Eric Le Fur

INSEEC Grande Ecole · Finance

In this article, we analyse the motives of collectors in the context of wealth management. Using 1185 questionnaires completed by persons liable to real estate wealth tax, we try to answer several questions: Who collects? Why do they collect? What do they collect? And how do they collect? We suggest several reasons: pleasure, potential for financia...

Purpose Financial literacy is generally seen as an important factor explaining a broader set of investment behaviors. In the context of a weak financial knowledge in France, this article focuses on the particular situation of Generation Z (individuals born after 1995) and more particularly management students likely to be involved in financial deci...

This article presents a literature review and a bibliometric analysis of academic research on COVID‐19 in strategy journals. The research topic is highly relevant considering the importance and the impact of the COVID‐19 pandemic on companies' strategies worldwide and the fact that this pandemic has represented at the same time danger and opportuni...

This paper investigates digital object in video games as an alternative investment during the period 2015 to 2020. We use the Steam Community Market of the Counter-Strike Global Offensive game publisher. The database contains 19,717 observations divided into knives, machine guns, machine pistols, pistols, rifles, sniper rifles, and stickers. From t...

This paper examines the risk and returns of classic car price indices over the 1994–2021 period. We calculate the central tendency, dispersion, shape of risk and returns, the unit root tests, and correlations. The results indicate a moderated volatility, a low range of returns, and a weak expectation of financial gain given the ancillary costs rela...

This article presents a literature review and a bibliometric analysis of academic research on wine prices in economics. The study comprises a review of 180 articles published in journals between 1992 and 2022. Bibliometric and science mapping methods apply indicators identifying the most prominent journals, authors, countries, institutions, topics,...

This paper focuses on the problem of hedging the risk of financial loss generated by the fall in the price of the Algerian oil barrel Sahara Blend, with the aim of proposing an approach allowing the reduction of financial losses, following unfavorable movements in oil prices. After a reminder on the strategic importance of the energy sector for the...

This article investigates the pandemic risk coverage within the European Union member states through insurance securitization. This strategy allows the transfer of health risks from the insurance market to the financial markets. We focus on the financial market crisis caused by the COVID-19 pandemic to securitize the losses caused by the latter. Ov...

Purpose This article aims to analyze the relationships between the different categories of rare whiskies and the opportunities for investors and collectors. Design/methodology/approach This article uses indices representative of collectors, market performance and specific from 2008–2022 to a distillery and determine the returns. The author perform...

https://theconversation.com/les-voitures-de-collection-un-achat-passion-plus-quun-investissement-rentable-190861

Depuis quelques années, l'offre de boissons dites "fun" a fortement augmenté de telle sorte qu'il devient difficile de faire la différence entre trois types de boissons fermentées, le vin, la bière et le cidre. L' hybridation croissante entre les boissons redéfinit les lignes de concurrence entre les produits et les marchés.

Purpose The authors analyze the long-term relationship between the US housing market and the concentration of high net worth individuals. Design/methodology/approach The authors apply a cointegration and causality approach on a ten years database. The database includes by US state the density of high net worth individuals, the house price index, t...

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 data over the period 2003–2019, our analysis identifies two main findings. First, in the short term, there is market inefficiency allowing for investment and diversific...

The number of alcoholic beverage types has been increasing over time with lower alcohol content and more variety of flavors and tastes. The supply for “fun” drinks is rising. You can drink cherry wines, co-ferment of beer and blueberry juice that taste like a Lambrusco or rosé crispy ciders with flavors of pears that taste like a Prosecco. The in...

This paper analyzes advantages of investing in catastrophe bonds (CATs) in terms of portfolio diversification. Indeed, the increase in environmental disasters and their economic and financial consequences are still poorly covered by insurance and reinsurance companies. As a result, there is a rapid growth in the use of catastrophe bonds on the fina...

This paper analyzes Bitcoin investment in terms of portfolio diversification. Over the period July 2011-April 2021, we use the copula-GARCH approach to test the time-varying dependence of Bitcoin in a portfolio composed of six stock markets (CAC40, DJIA, EUROSTOXX50, FTSE100, HANGSENG, and NIKKEI225). Our results reveal that volatility modeling pro...

The number of alcoholic beverage types has been increasing over time with lower alcohol content and more variety of flavors and tastes. The supply for “fun” drinks is rising. You can drink cherry wines, co-ferment of beer and blueberry juice that taste like a Lambrusco or rosé crispy ciders with flavors of pears that taste like a Prosecco. The in...

What do wine consumption and financial literacy have in common? The demand for wine could be considered within the context of the consumer’s lifetime allocation process. Within this framework, demand is attributed to a person’s desire to consume wine at the present period or to invest in wine for future consumption. The focus is on the links betwe...

La Gestion des risques liés aux changements climatiques dans le secteur du vin : une revue de la littérature Résumé : Le présent article a pour objet de présenter une mise à jour de la littérature économique sur la gestion des risques dans le secteur du vin appliquée au risque climatique. En particulier, il identifie les principales caractéristique...

What are the major journals for wine economists? Which ones are the most influential? Journal rankings are intended to reflect the place of a journal within its field, the relative difficulty of being published in that journal, and the prestige associated with it. Since no consensus has been reached as to the superiority of a given methodology, the...

# Purpose The objective of the paper is to investigate the impact of habits and consumption behavior on the willingness to pay (WTP) for cider by surveying young consumers. # Method The analysis is based on a questionnaire distributed to a group of 433 French business students from December 2017 to January 2018. Specifically, the questionnaire...

This article investigates the dynamic process of convergence among a set of real alternative (art, fine wine, gold, residential real estate) and financial assets in the US context over the period 2003-2019. The objective is to explore the time-varying behavior of their links considering structural breaks coming from exogenous economic and financial...

This study investigates the impact of both economic policy uncertainty (EPU) and business cycles on the fine wine market. We use a nonlinear autoregressive distributed lag model to measure the influence of these two variables on three major Liv-ex indices over the period 2005M01–2020M12. Our results are multiple. First, fine wine prices are relativ...

This article examines causal relationships among vintages scores in major French wine regions using cointegration procedures, Granger non-causality test, and the Error Correction Model. Vintage data are available from the French Guide Hachette over the period 1954–2015 and from a specialized wine website Idealwine.com for the period 1919–2015. Our...

In this presentation, we analyze the Chinese demand for fine wines. First of all, we present what the academic literature says about the definition of fine wine. Then, we show the importance of Asian and especially Chinese richness. These wealthy households are willing to invest in luxury assets and particularly in fine wines. In this context, we a...

https://theconversation.com/quelles-sont-les-motivations-des-riches-collectionneurs-170532

This article is a discussion of the concept of index‐based agricultural insurance and the possible role of real options to reduce the basic risk. Indeed, to address the consequences of variability of weather within climate, experiments based on indexed agricultural insurance have been implemented in recent years. However, this locally defined insur...

The objective of the paper is to investigate the impact of habits and consumption behavior on the willingness to pay (WTP) for cider by surveying young consumers. The analysis is based on a questionnaire distributed to a group of 433 French business students from December 2017 to January 2018. Specifically, the questionnaire is designed to test whe...

The objective of the paper is to investigate whether the grape varieties most used in national production affect the export performance. We examine this relationship over the period 1995-2016. The analysis is based on a sample of 38 wine exporting countries. We use the Data Envelopment Analysis (DEA) to compute the efficiency of wine exports if the...

The hedonic approach is applied to the determinants of the price of cider in Quebec province. We examine the impact of production characteristics, the indications provided on the bottle and the taste and visual characteristics. The degree of alcohol, cryofermentation, production around Montreal, newest varieties of apples, presence of a cork, perce...

This article documents how the COVID-19 crisis has affected the drinking behavior of Latin European wine consumers. Using a large online survey conducted during the first lockdown in France, Italy, Portugal, and Spain (n = 7,324 individuals), we reconstruct the purchasing and consumption patterns of the respondents. The number of people who maintai...

This article documents how the COVID-19 crisis has affected the drinking behavior of Latin European wine consumers. Using a large online survey conducted during the first lockdown in France, Italy, Portugal, and Spain (n = 7,324 individuals), we reconstruct the purchasing and consumption patterns of the respondents. The number of people who maintai...

We use a unique and very deep database to examine the performance of wine investments over the period 2003–2014. Our results reveal that the returns stemming from those investments are important but can largely be explained by their exposure to common risk factors. It appears essential to properly account for the lack of liquidity on the wine marke...

https://theconversation.com/gel-comment-mieux-assurer-les-viticulteurs-159000

A wealth of studies has examined the returns and volatility on collectibles and expected gains to portfolio diversification in the past 20 years. All kinds of collectibles are studied, though these include mainly art and wine. For example, according to the Art Market 2018 report, which was published by Art Basel and UBS, the total sales of the inte...

Over the period from January 2011 to December 2019 we analyze the impact of shocks on the financial markets of emerging and developed countries on the price of Bitcoin using the structural vector error correction model. Results differ according to the duration and area selected. There is evidence of higher impact in short-term than in long-term. In...

Le présent article a pour objet de présenter une mise à jour de la littérature économique sur la gestion des risques dans le secteur du vin appliquée au risque climatique. En particulier, il identifie les principales caractéristiques des risques dans le cadre général de la gestion des risques et les limites de l'assurance comme outil de gestion des...

In this presentation, we analyze the Chinese demand for fine wines. First of all, we present what the academic literature says about the definition of fine wine. Then, we show the importance of Asian and especially Chinese richness. These wealthy households are willing to invest in luxury assets and particularly in fine wines. In this context, we a...

What are the major journals for wine economists? Which ones are the most influential? Journal rankings are intended to reflect the place of a journal within its field, the relative difficulty of being published in that journal, and the prestige associated with it. A survey for a peer evaluation of journals by wine economists was launched on June 19...

What are the major journals for wine economists? Which ones are the most influential? A survey for a peer evaluation of journals by wine economists was launched on June 19 this year. The information and link to the survey was sent to 440 valid email addresses of academic researchers who participated at recent annual meetings of the American Assoc...

A wealth of studies has examined the returns and volatility on collectibles and expected gains to portfolio diversification in the past 20 years. All kinds of collectibles are studied, though these include mainly art and wine. For example, according to the Art Market 2018 report, which was published by Art Basel and UBS, the total sales of the inte...

La littératie financière est généralement considérée comme un facteur important permettant d'expliquer un ensemble plus large de comportements liés à l'investissement. Une enquête sur l'éducation financière du public en France laisse transparaitre le faible niveau de connaissance. Dans ce contexte de faible connaissance financière en France, notre...

The dispersion of prices on the fine wines market raises the issue of the wine price index construction and valuation of wine funds. In this paper, we first propose an extended hedonic function to better control good heterogeneity (which is a major source of price dispersion) by encoding auction experts' comments about the state of preservation of...

The dispersion of prices on the fine wines market raises the issue of the wine price index construction and valuation of wine funds. In this paper, we first propose an extended hedonic function to better control good heterogeneity (which is a major source of price dispersion) by encoding auction experts’ comments about the state of preservation of...

The objective of this paper is to present a descriptive review of all the studies published on wine price determinants. The selection process has been carefully designed to assure that we cover the complete literature of hedonic price functions and wine price determinants. Because of the heterogeneity among these studies, the objective was to class...

Purpose The purpose of this paper is to investigate the main factors and mechanisms that govern the price of cider, and to apply the analysis to the price of ciders in the Province of Québec, Canada. Design/methodology/approach The analysis is following the methodology applied to the determinants of the price of wine. A model for the price of cide...

This study addresses the prices heterogeneity of the five first growths of Bordeaux. We apply the quantile regression (QR) approach with market segmentation based on wine bottle price quantiles. We compute the hedonic price of wine attributes for various price segments of the market. This approach is applied to a major data set consisting of approxim...

The goal of this paper is to explore volatility transmission from various markets to the fine wine market. Knowledge of these channels for transmitting volatility to the wine market allows practitioners to anticipate the future volatility and the consequences of a shock on the wine market, to develop their investment strategy and diversify their ri...

The objective of the paper is to investigate the main factors and mechanisms that govern the price of cider and to apply the analysis to the price of ciders in the Province of Québec, Canada. The analysis is following the methodology applied to the determinants of the price of wine. A model for the price of cider is estimated with 70 prices represe...

This article examines the short- and long-run linkages among art market indexes between 1998 and 2016 using cointegration procedures, the Granger noncausality test and the Error Correction Model. These art indexes are examined by category: global, art method, time, and currency/country. The results indicate that there are a few causal linkages betw...

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 investment in the context of portfolio diversification. In the recent past years, the quantity and variety of work have increased dramatically. The paper reviews invest...

This article tests the stability of the main hedonic wine price coefficients over time. We draw on an extensive literature review to identify the most frequently used methodology and define a standard hedonic model. We estimate this model on monthly subsamples of a worldwide auction database of the most commonly exchanged fine wines. This provides,...

We analyze the long-term relationship between the classic cars market and stock markets, from the world level to specific countries, by applying a cointegration approach on a 23-year monthly database. The database includes the K500 Index, nine classic cars sub-indexes and 56 MSCI indexes. The results show a significant cointegration between classic...

We analyze the long-term relationship between the classic cars market and stockmarkets, from the world level to specific countries, by applying a cointegrationapproach on a 23-year monthly database. The database includes the K500 Index,nine classic cars sub-indexes and 56 MSCI indexes. The results show a significantcointegration between classic car...

This paper examines the strong version of the law of one price (LOOP) on the auction market for fine wine. We draw on worldwide auction prices from eight auction houses, ¹ covering the time period from 2000 to 2012. Employing a hedonic approach, we find significant price premiums in particular in Hong Kong and between auction companies (independent...

This article examines short-and long-run vintage linkages among twelve major French wine regions. We retain the vintage data from both the French Guide Hachette over the period 1954-2015 and a specialized wine website Idealwine from 1919 to 2015. Cointegration procedures, the Granger non-causality test, and ECM are used to analyze short-and long-ru...

The demand for wine could be considered within the context of the consumer's lifetime allocation process. Within this framework, demand is attributed to a person's desire to consume wine at the present period or to invest in wine for future consumption. The objective of the paper is to review the main factors and mechanisms that govern the price of...

The demand for wine could be considered within the context of the consumer's lifetime allocation process. Within this framework, demand is attributed to a person's desire to consume wine at the present period or to invest in wine for future consumption. The objective of the paper is to review the main factors and mechanisms that govern the price of...

We simulate a portfolio of 293 real life annuity sales by using 3 mortality tables. The modeling of our database enabled us to identify a low rate of return on the life expectancy of the seller. We found rates of internal return ranging from 1.8 % to 5.13 % according to the mortality table retained. In order to obtain a 5 % rate of internal return...

Purpose The purpose of this paper is to examine the purchase decision of consumers when faced with a perceived risk related to a “corked” wine for different levels of price. It provides an example of a study of consumer behavior in the context of risk aversion and when a risk-reduction strategy is proposed. The empirical analysis examines the perce...

This article examines the time-varying risk premium with reference to investments in fine wines. Unlike previous studies, our article focuses on this issue within the context of the financial crisis. To do this, we propose the use of a conditional capital asset pricing model and a multivariate generalized autoregressive conditional heteroskedastici...

This article uses hammer prices from five global auction houses to analyse the price premium Bordeaux fine wine yielded at Hong Kong wine auctions. We find that fine wine was on average sold at a 19% premium in Hong Kong. We further observe that the Hong Kong premium is not uniform and most pronounced for wines with perfect Parker scores and the mo...

The geography of wealthy households in France A study of the determinants of the location of households subject to the solidarity tax on wealth The paper focuses on the geographical location of wealthy households, which represent a target for policies concerning the attractiveness of residential areas. The study is conducted on the basis of data o...

The paper focuses on the geographical location of wealthy households, which in principle represents a potential target for policies concerning the attractiveness of residential areas. The study was conducted on the basis of data on the geographical location of households subject to the solidarity tax on wealth (STW) and on the geographical and soci...

Using an asymmetric dynamic conditional correlations (ADCC) generalised auto-regressive conditional heteroskedacity (GARCH) framework, the present study explores the possible contagion effects between financial and the fine wines markets during the period of 2003 to 2014. Our results are manifold. Firstly, we demonstrate that the different wine ind...

Using an asymmetric dynamic conditional correlations (ADCC) generalised auto-regressive conditional heteroskedacity (GARCH) framework, the present study explores the possible contagion effects between financial and the fine wines markets during the period of 2003 to 2014. Our results are manifold. Firstly, we demonstrate that the different wine ind...

This article examines the effectiveness of corporate venturing expenditures from the cognitive view point. Based on a sample of 135 industrial firms active in cv, we show that the cognitive benefits of corporate venturing are reserved to industrial companies spending heavily to initiate relationships with the largest number of venture capital compa...

This paper examines short- and long-term price linkages among the majority of fine wine and equity markets over the period of 2003 to 2012. We do not consider price index (LIV-EX 100 or 500), as is typically undertaken in previous studies, but rather examine the auction price series of the world’s most traded wine-vintage pairs (5 Bordeaux first gr...

This paper explores the impact of city-port relations on the spatial structure of housing prices, an issue common to many European cities. We focus on measuring and understanding the mechanisms induced by the different historical phases of these relationships: port activities, port wastelands, and led-gentrification (urban renewal). The selected ca...

Public squares are becoming the targets of regeneration programmes in many cities. A complex space comprising economic, social, architectural, urbanistic and symbolic dimensions, the square is composed of characteristics whose distribution derives from the needs of and power relations between residents and non-residents. Taking as an example the Fr...

Links between cycle and seasonality on a real estate market. The case of Bordeaux city The seasonality of the real-estate market is a recognized phenomenon although little studied, notably in its relation with the real estate cycle. By using a database on the real estate transactions of the City of Bordeaux, we investigate here the links between th...

The Cyclical relevance of the valorisation of the real estate per square meter price indicator. The case of Bordeaux city The valorisation of real estate by the using of price per square meter presents known risks but conserves the advantage of a rapid publication. Its approximate character is mainly linked to the insufficiency of the explanatory p...

Malgré un ancrage apparemment régional, et un attachement à leur indépendance qui les place à l’écart des mouvements de leurs concurrentes européennes, les Bourses suisse et espagnole ont su développer des compétences et des positionnements performants. C’est ainsi que SWX détient 50% d’Eurex, une des grandes Bourses de produits dérivés mondia...

This article carries out a detailed review of the real funds through planet. These funds since a few years in particular under influences trend of the prices of real estate developed in many countries. Are thus presented successively principal indices representative of these real funds thus a typology by great geographical areas (The United States,...