Repeat sales of modern prints at auction are used to estimate a semiannual index of prices
for the period 1977-1992. As in other studies of art as an investment, prints do not compare …

The use of distributed lag proxies for inflationary expectations continues to dominate most of
the rapidly expanding empirical literature on the role of price expectations in models of …

This paper updates prior work by Pesando (1993) regarding art as an investment. Using
world-wide auction prices for Picasso prints for the period 1977 to 1996, this paper establishes …

RECENT, well-publicized attempts to employ econometric methods to isolate the determinants
of common stock prices in the United States have aroused considerable interest in the …

Using a large data set with 80,214 repeat sales, we find that the real return on a diversified
portfolio of modern prints sold at auctions worldwide averaged a modest 1.51% during the …

The standard measure of resale prices in Canadian housing markets is the average price of
units sold through the Multiple Listing Service (MLS). The widely-acknowledged limitation of …

As IS NOW WELL KNOWN, tests of market efficiency that asset prices rapidly and fully reflect
all relevant information are inevitably tests of joint hypotheses. In each test, a particular …

THE DRAMATIC RISE in policy loans which occurred in 1966 and again in 1969 has
stimulated increased interest in the analysis of the impact of monetary policy on life insurance …

This paper proposes and tests the joint hypothesis that (1) the bond market is efficient and (2)
the variation in long-term bond rates is due solely to expectations effects. Under this joint …

We use prices realized for Picasso prints at auctions worldwide, as well as the 100 prints
that comprise his Vollard Suite, to test the law of one price: the proposition that identical art …