Journal ArticleDOI
An analysis of pricing and returns in the market for French Canadian paintings
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In this article, the valuation of French Canadian paintings is analyzed empirically using a sample of auction prices for major French Canadian painters for the period 1968 to 2005, run hedonic regressions to determine the influence of various factors, including painter identity, on auction prices, as well as construct a market price index.Abstract:
The valuation of French Canadian paintings is analysed empirically Using a sample of auction prices for major French Canadian painters for the period 1968 to 2005, we run hedonic regressions to determine the influence of various factors, including painter identity, on auction prices, as well as to construct a market price index This is then used in a second stage analysis of the properties of these art works viewed as investment assets We consider the extent to which standard asset pricing theory, as represented by the capital asset pricing model, can account for price movements in the market for French Canadian paintingsread more
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Journal ArticleDOI
Dynamic price dependence of Canadian and international art markets: an empirical analysis
Douglas J. Hodgson,Aylin Seckin +1 more
TL;DR: In this paper, the authors investigated the presence and nature of such time series dependence econometrically, both in terms of long-term trends as reflected in the cointegrating relationship between Canadian and the international market, and in short-run co-movements as represented in correlations.
Journal ArticleDOI
Art investment: hedging or safe haven through financial crises
TL;DR: In this paper, the authors analyzed long-term art auction sales data focusing on and around financial crisis periods with other investment returns to understand whether art can be considered a safe haven during volatile times or a hedging option in general by analyzing art auction data in a volatile emerging market.
Journal ArticleDOI
The Art Market in the European Union
TL;DR: In this paper, the authors make an attempt to fill the gap in the research of the Polish emerging art market as seen from this perspective by calculating quarterly hedonic price indices and rates of return.
References
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Journal ArticleDOI
Capital asset prices: a theory of market equilibrium under conditions of risk*
TL;DR: In this paper, the authors present a body of positive microeconomic theory dealing with conditions of risk, which can be used to predict the behavior of capital marcets under certain conditions.
BookDOI
Density estimation for statistics and data analysis
TL;DR: The Kernel Method for Multivariate Data: Three Important Methods and Density Estimation in Action.
Journal ArticleDOI
Risk, Return, and Equilibrium: Empirical Tests
Eugene F. Fama,James D. MacBeth +1 more
TL;DR: In this article, the relationship between average return and risk for New York Stock Exchange common stocks was tested using a two-parameter portfolio model and models of market equilibrium derived from the two parameter portfolio model.
Book ChapterDOI
The valuation of risk assets and the selection of risky investments in stock portfolios and capital budgets
TL;DR: In this article, the problem of selecting optimal security portfolios by risk-averse investors who have the alternative of investing in risk-free securities with a positive return or borrowing at the same rate of interest and who can sell short if they wish is discussed.
Book
The econometrics of financial markets
TL;DR: In this paper, Campbell, Lo, and MacKinlay present an attempt by three well-known and well-respected scholars to fill an acknowledged void in the empirical finance literature, a text covering the burgeoning field of empirical finance.
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