Risk and return of classic car market prices: passion or financial investment?

IF 1.5 Q3 BUSINESS, FINANCE
Eric Le Fur
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引用次数: 2

Abstract

This paper examines the risk and returns of classic car price indices over the 1994–2021 period. We calculate the central tendency, dispersion, shape of risk and returns, the unit root tests, and correlations. The results indicate a moderated volatility, a low range of returns, and a weak expectation of financial gain given the ancillary costs related to the auction, transport, insurance, guarding, maintenance, and restoration. There are low correlations among the classic car markets. These results provide a better understanding of the risk and returns of the classic car market for many actors such as individual and professional investors, collectors, and wealth managers. Investing in a classic car is more of a passion and emotional investment than a simple desire for financial gain.

老爷车市场价格的风险与回报:激情还是金融投资?
本文研究了1994-2021年期间经典汽车价格指数的风险和回报。我们计算了集中趋势、分散、风险和回报的形状、单位根检验和相关性。结果表明,考虑到与拍卖、运输、保险、守卫、维护和修复相关的辅助成本,波动性较小,收益范围较低,财务收益预期较弱。老爷车市场之间的相关性很低。这些结果为许多参与者,如个人和专业投资者、收藏家和财富管理人员,提供了对老爷车市场风险和回报的更好理解。投资一辆老爷车更多的是一种激情和情感投资,而不仅仅是对经济收益的渴望。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
Journal of Asset Management
Journal of Asset Management BUSINESS, FINANCE-
CiteScore
4.10
自引率
0.00%
发文量
44
期刊介绍: The Journal of Asset Management covers:new investment strategies, methodologies and techniquesnew products and trading developmentsimportant regulatory and legal developmentsemerging trends in asset managementUnder the guidance of its expert Editors and an eminent international Editorial Board, Journal of Asset Management has developed to provide an international forum for latest thinking, techniques and developments for the Fund Management Industry, from high-growth investment strategies to modelling and managing risk, from active management to index tracking. The Journal has established itself as a key bridge between applied academic research, commercial best practice and regulatory interests, globally.Each issue of Journal of Asset Management publishes detailed, authoritative briefings, analysis, research and reviews by leading experts in the field, to keep subscribers up to date with the latest developments and thinking in asset management.Journal of Asset Management covers:asset allocation hedge fund strategies risk definition and management index tracking performance measurement stock selection investment methodologies and techniques portfolio management and weighting product development and innovation active asset management style analysis strategies to match client profiles time horizons emerging markets alternative investments derivatives and hedging instruments pensions economics
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