Do Whisky Investors Read the Bible? The Effect of Expert Ratings on the Vintage Single Malt Secondary Market

2021 ◽  
Vol 16 (1) ◽  
pp. 86-101
Author(s):  
David Moroz ◽  
Bruno Pecchioli
Keyword(s):  
Secondary Market ◽  
Detailed Knowledge ◽  
Powerful Predictor ◽  
The Bible ◽  
Original Dataset ◽  
Combining Data ◽  
Expert Assessments ◽  
Quality Rating ◽  
Expert Ratings ◽  
Jel Classifications

AbstractThis article aims to estimate the effect of expert assessments on the prices for single malt Scotch whiskies on the investment market. Our results obtained using an original dataset combining data from Jim Murray's Whisky Bible and a web trading platform specializing in whisky investment show that the quality rating is not a powerful predictor of investor ask prices, especially when controlling for distillery and bottler reputation. This finding suggests that although the Murray score may embed information of use to unsophisticated investors, its effect on price can be outperformed by a detailed knowledge of the whisky industry. (JEL Classifications: L11, L15, Q13)

Erring Experts? A Critique of Wine Ratings as Hedonic Scaling

2020 ◽  
Vol 15 (4) ◽  
pp. 386-393
Author(s):  
Denton Marks
Keyword(s):  
External Validity ◽  
Rating Scales ◽  
Food Science ◽  
Sensory Sensitivity ◽  
Behavioral Sciences ◽  
Transaction Prices ◽  
Magnitude Scales ◽  
Expert Ratings ◽  
Jel Classifications

AbstractConsumers use expert ratings to help choose wine, and economists find correlations between ratings and transaction prices. Rating scales resemble hedonic scales in the behavioral sciences, which suffer from an “intersubjectivity” problem. Taste is a private sensation; people taste differently (an external validity problem), so ratings are often unreliable hedonic markers of enjoyment. But why? Hedonic measurements from food science (“general Labeled Magnitude Scales”) attempt to adjust for differences in perceived sensory sensitivity and offer clues. Resulting insights illustrate wine ratings’ shortcomings as reliable guides to enjoyment. (JEL Classifications: C14, D12, D91, L15, L66)

scholarly journals Predicting Italian Wine Quality from Weather Data and Expert Ratings

2019 ◽  
Vol 14 (3) ◽  
pp. 234-251 ◽  
Author(s):  
Alessandro Corsi ◽  
Orley Ashenfelter
Keyword(s):  
Probit Model ◽  
Weather Conditions ◽  
Ordered Probit ◽  
Weather Data ◽  
Ordered Probit Model ◽  
Wine Quality ◽  
Italian Wine ◽  
Quality Ratings ◽  
Expert Ratings ◽  
Jel Classifications

AbstractIn this paper we estimate how a variety of subjective measures of quality taken from the published opinions of several experts on Italian wines (Barolo and Barbaresco) are determined by the weather conditions during the relevant season, in order to assess their reliability. Since these measures of quality are only ordinal, we estimate their determinants using an ordered probit model. The method provides measures of the determinants of vintage quality ratings and suggestions on the reliability of each expert. (JEL Classifications: D12, Q11, Q13)

Should You Invest in an Old Bottle of Whisky or in a Bottle of Old Whisky? A Hedonic Analysis of Vintage Single Malt Scotch Whisky Prices

2019 ◽  
Vol 14 (2) ◽  
pp. 145-163 ◽  
Author(s):  
David Moroz ◽  
Bruno Pecchioli
Keyword(s):  
Data Collection ◽  
Significant Influence ◽  
Positive Impact ◽  
Age Effect ◽  
Original Dataset ◽  
Main Determinants ◽  
Collection Date ◽  
Scotch Whisky ◽  
Over Time ◽  
Jel Classifications

AbstractThis article examines the main determinants of differences in ask prices set by investors for single malt whiskies from Islay in Scotland using an original dataset collected from a web trading platform specializing in whisky investment. We find strong evidence that the vintage age (the number of years between the distillation date and the data collection date) positively affects investor asking prices. More precisely, given that the characteristics of whisky, unlike wine, do not change over time once bottled, we disentangle the vintage age effect by subdividing the vintage age into whisky age (the time spent in the cask) and bottle age (the time spent in the bottle). Our results show that whisky age has a more pronounced impact (8.9% per year on average) than bottle age (6.7%). Other findings include the significant influence of distillery reputation, with a moderating effect for independent bottling (i.e., not in-house by the distiller itself) and a positive impact for cask strength whiskies compared to diluted ones. (JEL Classifications: G11, L15, Q11)

scholarly journals Splendide Mendax: False Label Claims About High and Rising Alcohol Content of Wine

2015 ◽  
Vol 10 (3) ◽  
pp. 275-313 ◽  
Author(s):  
Julian M. Alston ◽  
Kate B. Fuller ◽  
James T. Lapsley ◽  
George Soleas ◽  
Kabir P. Tumber
Keyword(s):  
Climate Change ◽  
Time Series ◽  
Time Series Data ◽  
Consumer Preferences ◽  
Series Data ◽  
Alcohol Content ◽  
Demand Shifts ◽  
Expert Ratings ◽  
Jel Classifications

AbstractAre wine alcohol labels accurate? If not, why? We explore the high and rising alcohol content of wine and examine incentives for false labeling, including the roles of climate, evolving consumer preferences, and expert ratings. We draw on international time-series data from a large number of countries that experienced different patterns of climate change and influences of policy and demand shifts. We find systematic patterns that suggest that rising wine alcohol content may be a nuisance by-product of producer responses to perceived market preferences for wines having more-intense flavours, possibly in conjunction with evolving climate. (JEL Classifications: D22, L15, L66, Q18, Q54).

Perspective on Underpricing of IPOs in Emerging Economies

2019 ◽  
Vol 18 (1_suppl) ◽  
pp. S87-S101
Author(s):  
L V Ramana
Keyword(s):  
Asymmetric Information ◽  
Emerging Markets ◽  
Initial Public Offerings ◽  
Emerging Economies ◽  
Important Determinant ◽  
The State ◽  
Secondary Market ◽  
Top Management ◽  
Public Offerings ◽  
Jel Classifications

Pricing of initial public offerings (IPOs) has received considerable attention from the perspective of asymmetric information theories, among others. Specific aspects of emerging markets have been incorporated into models to explain the varying degrees of underpricing. Using three features that are deemed to be important for such economies, that is, principal–principal conflicts, disclosure norms and legitimacy of the top management, and two different classes of investors, institutional and retail, two frameworks have been designed to explain the expected levels of underpricing under various pair-wise combinations of these parameters. The state of the secondary market, which is an important determinant of the decision to go public, is incorporated into the framework. JEL Classifications: G3, G14, G15, G18

scholarly journals Does Organic Wine Taste Better? An Analysis of Experts' Ratings

2016 ◽  
Vol 11 (3) ◽  
pp. 329-354 ◽  
Author(s):  
Magali A. Delmas ◽  
Olivier Gergaud ◽  
Jinghui Lim
Keyword(s):  
Environmental Policy ◽  
Product Quality ◽  
Information Disclosure ◽  
New Wave ◽  
Wine Quality ◽  
Quality Rating ◽  
Organic Wine ◽  
Assess Quality ◽  
Jel Classifications ◽  
Better Than

AbstractEcolabels are part of a new wave of environmental policy that emphasizes information disclosure as a tool to induce environmentally friendly behavior by both firms and consumers. Little consensus exists as to whether ecocertified products are actually better than their conventional counterparts. This study seeks to understand the link between ecocertification and product quality. We use data from three leading wine-rating publications (the Wine Advocate, Wine Enthusiast, and Wine Spectator) to assess quality for 74,148 wines produced in California between 1998 and 2009. Our results indicate that ecocertification is associated with a statistically significant increase in wine quality rating. Being ecocertified increases the scaled score of the wine by 4.1 points on average. (JEL Classifications: L15, L66, Q13, Q21, Q56)

Looking Beyond Wine Risk-Adjusted Performance

2020 ◽  
Vol 15 (2) ◽  
pp. 229-259 ◽  
Author(s):  
Frantz Maurer ◽  
Jean-Marie Cardebat ◽  
Linda Jiao
Keyword(s):  
Extreme Events ◽  
Stock Markets ◽  
Secondary Market ◽  
Garch Models ◽  
Time Varying ◽  
Daily Data ◽  
Volatility Asymmetry ◽  
Stock Indexes ◽  
Jel Classifications

AbstractIn this paper, we use copula-GARCH models applied to daily data from March 2010 to March 2018 to test the time-varying dependence of the Liv-ex 50, a secondary market fine wine index comprised of the ten most recent vintages of the five Bordeaux First Growths, with a portfolio composed of the six main stock markets (S&P 500, CAC 40, DAX 30, FTSE 100, and Hang Seng). Our results suggest that the Liv-ex 50 underperforms the six stock indexes, but provides diversification benefits in terms of volatility, asymmetry, and extreme events. (JEL Classifications: G110, G120, Q14)

Automatic generation of a large dictionary with concreteness/abstractness ratings based on a small human dictionary

2021 ◽  
pp. 1-9
Author(s):  
Vladimir Ivanov ◽  
Valery Solovyev
Keyword(s):  
State Of The Art ◽  
Research Question ◽  
Automatic Generation ◽  
Expert Assessment ◽  
High Quality ◽  
Test Set ◽  
Expert Assessments ◽  
Abstract Words ◽  
Expert Ratings

Concrete/abstract words are used in a growing number of psychological and neurophysiological research. For a few languages, large dictionaries have been created manually. This is a very time-consuming and costly process. To generate large high-quality dictionaries of concrete/abstract words automatically one needs extrapolating the expert assessments obtained on smaller samples. The research question that arises is how small such samples should be to do a good enough extrapolation. In this paper, we present a method for automatic ranking concreteness of words and propose an approach to significantly decrease amount of expert assessment. The method has been evaluated on a large test set for English. The quality of the constructed dictionaries is comparable to the expert ones. The correlation between predicted and expert ratings is higher comparing to the state-of-the-art methods.

An atomic-resolution microscope study of Al contracts on GaAs

1986 ◽  
Vol 44 ◽  
pp. 726-727
Author(s):  
Z. Liliental-Weber ◽  
C. Nelson ◽  
R. Ludeke ◽  
R. Gronsky ◽  
J. Washburn
Keyword(s):  
High Speed ◽  
Schottky Contacts ◽  
Detailed Knowledge ◽  
The Past ◽  
Semiconductor Interfaces ◽  
Deposited Metal ◽  
Microwave Applications ◽  
Free Interfaces ◽  
Potential Use

The properties of metal/semiconductor interfaces have received considerable attention over the past few years, and the Al/GaAs system is of special interest because of its potential use in high-speed logic integrated optics, and microwave applications. For such materials a detailed knowledge of the geometric and electronic structure of the interface is fundamental to an understanding of the electrical properties of the contact. It is well known that the properties of Schottky contacts are established within a few atomic layers of the deposited metal. Therefore surface contamination can play a significant role. A method for fabricating contamination-free interfaces is absolutely necessary for reproducible properties, and molecularbeam epitaxy (MBE) offers such advantages for in-situ metal deposition under UHV conditions

High Resolution Transmission Electron Microscopy of an automobile catalytic converter

1990 ◽  
Vol 48 (4) ◽  
pp. 242-243
Author(s):  
Jan-Olle Malm ◽  
Jan-Olov Bovin
Keyword(s):  
Electron Microscopy ◽  
High Resolution ◽  
Catalytic Converter ◽  
Active Material ◽  
Image Intensifier ◽  
High Resolution Electron Microscopy ◽  
Detailed Knowledge ◽  
Transmission Electron ◽  
Resolution Electron ◽  
Atomic Surface

Understanding of catalytic processes requires detailed knowledge of the catalyst. As heterogeneous catalysis is a surface phenomena the understanding of the atomic surface structure of both the active material and the support material is of utmost importance. This work is a high resolution electron microscopy (HREM) study of different phases found in a used automobile catalytic converter.The high resolution micrographs were obtained with a JEM-4000EX working with a structural resolution better than 0.17 nm and equipped with a Gatan 622 TV-camera with an image intensifier. Some work (e.g. EDS-analysis and diffraction) was done with a JEM-2000FX equipped with a Link AN10000 EDX spectrometer. The catalytic converter in this study has been used under normal driving conditions for several years and has also been poisoned by using leaded fuel. To prepare the sample, parts of the monolith were crushed, dispersed in methanol and a drop of the dispersion was placed on the holey carbon grid.

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