Germany.
  4. Egon Franck & Stefan Winter, 2002. "Das "Parker-Phänomen" im Markt für feine Weine Ökonomie eines Kritiker-Superstars," Working Papers 0010, University of Zurich, Institute for Strategy and Business Economics (ISU).
  5. 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.
  6. Combris, Pierre & Lecocq, Sebastien & Visser, Michael, 1997. "Estimation for a Hedonic Price Equation for Bordeaux Wine: Does Quality Matter?," Economic Journal, Royal Economic Society, vol. 107(441), pages 390-402, March.
  7. Landon, Stuart & Smith, Constance, 1998. "Quality expectations, reputation, and price," MPRA Paper 9774, University Library of Munich, Germany.
  8. 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.
  9. Schamel, Guenter & Anderson, Kym, 2001. "Wine Quality and Regional Reputation: Hedonic Prices for Australia and New Zealand," 2001 Conference (45th), January 23-25, 2001, Adelaide 125877, Australian Agricultural and Resource Economics Society.
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