Journal ArticleDOI
Art and money
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In this paper, the authors investigated the impact of equity markets and top incomes on art prices and found that both same-year and lagged equity market returns have a significant impact on the price level in the art market.Abstract:
This paper investigates the impact of equity markets and top incomes on art prices. Using a long-term art market index that incorporates information on repeated sales since the eighteenth century, we demonstrate that both same-year and lagged equity market returns have a significant impact on the price level in the art market. Over a shorter time frame, we also find empirical evidence that an increase in income inequality may lead to higher prices for art, in line with the results of a numerical simulation analysis. Finally, the results of Johansen cointegration tests strongly suggest the existence of a long-term relation between top incomes and art prices.read more
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Entertainment Industry Economics: A Guide for Financial Analysis
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References
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Journal ArticleDOI
The Equity Premium
Eugene F. Fama,Kenneth R. French +1 more
TL;DR: In this paper, the authors estimate the equity premium using dividend and earnings growth rates to measure the expected rate of capital gain, which is the difference between the expected return on the market portfolio of common stocks and the risk-free interest rate.
Journal ArticleDOI
Stock Market Wealth and Consumption
TL;DR: In this paper, the authors explored the link between changes in the aggregate value of corporate stock and changes in consumer spending and found that after a change in stock market values, consumer spending is likely to rise by between one and two cents for each dollar increase in the value of stock.
Journal ArticleDOI
The Evolution of Top Incomes: A Historical and International Perspective
Thomas Piketty,Emmanuel Saez +1 more
TL;DR: In this paper, the authors summarize the main findings and perspectives emerging from a collective research project on the dynamics of income and wealth distribution, and construct a high-quality, long- run, international database on income, wealth concentration, using historical tax statistics.
Posted Content
Asset prices, consumption, and the business cycle
TL;DR: This article reviewed the behavior of financial asset prices in relation to consumption, including stock returns and short-term real interest rates, but bond returns were also considered, and argued that to make sense of asset market behavior one needs a model in which the market price of risk is high, time-varying and correlated with the state of the economy.