How Did Japanese Investments Influence International Art Prices?

Autor:	Darius Alexander Spieth, Naoya Takezawa, Akitoshi Ito, Takato Hiraki
Rok vydání:	2009
Předmět:	Consumption (economics) Economics and Econometrics Accounting Economics Stock market Asset (economics) Monetary economics Finance Stock (geology)
Zdroj:	Journal of Financial and Quantitative Analysis. 44:1489-1514
ISSN:	1756-6916 0022-1090
DOI:	10.1017/s0022109009990366
Popis:	We test the luxury consumption hypothesis of Ait-Sahalia, Parker, and Yogo (2004), using a unique international art price, import/export flow, and stock market data set. We find that the demand for art by Japanese collectors is positively correlated with art prices and Japanese stock prices. This correlation is magnified during the “bubble period” of the Japanese economy (the mid-1980s to the early 1990s) and gains even further strength for works of art typically favored by Japanese collectors. Our results suggest that Japanese investors (or Japanese asset markets) indeed affect international art prices—especially during the bubble period and its aftermath.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_dedup___::8886390830ebf1073510ffe48486e679 https://doi.org/10.1017/s0022109009990366 Zobrazit plný text záznamu Plný text ve formátu PDF