Wine funds : an alternative turning sour?

Masset, Philippe ( Ecole hôtelière de Lausanne, HES-SO // University of Applied Sciences Western Switzerland) ; Weisskopf, Jean-Philippe ( Ecole hôtelière de Lausanne, HES-SO // University of Applied Sciences Western Switzerland)

This article examines the performance, selectivity, and market-timing abilities of wine fund managers over the 2000–2013 period. The authors hypothesize that wine fund managers should be able to profit from market inefficiencies on the wine market and generate abnormal returns for investors. Their results show that fund managers’ overall selectivity and market-timing abilities appear to be limited. Only one fund offers positive risk-adjusted returns and two funds show a tendency for market timing. Considering non-quantifiable risks, wine funds thus do not appear to be interesting investments.


Type d'article:
scientifique
Faculté:
Economie et Services
Ecole:
EHL
Classification:
Economie/gestion
Date:
2015
Publié dans
Journal of alternative investments
Numérotation (vol. no.):
Spring 2015, vol. 17, no. 4, pp. 6-20
DOI:
ISSN:
1520-3255
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Note: The status of this file is: restricted


 Notice créée le 2015-10-01, modifiée le 2018-12-05

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