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Emotional Assets

35 Pages Posted: 5 Mar 2008 Last revised: 27 Oct 2012

See all articles by Frans de Roon

Frans de Roon

Tilburg University - Department of Finance

Kees C. G. Koedijk

Tilburg University - Department of Finance

Rachel A.J. Pownall

Tilburg University - Department of Finance; Maastricht University - Department of Finance

Abstract

Globally the number of high net worth individuals (HNWI) is increasing and their interest in investing into the luxury goods sector is increasing at a similar rate. In this paper we use a broad range of indices on a number of emotional assets, such as art, wine, stamps watches, and atlases, which make up more than 50% of HNWI's investment into the luxury good sector. Using the spanning techniques from de Roon et al. (2008) we analyze how the emotional assets add to the risk-return profile of both private and institutional investors. We find highly significant results for wine and books as a significant allocation into the emotional asset sector. Our findings substantiate the current allocation of HNWI in the luxury goods sector

Keywords: Philanthropy, Asset allocation, art, wine, luxary goods markets

JEL Classification: G11, Z10

Suggested Citation

de Roon, Frans A. and Koedijk, Kees G. and Pownall, Rachel Ann Jane, Emotional Assets. Available at SSRN: https://ssrn.com/abstract=1102652 or http://dx.doi.org/10.2139/ssrn.1102652

Frans A. De Roon (Contact Author)

Tilburg University - Department of Finance ( email )

P.O. Box 90153
Tilburg, 5000 LE
Netherlands
+31 1 3466 8361/3025 (Phone)
+31 1 3466 2875 (Fax)

Kees G. Koedijk

Tilburg University - Department of Finance ( email )

P.O. Box 90153
Tilburg, 5000 LE
Netherlands
+31 13 4663048 (Phone)
+31 13 4662052 (Fax)

Rachel Ann Jane Pownall

Tilburg University - Department of Finance ( email )

P.O. Box 90153
Tilburg, 5000 LE
Netherlands

Maastricht University - Department of Finance ( email )

Maastricht, 6200 MD
Netherlands

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