|
|
|
|
||||
|
||||
Art and MoneyWilliam N. GoetzmannYale School of Management - International Center for Finance; National Bureau of Economic Research (NBER) Luc RenneboogTilburg University - Department of Finance; European Corporate Governance Institute (ECGI); Tilburg Law and Economics Center (TILEC) Christophe SpaenjersHEC Paris - Finance Department April 28, 2010 Yale ICF Working Paper No. 09-26 TILEC Discussion Paper No. 2010-002 CentER Discussion Paper Series No. 2010-08 Abstract: This paper investigates the impact of equity markets and top incomes on art prices. Using a newly constructed art market index, we demonstrate that equity market returns have had a significant impact on the price level in the art market over the last two centuries. We also find evidence that an increase in income inequality may lead to higher prices for art. Finally, the results of Johansen cointegration tests strongly suggest the existence of a long-run relation between top incomes and art prices.
Number of Pages in PDF File: 34 Keywords: Art market, Equities, Income inequality, Cointegration, Comovement JEL Classification: D31, D44, G1, Z11. working papers seriesDate posted: November 7, 2009 ; Last revised: March 13, 2013Suggested CitationContact Information
|
|
|||||||||||||||||||||||||||||||||||||
© 2013 Social Science Electronic Publishing, Inc. All Rights Reserved.
FAQ
Terms of Use
Privacy Policy
Copyright
This page was processed by apollo7 in 0.500 seconds
