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研究生: 馬克洋
Kryszak, Marek
論文名稱: Wine Banking as a Securitization of Capital during Crisis
Wine Banking as a Securitization of Capital during Crisis
指導教授: 偉耶倫
Webb, Alan
學位類別: 碩士
Master
系所名稱: 管理學院 - 國際經營管理研究所碩士班
Institute of International Management (IIMBA--Master)
論文出版年: 2013
畢業學年度: 101
語文別: 英文
論文頁數: 103
外文關鍵詞: Alternative investments, Fine wine, Wine banking, Crisis, Granger Causality, Rate of return
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  • The commodity investments have historically been the minor part of investors’ interests. Thanks to the development of organized markets ruled similarly to the traditional stocks markets, in recent years, their importance noticeably grew. In our paper we use the example of Liv-ex platform based in London to compare their performance to major financial indices as well as the gold price. According to our analysis, fine wine investments were characterized by the very high rates of return and the low level of the risk involved. Moreover, Granger Causality testes revealed only limited dependences between the fine wine indices and financial ones. Overall results, proved, that even in the period of economic distress, alternative investment tools, here represented by fine wine, can constitute an attractive proposition for investors willing to diversify their assets in portfolio.

    TABLE OF CONTENTS ABSTRACT 2 TABLE OF CONTENTS 3 LIST OF TABLES 5 LIST OF FIGURES 6 CHAPTER ONE INTRODUCTION 8 1.1 Research Background and Motivation. 8 1.2 Research Objectives. 10 1.3 Research Structure. 10 CHAPTER TWO LITERATURE REVIEW 12 2.1 Recession and its Impact on Private Capital. 12 2.1.1 Origins of the Current Recession and its Specificity. 12 2.1.2 Behavior of Crucial Markets under Growing Investment Risk. 15 2.1.3 Future Prospects and Previsions Regarding Investments Opportunities. 19 2.2 Wine Banking as Alternative Investment Tool. 22 2.2.1 The Idea of Wine Banking. 22 2.2.2 Market’s Organization. 25 CHAPTER THREE RESEARCH DESIGN AND METHODOLOGY 41 3.1 Background Concept and Data. 41 3.1.1 Return on Fine Wines. 41 3.1.2 Interdependence Between Financial and Fine Wine Markets. 43 3.1.3 Data and tools. 44 CHAPTER FOUR RESEARCH RESULTS 47 4.1 Return on Fine Wines 47 4.2 Granger Causality Test. 49 4.2.1 Liv-ex Fine Wine 50 Index. 50 4.2.2 Liv-ex Fine Wine 100 Index. 55 4.2.3 Liv-ex Fine Wine 500 Index. 59 4.2.4 The Liv-ex Fine Wine Investables Index 63 4.2.5 Liv-ex Claret Chip Index 68 CHAPTER FIVE CONCLUSION AND SUGGESTIONS 74 5.1 Conclusions and Suggestions. 74 REFERENCES 81 APPENDICES 83 Appendix 1: Causes of Financial crisis according to Congressional Research Service (mainly regarding USA). 83 Appendix 2: Stock exchanges’ performance during the period of crisis. 86 Appendix 3: Liv-ex indices quotations and their monthly rates of return over the period 2003M1-2011M1…………………………………………………………… 92

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