How Did Japanese Investments Influence International Art Prices?
AbstractThis study examines dynamics among the art, Japanese land, Japanese and U.S. stock market prices during the sample period from 1976 to 1998. We find that the Japanese land prices caused both art and Japanese stock prices to co-move during the sample period. We interpret this finding as suggesting that the accelerated appreciation of land prices in Japan stimulated Japanese investor demands for both international arts and Japanese stocks, especially, in
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Bibliographic InfoPaper provided by Yale School of Management in its series Yale School of Management Working Papers with number ysm367.
Date of creation: 01 Jul 2005
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