Zur Effizienz des Marktes für feine Bordeauxweine

Egon Franck and Stefan Winter (egon.franck@isu.unizh.ch)
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Stefan Winter: Institute for Strategy and Business Economics, University of Zurich

No 12, Working Papers from University of Zurich, Institute for Strategy and Business Economics (ISU)

Abstract: The more rapidly prices adjust to incorporate information, the more effi-cient the respective market is. The paper transfers the weak and the semi strong form of efficient market hypothesis proposed for capital markets to the market for fine wine. An empirical investigation using data on red wines from the Bordelais indicates that neither form of efficient market hypothesis is likely to hold in the market for fine wine. Consequently, an investor active in this market may very well design investment strategies that yield above-average returns based solely on publicly available information.

Pages: 25 pages
Date: 2002
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http://repec.business.uzh.ch/RePEc/iso/ISU_WPS/12_ISU_full.pdf First version, 2002 (application/pdf)

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