Dywidenda emocjonalna z inwestycji alternatywnych na przykładzie win francuskich
Emotional Dividends from Alternative Investments: The Case of French Wines

Summary/Abstract: Investing in emotional assets delivers both pecuniary and non-pecuniary benefits to investors. The non-financial component is driven by investor emotions and reflects the cash equivalent of satisfaction from asset ownership. In the paper we examine the non-pecuniary benefits for investors active in the fine wine market by estimating four types of psychic returns. The results reveal lower levels of psychic returns in the case of actively traded fine wines (included in Liv-ex 50) in comparison to older wines with greater significance for investor-collectors (included in Bordeaux Legends 50). In the case of other Liv-ex indices, such regularity cannot be confirmed with available measures, which simultaneously indicates the need to develop new analytical tools and to use desegregated data to quantify emotional dividends.

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