Dynamics of the Turkish paintings market: A comprehensive empirical study
Küçük Resim Yok
Tarih
2018
Yazarlar
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
Elsevier Science Bv
Erişim Hakkı
info:eu-repo/semantics/closedAccess
Özet
This paper constructs the most comprehensive paintings price index in Turkey by using 32,391 manually collected sales transactions, including artworks of 413 artists over the period 1990-2016. The results indicate that the Turkish paintings market underperforms the domestic stock market, but leading to the higher returns compared to the global paintings and the global stock markets. The results from the causality analysis also demonstrate that there is the feedback effect between the domestic paintings and the domestic stock market. Furthermore, the findings cannot reject the null hypothesis that there is no bubble in the Turkish Paintings price index. Finally, the geopolitical and the political risks in Turkey are among the main reasons for the diminishing returns of the Turkish paintings market after 2010.
Açıklama
Anahtar Kelimeler
Turkish Paintings Market, Hedonic Regression, Asset Returns, Asset Price Bubble, Political Risks, Causality Test, Floating Crap Game, Art-Market, Investment, Bubbles, Prices, Regression
Kaynak
Emerging Markets Review
WoS Q Değeri
Q1
Scopus Q Değeri
Q1
Cilt
36
