Sanning, Lee W.; Shaffer, Sherrill; Sharratt, Jo Marie - In: Journal of Wine Economics 3 (2008) 01, pp. 51-71
For repeat transactions data from monthly auction hammer prices, we analyze the level and quality of Bordeaux wine returns using the Fama-French Three-Factor Model and the Capital Asset Pricing Model. Returns average up to 0.75% per month above those predicted by these models. Further,...
