葡萄酒
多元化(营销策略)
经济
文件夹
另类投资
衡平法
金融经济学
业务
货币经济学
营销
市场流动性
食品科学
化学
政治学
法学
作者
Vincent Fromentin,Bruno Pecchioli,David Moroz
标识
DOI:10.1016/j.frl.2024.105345
摘要
Whisky has entered the category of alternative investment assets, with particularly attractive returns on certain bottles. The literature has shown the diversification benefits of investing in collectible assets, such as fine wine, but analyses dedicated to whisky investment remain scarce. Using different causality tests – parametric, non-parametric, and time-varying – applied to whisky, wine, and the MSCI World indices, we analyze the connection/disconnection between rare whisky, fine wine, and financial markets over a 13-Year period, from January 2010 to January 2023, in weekly frequency. Our results show that whisky and wine respectively provide attractive diversification opportunities when combined with stocks, except during "hectic" periods. Conversely, the combination of whisky and wine appears to be riskier in terms of portfolio diversification, especially since the COVID-19 pandemic.
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