Art as investment
| Autor: | Menconi, Denise |
|---|---|
| Přispěvatelé: | Escolas::EESP |
| Jazyk: | angličtina |
| Rok vydání: | 2022 |
| Předmět: |
Efficient frontier
Momentum Alternative investments Portfolio diversification Art in the portfolio Economia Arte - Comercialização Modelo de precificação de ativos Liquidez (Economia) Arte como investimento Fama-French 3-factors Liquidity Investimentos - Administração Art market Art as investment Market betas Risk-premium |
| Zdroj: | Repositório Institucional do FGV (FGV Repositório Digital) Fundação Getulio Vargas (FGV) instacron:FGV |
| Popis: | This paper applies the Fama-French three-factors model, augmented with Momentum and Liquidity factors, to analyze Art as an Investment. It also compares investing in Art to several other traditional and non-traditional investments. There is evidence that Market and Momentum factors explain the risk premia in some Art sub-segments. The Market Beta, in particular, is lower than what is found in the existing literature, whereas the Momentum factor might explain part of the premia of Contemporary Art and Old Masters. There is no evidence, however, that Art and its subsegments command a Liquidity premium. The paper also discusses the efficient share of Art in a diversified portfolio. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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