The return to Australian fine wine
利用拍卖数据和相邻时期享乐价格回归法，估算了1989年第四季度至2000年第四季度储存优质澳大利亚葡萄酒的回报率，发现其可能优于波尔多葡萄酒，且风险回报特征与澳大利亚股票大致相当。
This paper uses auction data and the adjacent period hedonic price regression approach to estimate the return to storing premium Australian wine during the period 1989Q4 to 2000Q4. The results indicate that the return to storing premium Australian wine is probably superior to the return to Bordeaux wine. The risk-return profile of premium Australian wine is shown to be broadly comparable to that of Australian equities.