We conduct an empirical analysis of the effect on the auction price of a Canadian painting of the age of the painter at the time of creation of the painting. We consider several hundred artists, active over the entire history of Canadian art, who are pooled in the estimation of a hedonic...

We propose a general non-linear simultaneous equations framework for the econometric analysis of models of intervention in foreign exchange markets by central banks in response to deviations of exchange rates from target levels. We consider the instrumental variables estimation of possibly...

Statistical methods are widely used for valuation (prediction of the value at sale or auction) of a unique object such as a work of art. The usual approach is estimation of a hedonic model for objects of a given class, such as paintings from a particular school or period, or in the context of...

Although the market for Canadian paintings is now of substantial magnitude, with several works having recently sold for well over a million dollars, it remains true that with very few exceptions, the works of Canadian painters are bought and sold only in Canada and held only by Canadian...

We develop new tests of the capital asset pricing model which are optimal under the assumption that the distribution generating returns is elliptically symmetric; this assumption is necessary and sufficient for the validity of the CAPM. Our test is based on semiparametric efficient estimation...

In the various fields of creative, cultural, and artistic production, there exists a competitive struggle amongst creators of innovative works or ideas to persuade agents in the field to accept and value the new work. This is a significant challenge since cultural innovators do not produce in...

In hedonic regression models of the valuation of works of art, the age at which an artist produces a particular work, or an indicator variable for periods in his or her artistic career, is often found to have highly significant predictive value. Most existing results are based on regressions...

In the various fields of creative, cultural, and artistic production, there exists a competitive struggle amongst creators of innovative works or ideas to persuade agents in the field to accept and value the new work. This is a significant challenge since cultural innovators do not produce in...