Journal of Wine Economics最新文献_第8页

Left, right, or both? Long-run returns from Bordeaux 左，右，还是两者都有?波尔多的长期回报

IF 1.4 4区经济学

Journal of Wine Economics Pub Date : 2022-08-01 DOI: 10.1017/jwe.2022.48

T. Tolhurst

{"title":"Left, right, or both? Long-run returns from Bordeaux","authors":"T. Tolhurst","doi":"10.1017/jwe.2022.48","DOIUrl":"https://doi.org/10.1017/jwe.2022.48","url":null,"abstract":"Abstract As the market for fine-wine investing matures, basic questions of portfolio strategy remain unexplored. I evaluate how adding fine wine from the superstar châteaux of Bordeaux's Right Bank might complement the traditional focus on the five first-growths of Bordeaux's Left Bank. Fundamentals for the Right Bank's superstars are attractive: they produce roughly an order of magnitude less, face different production conditions, and receive equally impressive critical reviews. However, they receive far less attention than their Left Bank counterparts. To examine returns over the long run, I hand-collected 10,885 prices for eight wines from an archive of 391 Sherry-Lehmann catalogs, a New York City retailer, which began at the end of Prohibition. Using these historical price records, I compare the real returns from investing in the five Premier Cru to a portfolio that adds three superstar châteaux from the Right Bank: Ausone, Cheval Blanc, and Petrus. I find the geometric-average annual return was 6.78% in real terms from 1938 to 2017 for the joint portfolio, less than 0.01% different, but with better risk-reward as measured by the Sharpe ratio. Additionally, I find the life cycle of aging is substantially different across the two Banks, which could provide further diversification benefits for the strategic investor.","PeriodicalId":56146,"journal":{"name":"Journal of Wine Economics","volume":"17 1","pages":"225 - 240"},"PeriodicalIF":1.4,"publicationDate":"2022-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49187349","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 2

Product differentiation and the relative importance of wine attributes: U.S. retail prices 产品差异化和葡萄酒属性的相对重要性:美国零售价格

IF 1.4 4区经济学

Journal of Wine Economics Pub Date : 2022-08-01 DOI: 10.1017/jwe.2022.23

Rajasree Chandra, G. Moschini

引用次数: 0

How sample bias affects the assessment of wine investment returns 样本偏差如何影响葡萄酒投资回报评估

IF 1.4 4区经济学

Journal of Wine Economics Pub Date : 2022-05-01 DOI: 10.1017/jwe.2022.20

J. Breeden

{"title":"How sample bias affects the assessment of wine investment returns","authors":"J. Breeden","doi":"10.1017/jwe.2022.20","DOIUrl":"https://doi.org/10.1017/jwe.2022.20","url":null,"abstract":"Abstract Wine investment returns can come from overall market trends or price increases with age. Because of the short wine price histories available, market and maturation effects are difficult to separate. Consequently, researchers often obtain dramatically different estimates of investment returns. We find that data sample bias may be the hidden cause of the disparate estimates. In wine auction data, the sample bias refers to a shift in the distribution of which wines are traded as a function of their age. Such sample bias in panel data sampled across many different wine labels can distort the estimation of price increases versus age and consequently impact the estimation of market trends. This analysis shows that segmenting the analysis such that the data panels contain wine labels with similar trading characteristics can lead to a more stable estimation. The analysis here looks at data from Bordeaux, Italy, Australia, and California. An Age-Period-Cohort (APC) analysis is applied to data panels from each region. Then the data in each region is segmented by a measure of popularity in order to reduce sampling bias. Data thus segmented is then re-analyzed to demonstrate the difference in estimating price appreciation lifecycles and market trends.","PeriodicalId":56146,"journal":{"name":"Journal of Wine Economics","volume":"17 1","pages":"127 - 140"},"PeriodicalIF":1.4,"publicationDate":"2022-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44025067","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 4

JWE volume 17 issue 2 Cover and Front matter JWE第17卷第2期封面和封面问题

IF 1.4 4区经济学

Journal of Wine Economics Pub Date : 2022-05-01 DOI: 10.1017/jwe.2022.39

引用次数: 0

Vanessa Price. Big Macs & Burgundy: Wine Pairings for the Real World Harry N. Abrams, New York, 2020, 239 pp., ISBN 978-1-4197-4491-4, $24.99, Can. $31.99, £18.99. 凡妮莎·普莱斯。《巨无霸与勃艮第：现实世界的葡萄酒搭配》，Harry N.Abrams，纽约，2020，239页，ISBN 978-1-4197-4491-4，24.99美元，罐装$31.99，18.99英镑。

IF 1.4 4区经济学

Journal of Wine Economics Pub Date : 2022-05-01 DOI: 10.1017/jwe.2022.17

R. Schmalensee

引用次数: 0

Proposed alcohol tax reform in the United Kingdom: Implications for wine-exporting countries 英国提议的酒精税改革:对葡萄酒出口国的影响

IF 1.4 4区经济学

Journal of Wine Economics Pub Date : 2022-05-01 DOI: 10.1017/jwe.2022.19

K. Anderson, G. Wittwer

{"title":"Proposed alcohol tax reform in the United Kingdom: Implications for wine-exporting countries","authors":"K. Anderson, G. Wittwer","doi":"10.1017/jwe.2022.19","DOIUrl":"https://doi.org/10.1017/jwe.2022.19","url":null,"abstract":"Abstract A proposal to reform the United Kingdom's excise duty on alcohol is under consideration during 2022. The proposal would change the tax base from volume of product to volume of alcohol, which would see a fall in the tax on sparkling wine (by about one-fifth), a rise in the tax on fortified wines of 18% alcohol by volume (ABV) (by about one-sixth), and table wines with more (less) than 11.5% ABV would become dearer (cheaper). With taxes on most beers unchanged and taxes on spirits lowered slightly, the pattern of UK wine consumption and imports would alter considerably. This article draws on a global model of national alcoholic beverage markets to estimate the likely bilateral trade effects of this proposed reform to UK excise duties. It compares them with the trade effects of the United Kingdom's first two bilateral free trade agreements (FTAs), following the post-Brexit EU–UK Trade and Cooperation Agreement, which allows Australian and New Zealand vignerons tariff-free access to the UK wine market. Those two FTAs are estimated to cause the United Kingdom to import far more wine than is lost by the proposed changes in UK excise duties.","PeriodicalId":56146,"journal":{"name":"Journal of Wine Economics","volume":"17 1","pages":"117 - 126"},"PeriodicalIF":1.4,"publicationDate":"2022-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41793091","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

JWE volume 17 issue 2 Cover and Back matter JWE第17卷第2期封面和封底

IF 1.4 4区经济学

Journal of Wine Economics Pub Date : 2022-05-01 DOI: 10.1017/jwe.2022.40

引用次数: 0

The impact of hail on retail wine sales: Evidence from Switzerland 冰雹对葡萄酒零售销售的影响:来自瑞士的证据

IF 1.4 4区经济学

Journal of Wine Economics Pub Date : 2022-05-01 DOI: 10.1017/jwe.2022.18

Alexandre Mondoux

引用次数: 2

Tracking the wines of the Judgment of Paris over time: The case of Stag's Leap Wine Cellars’ Cabernet Sauvignon 追踪巴黎审判的葡萄酒:以鹿跃酒窖的赤霞珠为例

IF 1.4 4区经济学