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Financial returns to collecting rare political economy books

Ursprung, Heinrich W. - 2021

books of classical literature. Compared with other collectibles such as fine art, investing in rare books turns out to be …

Persistent link: https://www.econbiz.de/10012437910

Collectibles Tokenization & Optimal Security Design

Vorsatz, Blair - 2020

I develop a model of collectibles tokenization to understand whether recent tokenization efforts create or destroy … value. While issuing divisible security tokens against illiquid collectibles lowers transaction costs and facilitates … explaining limited adoption. Instead, renting the viewing rights would make tokenization welfare-improving. While collectibles …

Persistent link: https://www.econbiz.de/10012846325

Uncertainty, Disagreement and Expert Price Estimates in Art Markets

Vosilov, Rustam - 2020

The purpose of this study is to test whether the size of the pre-sale price estimate range affects art auction prices and, if so, in what direction. We find that auction house art experts' relative estimate range positively affects realized prices. The effect is robust across the mid- low- and...

Persistent link: https://www.econbiz.de/10012855908

When a master dies: speculation and asset float

Pénasse, Julien; Renneboog, Luc; Scheinkman, José … - 2020

The death of an artist constitutes a negative shock to his future production; it permanently decreases the artist's float. We use this shock to test predictions of speculative trading models with short-selling constraints. Symmetrically to Hong et al. (2006), where an increase in float decreases...

Persistent link: https://www.econbiz.de/10012233216

Speculative Bubbles under Supply Constraints, Background Risk and Investment Fraud in the Art Market

Bernales, Alejandro - 2020

We examine the unexplored effects on art markets of artist death (asset supply constraints), collectors' wealth (background risk) and forgery risk (risk of investment fraud), under short-sale constraints and risk aversion. Speculative bubbles emerge and have the form of an option strangle (a put...

Persistent link: https://www.econbiz.de/10012850113

Residual Variance and Asset Pricing in the Art Market

Mei, Jianping; Moses, Michael; Zhou, Yi - 2022

In this paper, we compute residual variance of art prices to examine asset pricing in contemporary art market. Our empirical work shows a few interesting results. First, we discover that the residual variance is significantly and positively related to the average price level achieved by an...

Persistent link: https://www.econbiz.de/10013292595

Non-Fungible Tokens (NFT). The Analysis of Risk and Return

Mazur, Mieszko - 2021

This study examines the risk and return characteristics of the NFT-based startups listed on the cryptocurrency exchange. Our investigation is motivated by the recent surge in the NFT activity on the part of creators, investors, and traders. We begin by proposing novel classification of the...

Persistent link: https://www.econbiz.de/10013313690

Containership new-building orders and freight rate shocks : a "wait and see" perspective

Michail, Nektarios; Melas, Konstantinos D. - In: The Asian Journal of Shipping and Logistics 39 (2023) 1, pp. 30-37

This paper studies the behaviour of shipping investors following an unexpected shock in the freight rates, while accounting for costs (fuel), and the macro environment (stock prices and trade). The estimates firstly confirm the existence of a long-term relationship between the macroeconomic...

Persistent link: https://www.econbiz.de/10014281592

Depreciation Classes, Return on Investment and Economic Profitability

Magni, Carlo Alberto - 2010

This paper aims to provide a foundation for the notion of economic rate of return and investigate its relations with accounting rates of return. Introducing the notion of depreciation class (the set of depreciation schedules with the same aggregate book value) it is shown that the mean of the...

Persistent link: https://www.econbiz.de/10013135472

Discrete Time Models (Mo Hinh Roi Rac) (In Vietnamese)

Huu, Nguyen Van - 2010

The first chapter Discrete Time Models in Nguyen Van Huu and Vuong Quan Hoang's Mathematical Methods in Finance, written in Vietnamese, published by Vietnam National University Press, Hanoi, Vietnam, March 2007. This beginning chapter discusses discrete time models used widely in financial...

Persistent link: https://www.econbiz.de/10013139504