Christophe Spaenjers

HEC Paris - Finance Department

1 rue de la Liberation

Jouy-en-Josas Cedex, 78351

France

SCHOLARLY PAPERS

25

DOWNLOADS
Rank 2,254

SSRN RANKINGS

Top 2,254

in Total Papers Downloads

17,982

SSRN CITATIONS
Rank 7,158

SSRN RANKINGS

Top 7,158

in Total Papers Citations

108

CROSSREF CITATIONS

72

Scholarly Papers (25)

1.

Buying Beauty: On Prices and Returns in the Art Market

Management Science, Vol. 59, No. 1, 2013
Number of pages: 33 Posted: 26 Feb 2020
Luc Renneboog and Christophe Spaenjers
Tilburg University - Department of Finance and HEC Paris - Finance Department
Downloads 2,631 (5,876)
Citation 35

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art, auctions, hedonic regressions, investments, repeat-sales regressions, sentiment

2.
Downloads 2,478 ( 6,498)
Citation 13

Art and Money

Yale ICF Working Paper No. 09-26, TILEC Discussion Paper No. 2010-002, CentER Discussion Paper Series No. 2010-08
Number of pages: 34 Posted: 26 Feb 2020
William N. Goetzmann, Luc Renneboog and Christophe Spaenjers
Yale School of Management - International Center for Finance, Tilburg University - Department of Finance and HEC Paris - Finance Department
Downloads 2,381 (6,819)
Citation 15

Abstract:

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Art market, Equities, Income inequality, Cointegration, Comovement

Art and Money

NBER Working Paper No. w15502
Posted: 26 Feb 2020
William N. Goetzmann, Luc Renneboog and Christophe Spaenjers
Yale School of Management - International Center for Finance, Tilburg University - Department of Finance and HEC Paris - Finance Department
Downloads 97 (323,332)

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3.

The Price of Wine

Journal of Financial Economics (JFE), Vol. 118, No. 2, 2015, pages 431–449
Number of pages: 50 Posted: 07 Sep 2013 Last Revised: 19 Mar 2016
Elroy Dimson, Peter L. Rousseau and Christophe Spaenjers
University of Cambridge - Judge Business School, Vanderbilt University - Department of Economics and HEC Paris - Finance Department
Downloads 2,474 (6,519)
Citation 8

Abstract:

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wine prices; alternative investments; price indexes; psychic return; bubbles

4.

The Rate of Return on Real Estate: Long-Run Micro-Level Evidence

HEC Paris Research Paper No. FIN-2019-1342
Number of pages: 59 Posted: 25 Jun 2019 Last Revised: 06 Jan 2021
David Chambers, Christophe Spaenjers and Eva Steiner
University of Cambridge - Judge Business School, HEC Paris - Finance Department and Penn State Smeal College of Business
Downloads 1,373 (16,780)
Citation 8

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real estate, income growth, income yields, property prices, long-run returns

5.

The Investment Performance of Art and Other Collectibles

Chapter 10 of Anna Dempster (Ed), Risk and Uncertainty in the Art World, Bloomsbury Publishing, 2014, pages 219–238
Number of pages: 19 Posted: 02 Sep 2013 Last Revised: 19 Mar 2016
Elroy Dimson and Christophe Spaenjers
University of Cambridge - Judge Business School and HEC Paris - Finance Department
Downloads 1,182 (20,995)
Citation 2

Abstract:

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alternative investments, collectibles, luxury goods, price indexes, investment risks

6.

Ex Post: The Investment Performance of Collectible Stamps

Journal of Financial Economics (JFE), Vol. 100, No. 2, 2011, pages 443–458
Number of pages: 40 Posted: 06 Aug 2009 Last Revised: 20 Mar 2016
Elroy Dimson and Christophe Spaenjers
University of Cambridge - Judge Business School and HEC Paris - Finance Department
Downloads 923 (30,106)
Citation 5

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Alternative investments, Indexes, Long-term returns, Philately, Stamps

7.

Religion, Economic Attitudes, and Household Finance

Oxford Economic Papers, Vol. 64, No. 1, 2012
Number of pages: 30 Posted: 19 May 2009 Last Revised: 13 Mar 2013
Luc Renneboog and Christophe Spaenjers
Tilburg University - Department of Finance and HEC Paris - Finance Department
Downloads 866 (32,937)
Citation 6

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Religion, Economic attitudes, Household finance, Culture, Portfolio choice

8.

Investing in Emotional Assets

Financial Analysts Journal, Vol. 70, No. 2, 2014, pages 18–22
Number of pages: 10 Posted: 31 Jan 2014 Last Revised: 19 Mar 2016
Elroy Dimson and Christophe Spaenjers
University of Cambridge - Judge Business School and HEC Paris - Finance Department
Downloads 791 (37,280)
Citation 1

Abstract:

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alternative investments, collectibles, luxury goods, price indexes, investment risks

9.

Biased Auctioneers

HEC Paris Research Paper No. FIN-2019-1332, 10th Miami Behavioral Finance Conference
Number of pages: 37 Posted: 20 Mar 2019 Last Revised: 17 Jul 2020
Mathieu Aubry, Roman Kräussl, Gustavo Manso and Christophe Spaenjers
Ecole Nationale des Ponts et Chaussées (ENPC), Universite du Luxembourg - Department of Finance, University of California, Berkeley - Haas School of Business and HEC Paris - Finance Department
Downloads 692 (44,738)
Citation 3

Abstract:

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art, auctions, experts, asset valuation, biases, machine learning, computer vision

10.
Downloads 666 ( 47,122)
Citation 3

Art as an Asset: Evidence from Keynes the Collector

Number of pages: 39 Posted: 26 Feb 2020 Last Revised: 11 Mar 2020
David Chambers, Elroy Dimson and Christophe Spaenjers
University of Cambridge - Judge Business School, University of Cambridge - Judge Business School and HEC Paris - Finance Department
Downloads 664 (46,668)
Citation 1

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alternative investments; art; portfolios; price indexes; indivisible assets; concentration

Art as an Asset: Evidence from Keynes the Collector

CEPR Discussion Paper No. DP14357
Number of pages: 42 Posted: 11 Feb 2020 Last Revised: 02 Mar 2020
David Chambers, Elroy Dimson and Christophe Spaenjers
University of Cambridge - Judge Business School, University of Cambridge - Judge Business School and HEC Paris - Finance Department
Downloads 2 (783,625)
Citation 2
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11.

A Model of Trading in the Art Market

American Economic Review, Vol. 108, No. 3, 2018
Number of pages: 73 Posted: 26 Feb 2020
Stefano Lovo and Christophe Spaenjers
HEC Paris - Finance Department and HEC Paris - Finance Department
Downloads 636 (50,004)
Citation 9

Abstract:

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art; auctions; endogenous trading; price indexes; private values; returns

The Economics of Aesthetics and Record Prices for Art since 1701

Explorations in Economic History, Vol. 57, 2015
Number of pages: 38 Posted: 12 Aug 2014 Last Revised: 18 Jan 2016
Christophe Spaenjers, William N. Goetzmann and Elena Mamonova
HEC Paris - Finance Department, Yale School of Management - International Center for Finance and Independent
Downloads 543 (60,536)
Citation 8

Abstract:

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art; auctions; price formation; price indexes; private values; record prices

The Economics of Aesthetics and Three Centuries of Art Price Records

NBER Working Paper No. w20440
Number of pages: 26 Posted: 24 Feb 2020 Last Revised: 09 May 2021
William N. Goetzmann, Elena Mamonova and Christophe Spaenjers
Yale School of Management - International Center for Finance, Independent and HEC Paris - Finance Department
Downloads 51 (462,192)

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13.

Hard Assets: The Returns on Rare Diamonds and Gems

Finance Research Letters, Vol. 9, No. 4, 2012
Number of pages: 16 Posted: 26 May 2011 Last Revised: 13 Mar 2013
Luc Renneboog and Christophe Spaenjers
Tilburg University - Department of Finance and HEC Paris - Finance Department
Downloads 523 (64,027)
Citation 3

Abstract:

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alternative investments; auctions, diamonds, gems, hedonic regression, luxury goods

14.

The Long-Term Returns to Durable Assets

HEC Paris Research Paper No. FIN-2016-1143
Number of pages: 11 Posted: 12 Mar 2016 Last Revised: 26 Apr 2016
Christophe Spaenjers
HEC Paris - Finance Department
Downloads 303 (120,641)

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returns; housing; land; art, collectibles; gold; silver; diamonds

15.

Organizational and Epistemic Change: The Growth of the Art Investment Field

Accounting, Organizations and Society 55, 48-62
Number of pages: 46 Posted: 07 Sep 2013 Last Revised: 26 Apr 2017
Erica Coslor and Christophe Spaenjers
University of Melbourne - Department of Management and Marketing and HEC Paris - Finance Department
Downloads 273 (134,661)
Citation 5

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Accounting and financial knowledge claims; Art investment; Epistemic cultures; Performance measurement; Technical fields; Valuation practices

16.

Investment Returns and Economic Fundamentals in International Art Markets

Cosmopolitan Canvases, Oxford University Press, 2015
Number of pages: 25 Posted: 26 Feb 2020
Luc Renneboog and Christophe Spaenjers
Tilburg University - Department of Finance and HEC Paris - Finance Department
Downloads 263 (139,899)
Citation 1

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economics of art, art markets, home bias, geographical market segmentation, art auctions, hedonic regression

17.

Do Private Equity Investors Create Value? Evidence from the Hotel Industry

HEC Paris Research Paper No. FIN-2020-1410
Number of pages: 51 Posted: 16 Dec 2020 Last Revised: 22 Dec 2020
Christophe Spaenjers and Eva Steiner
HEC Paris - Finance Department and Penn State Smeal College of Business
Downloads 252 (145,982)
Citation 1

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private equity, value creation, firm ownership, real estate investment

18.

'We'll Always Have Paris': Out-of-Country Buyers in the Housing Market

Number of pages: 46 Posted: 06 Oct 2018 Last Revised: 01 May 2020
Dragana Cvijanovic and Christophe Spaenjers
Cornell SC Johnson College of Business and HEC Paris - Finance Department
Downloads 245 (150,106)
Citation 4

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foreign home buyers; secondary residences; bargaining; information asymmetries

19.

Sentiment and Art Prices

Economics Letters, Vol. 122, No. 3, 2014
Number of pages: 9 Posted: 26 Feb 2020
Julien Penasse, Luc Renneboog and Christophe Spaenjers
University of Luxembourg, Tilburg University - Department of Finance and HEC Paris - Finance Department
Downloads 237 (155,002)
Citation 1

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art; return predictability; sentiment; fads

20.
Downloads 206 (177,051)

Real and Private-Value Assets

HEC Paris Research Paper No. FIN-2021-1421
Number of pages: 37 Posted: 12 Mar 2021 Last Revised: 09 Apr 2021
William N. Goetzmann, Christophe Spaenjers and Stijn Van Nieuwerburgh
Yale School of Management - International Center for Finance, HEC Paris - Finance Department and Columbia University Graduate School of Business
Downloads 204 (178,384)

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real estate, infrastructure, collectibles, entrepreneurship, sustainable investing

Real and Private-Value Assets

NBER Working Paper No. w28580
Number of pages: 38 Posted: 22 Mar 2021 Last Revised: 27 Mar 2021
William N. Goetzmann, Christophe Spaenjers and Stijn Van Nieuwerburgh
Yale School of Management - International Center for Finance, HEC Paris - Finance Department and Columbia University Graduate School of Business
Downloads 2 (783,625)
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21.

The Dutch Grey Market

De Economist, Vol. 159, No. 1, 2011
Number of pages: 22 Posted: 22 Oct 2008 Last Revised: 13 Mar 2013
Luc Renneboog and Christophe Spaenjers
Tilburg University - Department of Finance and HEC Paris - Finance Department
Downloads 185 (195,241)

Abstract:

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Capital markets, Law of one price, Stock splits, When-issued trading

22.

Subjective Life Horizon and Portfolio Choice

Journal of Economic Behavior and Organization, Vol. 116, 2015
Number of pages: 34 Posted: 12 Jan 2013 Last Revised: 16 Jan 2016
Christophe Spaenjers and Sven Michael Spira
HEC Paris - Finance Department and HEC Paris - Finance Department
Downloads 172 (207,962)
Citation 1

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portfolio choice, investment horizon, subjective expectations, life expectancy, bequests

23.

The Fine Art of Financing: The Jpmorgan Private Bank and Lending Against Art

Darden Case No. UVA-F-1760
Number of pages: 15 Posted: 30 May 2017 Last Revised: 14 Mar 2018
Richard B. Evans, Roman Kräussl, Pedro Matos and Christophe Spaenjers
University of Virginia - Darden School of Business, Universite du Luxembourg - Department of Finance, University of Virginia - Darden School of Business and HEC Paris - Finance Department
Downloads 13 (663,270)
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investment asset, art, illiquid assets, investment vehicles, video

24.

No-Trade in Second-Price Auctions with Entry Costs and Secret Reserve Prices

Economics Letters, Vol. 156, July 2017
Number of pages: 8 Posted: 07 Jun 2016 Last Revised: 23 Sep 2018
Stefano Lovo and Christophe Spaenjers
HEC Paris - Finance Department and HEC Paris - Finance Department
Downloads 4 (731,548)

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auctions; entry; participation costs; reserve prices; no-trade equilibria

25.

The Iconic Boom in Modern Russian Art

Journal of Alternative Investments, Vol. 13, No. 3, 2011, https://doi.org/10.3905/jai.2011.13.3.067
Posted: 26 Feb 2020
Luc Renneboog and Christophe Spaenjers
Tilburg University - Department of Finance and HEC Paris - Finance Department

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Art, Emerging markets, Hedonic regressions, Wealth