Diversification is one of the major components of investment decision-making under risk or
uncertainty. However, paradoxically, as the 2007–2009 financial crisis revealed, the concept …

Motivated by the growing necessity of portfolio diversification, this paper investigates the
dynamic connectedness among fine wine, equities, bonds, crude oil, commodities, gold …

This paper provides a critical review of research on fine wine returns issues. To date, no
review article has assessed the various findings of studies analyzing the benefits of wine …

We extend our understanding on the role of wine investment within a portfolio of different
assets (US/UK equities, bonds, gold, and housing) by considering a rich methodology …

This study provides the first empirical evidence on calendar anomalies in various passion
investment markets for diamonds, fine wines, stamps, and fine arts. With several statistical …

Purpose This paper aims to review, systematize and integrate existing research on
alternative investments. This study conducts performance analysis comprising production …

This study analyzes the efficiency hypothesis for three major wine indices using different
parametric and non‐parametric tests for the short and long‐term horizons. Based on monthly …

This study investigates relations between returns from the traditional stock markets and
alternative investments over different investment horizons. Using a quantile coherency, we …

This paper examines the efficient market hypothesis for the wine market using a novel unit
root test while accounting for sharp shifts and smooth breaks in the monthly data. We find …

This paper used the GSADF test to determine the periods defined in this paper as price
bubbles in the three markets studied, ie the investment wine market, precious metal market …