| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w15502 |
| 来源ID | Working Paper 15502 |
| Art and Money | |
| William N. Goetzmann; Luc Renneboog; Christophe Spaenjers | |
| 发表日期 | 2009-11-12 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | This paper investigates the impact of equity markets and top incomes on art prices. Using a long-term art market index that incorporates information on repeated sales since the eighteenth century, we demonstrate that both same-year and lagged equity market returns have a significant impact on the price level in the art market. Over a shorter time frame, we also find empirical evidence that an increase in income inequality may lead to higher prices for art, in line with the results of a numerical simulation analysis. Finally, the results of Johansen cointegration tests strongly suggest the existence of a long-term relation between top incomes and art prices. |
| 主题 | Microeconomics ; Market Structure and Distribution ; Financial Economics ; Financial Markets ; Other ; Culture |
| URL | https://www.nber.org/papers/w15502 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/573178 |
| 推荐引用方式 GB/T 7714 | William N. Goetzmann,Luc Renneboog,Christophe Spaenjers. Art and Money. 2009. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w15502.pdf（207KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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