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Home
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JWE-Articles
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Journal of Wine Economics Volume 8 | 2013 | No. 2
»
Reversals in Wine Auction Prices

Reversals in Wine Auction Prices

Ginette McManus, Rajneesh Sharma & Ahmet Tezel
JEL Clasification: D44, G14
Pages: 189-197
Abstract

This paper investigates reversals in wine auction prices following a series of strong positive and negative returns. Using the Chicago Wine Company’s auction data, we find evidence of reversals after extreme wine price changes. There is a clear asymmetry in the market reaction to wine price increases and declines. Wine price declines after strong price increases are not, in general, as significant as wine price increases after strong price declines. The strongest reversal occurs for wines that have declined in price by more than 30 percent.

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