Candela, Guido; Castellani, Massimiliano; Pattitoni, … - In: Economics Letters 118 (2013) 2, pp. 351-354
Measuring the psychic return of art investments is a debated issue in cultural economics. Several works suggest Jensen …’s alpha as a measure of the psychic return. Since Jensen’s alpha is defined in the CAPM framework, its uncritical application … as a measure of the psychic return may be problematic when the CAPM hypotheses do not hold. Applying an opportunity cost …