Journal of Financial Economics, Volume 118, Issue 2, November 2015, Pages 431-449, ISSN 0304-405X ，NOVEMBER 2015

葡萄酒的价格

作者：Elroy Dimson, Peter L. Rousseau, Christophe Spaenjers

摘要：我们使用了波尔多一级酒庄的历史价格数据，考察了窖藏年份对葡萄酒价格的影响和投资高质量葡萄酒所带来的长期收益率。与例证模型一致，能带来最高经济回报的葡萄酒为那些尚未成熟的高质量葡萄酒。另外，著名葡萄酒chateaus还为其所有者提供了持续增长的非经济利益（情怀回报）。我们在使用1900-2012年的数据进行回归后，估计到投资葡萄酒的经济回报率（除去窖藏成本后）为4.1%。该值超过了债券、艺术品和邮票的回报率。此外，葡萄酒的回报率与股票的回报率正相关。最后，我们发现了样本内回报率可预测的证据。

关键词：葡萄酒价格，另类投资，价格指数，情怀回报，泡沫

The price of wine

Elroy Dimson, Peter L. Rousseau, Christophe Spaenjers

ABSTRACT

Using historical price records for Bordeaux Premiers Crus, we examine the impact of aging on wine prices and the long-term investment performance of fine wine. In line with the predictions of an illustrative model, young maturing wines from high-quality vintages provide the highest financial returns. Past maturity, famous chateaus deliver growing non-pecuniary benefits to their owners. Using an arithmetic repeat-sales regression over 1900–2012, we estimate a real financial return to wine investment (net of storage costs) of 4.1%, which exceeds bonds, art, and stamps. Returns to wine and equities are positively correlated. Finally, we find evidence of in-sample return predictability.

Keywords: Wine prices; Alternative investments; Price indexes; Psychic return; Bubbles

原文链接：http://www.sciencedirect.com/science/article/pii/S0304405X15001440

翻译：吴雨玲