Christophe Spaenjers's research while affiliated with HEC Paris and other places

... Namun dalam pelaksanaan transaksi jual beli seperti BBA terdapat risiko yang dapat menyebabkan terjadinya kerugian seperti adanya wanprestasi atau penundaan pembayaran [7] [8] [9]. Hal tersebut tidak sejalan dengan hukum Islam (syariah) yang dimana tidak ada satu pihak yang dapat mengalami kerugian baik pemberi pembiaayan maupun penerimanya [10] [11] [12]. ...

... In addition to the literature summarized above, much of the quantitative financial art literature treats artist reputation in a static way, approximating it simply through artist fixed effects (Aubry et al., 2023;Chanel & Gérard-Varet, 1996;de la Barre, Docclo, & Ginsburgh, 1994;Etro & Pagani, 2013;Ma, Noussair, & Renneboog, 2022;Marinelli & Palombo, 2011;Renneboog & Spaenjers, 2011;Sproule & Valsan, 2006). Artist fixed effects, however, capture all uncontrolled price-influencing factors that are constant and artist dependent. ...

... Second, we advance the literature on real assets (see Goetzmann et al., 2021). This includes the valuation of collectables (Dimson et al., 2023;Dimson & Spaenjers, 2011;Korteweg et al., 2016;Masset & Henderson, 2010;Renneboog & Spaenjers, 2013), real estate (Giglio et al., 2015), and on auction markets (Aubry et al., 2023;Lovo & Spaenjers, 2018). ...

... Thus, from an intergenerational perspective we view these are reinforcing or complementary markers of (dis)advantage. Whilst major homeownership and education expansion took place in different time periods (the former in the 1930s, 1950s and 1960s, and the latter starting in the 1960s), for most of the 20th and 21st century homeowners have experienced positive returns to housing wealth (Chambers et al., 2021). The expansion of tertiary education beginning in the 1960s was predominantly taken up by individuals from relatively affluent backgrounds and has been partly attributable for the wage polarisation observed in the U.K. in the 1970s and 1980s but not after this period (Machin, 2011;Blundell et al., 2022), allowing graduates to purchase housing in relatively more desirable areas, often major cities where highpaying jobs are located. ...

... There is scope for much more work in this area, in particular as new empirical work documents the variation in preferences (Cvijanović, Milcheva, and van de Minne 2020) or in transaction prices (Spaenjers and Steiner 2020) across different investor types in the commercial real estate space. ...

... Asymmetric information Miller et al. (1988); Lambson et al. (2004) Bargaining Ihlanfeldt and Mayock (2012); Cvijanović and Spaenjers (2021) but also movements in the yen-dollar exchange rate. Using a sample of relatively homogeneous residential properties from a large development in Chengdu, China to mitigate omitted variable bias, Zhou et al. (2015) find support for both the information asymmetry and anchoring hypotheses. ...

... The research here connects to a growing literature interested generally in returns to assets over time, e.g. Jordà et al. (2019), as well as work specifically on housing and real estate prices over the long run; see, for example, Chambers et al. (2019), Eichholtz et al. (2019), Eichholtz et al. (2020) and Offer (2014) for specific examples, as well as Knoll et al. (2017) for a discussion of sale prices globally since the mid-nineteenth century. It is also related to work on housing returns and user cost, such as Eisfeldt and Demers (2015), who examine total returns for single-family housing in the US in the 2010s, and Himmelberg et al. (2005), who incorporate user cost to reassess the performance of housing prices across U.S. cities in the decade to 2005. ...

... Our study adds to the growing literature on the China shock to global housing markets, drawing inferences from the primary destination of mainland China's capital outflow, Hong Kong (Gorback and Keys, 2020;Li et al., 2021;Pavlov and Somerville, 2020). Our evidence shows that migrant buyers residing in the host country/region, as opposed to outof-town investors (Badarinza and Ramadorai, 2018;Cvijanovi c and Spaenjers, 2021), also display strong hedging motives, which contributes to their price premiums in the Hong Kong housing market. We acknowledge the data limitation on identifying the exact types of mainland buyers (migrant or out-of-town investors) and leave it for future studies. ...

... The graph shows strong price rises since the late 1950s. The figure also shows the timing of transactions that set a new world record price (in nominal GBP) for art at auction, based on Spaenjers et al. (2015). We see many more of these record-breaking transactions in recent decades. ...

... Second, we advance the literature on real assets (see Goetzmann et al., 2021). This includes the valuation of collectables (Dimson et al., 2023;Dimson & Spaenjers, 2011;Korteweg et al., 2016;Masset & Henderson, 2010;Renneboog & Spaenjers, 2013), real estate (Giglio et al., 2015), and on auction markets (Aubry et al., 2023;Lovo & Spaenjers, 2018). To the best of our knowledge, we run the first cross-sectional study of real asset returns. ...