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http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/16354Full metadata record
| ???org.dspace.app.webui.jsptag.ItemTag.dcfield??? | Value | Language |
|---|---|---|
| dc.contributor.advisor | 曾郁仁(Larry Y. Tzeng) | |
| dc.contributor.author | Ying-Hsiu Huang | en |
| dc.contributor.author | 黃盈琇 | zh_TW |
| dc.date.accessioned | 2021-06-07T18:11:06Z | - |
| dc.date.copyright | 2012-07-18 | |
| dc.date.issued | 2012 | |
| dc.date.submitted | 2012-07-02 | |
| dc.identifier.citation | Agnello, R.J. (2002), “Investment Returns and Risk For Art: Evidence From Auctions of American Paintings”, Eastern Economic Journal, Vol. 28, 443-463.
Agnello, R.J. and Pierce, R.K. (1996), “Financial Returns, Price Determinants, and Genre Effects in American Art Investment”, Journal of Cultural Economics, 359-383. Anderson, R.C. (1974), “Paintings as Investment”, Economic Inquiry, 12:1, 13-26. Ashenfelter, O. and Graddy K. (2003), “Auctions and the Price of Art”, Journal of Economic Literature, vol.41, no. 3, 763-787. Barre, M., Docclo S., and Ginsburgh, V. (1996), “Returns of Impressionist, Modern and Contemporary European Paintings 1962-1991”, Annals of Economics and Statistics, vol.35, 143-181. Baumol, W.J. (1986), “Unnatural Value: Or Art Investment as a Floating Crap Game”, American Economic Review, 76, 10-14 Buelens, N. and Ginsburgh, V. (1993), “Revisiting Baumol’s ‘Art as a Floating Crap Game”’, European Economic Review, vol.37, 1351-1371. Czujack, C. (1997), “Picasso Paintings at Auction, 1963-1994”, Journal of Cultural Economics, vol.21, 229-247. Frey, B. and Pommerehne, W. (1989), “Art Investment: An Empirical Inquiry”, Southern Economic Journal, vol. 56, 396-409. Goetzmann, W.N. (1993), “Accounting for Taste: Art and the Finance Markets over Three Centuries” , American Economic Review, vol.83, 1370-1376. Hodgson, D.J. and Vorkink K.P. (2004), “Asset pricing theory and the valuation of Canadian Paintings”, Canadian Journal of Economics, vol. 37, 629-655. Mei, J. and Moses, M. (2002), “Art as an Investment and the Underperformance of Masterpieces” , The American Economic Review, vol. 92, 1656-1668. Pesando, J. E. (1993), “Arts as An Investment: The Market for Modern Prints” , The American Economic Review, vol. 83, 1075-1089. Pesando, J. E. and Shum, P. M. (1999), “The Returns to Picasso’s Prints and to Traditional Financial Assets, 1977 to 1996”, Journal of Cultural Economics, vol. 23, 183-192. Worthington, A. C. and Higgs H. (2006), “A Note on Financial Risk, Return and Asset Pricing in Australian Modern and Contemporary Art”, Journal of Cultural Economics, vol. 30 , 73-84. Wendan, Li (2009), “Chinese Writing & Calligraphy”, University of Hawai’i Press. Xiangping, Li and Wuhan, Lin (2007), “China’s Calligraphy Art Through the Ages”, China Intercontinental Press. Yuehping Yen (2005), “Calligraphy and Power in Contemporary Chinese Society”, Routledge Curzon. | |
| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/16354 | - |
| dc.description.abstract | 本研究使用特徵價格法來探討中國書法2005年至2010年間畫作報酬與風險之特徵因素。以下為主要的實證結果。中國書法的名目季報酬率為4.58%，而以標準差衡量之畫作報酬風險為68.73%，無論是畫作報酬或是風險皆較股票市場及無風險利率來得高。此外，中國書法與其他金融資產的相關性很低，且資本資產訂價模型之結果顯示 β 係數為0.263，就上述結果所示，結合中國書法與股票二者投資之系統性風險較低，兩者適合合併投資進而達成投資組合風險分散的目標。 | zh_TW |
| dc.description.abstract | This paper seeks to use hedonic regression to investigate the risk-return characteristic of Chinese Calligraphy in Asian art market for the period 2005-2010. The main discoveries are as follows. The nominal quarterly return of art for Chinese Calligraphy is 4.58%. And the risk of art measured by standard deviation of return is 68.73%. Both of them are higher than stocks and risk-free rate. From the empirical result, Chinese Calligraphy has low correlation with other financial assets. The estimation of capital-asset-pricing model (CAPM) for art portfolio with β coefficient of 0.263 reflects that art investment tends to have lower systematic risk and inclusion of art can achieve portfolio diversification. | en |
| dc.description.provenance | Made available in DSpace on 2021-06-07T18:11:06Z (GMT). No. of bitstreams: 1 ntu-101-R99723018-1.pdf: 406718 bytes, checksum: a51edd1807852a7a979cfe0b3a3b55e9 (MD5) Previous issue date: 2012 | en |
| dc.description.tableofcontents | 摘要 ...................................i
Abstract ..................................ii Contents .................................iii I. Introduction.......................1 II. Data and Methodology...............7 III. Empirical Results.................14 IV. Conclusion........................21 References.................................44 | |
| dc.language.iso | en | |
| dc.subject | 特徵價格法 | zh_TW |
| dc.subject | 中國書法 | zh_TW |
| dc.subject | 名目季報酬率 | zh_TW |
| dc.subject | 資本資產訂價模型 | zh_TW |
| dc.subject | 系統性風險 | zh_TW |
| dc.subject | 投資組合風險分散 | zh_TW |
| dc.subject | Portfolio Diversification | en |
| dc.subject | Hedonic Regression | en |
| dc.subject | Chinese Calligraphy | en |
| dc.subject | Nominal Quarterly Return | en |
| dc.subject | Capital-Asset-Pricing Model(CAPM) | en |
| dc.subject | Systematic Risk | en |
| dc.title | 中國書法投資之實證研究 | zh_TW |
| dc.title | The Empirical Study: Art Investment on Chinese Calligraphy | en |
| dc.type | Thesis | |
| dc.date.schoolyear | 100-2 | |
| dc.description.degree | 碩士 | |
| dc.contributor.oralexamcommittee | 王仁宏,黃瑞卿 | |
| dc.subject.keyword | 特徵價格法,中國書法,名目季報酬率,資本資產訂價模型,系統性風險,投資組合風險分散, | zh_TW |
| dc.subject.keyword | Hedonic Regression,Chinese Calligraphy,Nominal Quarterly Return,Capital-Asset-Pricing Model(CAPM),Systematic Risk,Portfolio Diversification, | en |
| dc.relation.page | 46 | |
| dc.rights.note | 未授權 | |
| dc.date.accepted | 2012-07-02 | |
| dc.contributor.author-college | 管理學院 | zh_TW |
| dc.contributor.author-dept | 財務金融學研究所 | zh_TW |
| Appears in Collections: | 財務金融學系 | |
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| File | Size | Format | |
|---|---|---|---|
| ntu-101-1.pdf Restricted Access | 397.19 kB | Adobe PDF |
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