Open AccessRational Speculative Bubbles in the Fine Wine Investment Market
Author(s) -
Marcin Czupryna,
Paweł Oleksy
Publication year - 2015
Publication title -
kwartalnik kolegium ekonomiczno-społecznego studia i prace
Language(s) - English
Resource type - Journals
ISSN - 2082-0976
DOI - 10.33119/kkessip.2015.3.3.12
Subject(s) - wine , stock market , speculation , bubble , economics , monetary economics , financial economics , economic bubble , chemistry , finance , mechanics , physics , history , food science , context (archaeology) , archaeology
The paper focuses on detection of rational speculative bubbles in fine wineinvestment market. Our research was conducted using recursive tests. The chosenmethod additionally allowed us to set time frames for potential bubbles. Theresults have shown that speculative bubble episodes appeared between 2006–2007both in fine wine market and in most of selected traditional stock exchanges.However, only the fine wine market recorded the second wave of speculativebubbles between 2010–2011.