This paper shows the importance of correcting for sample selection when investing in illiquid assets with endogenous trading. Using a large sample of 20,538 paintings that were sold repeatedly at auction between 1972 and 2010, we find that paintings with higher price appreciation are more likely...

Employing the art-collection records of Burton and Emily Hall Tremaine, we consider whether early-stage art investors can be understood as venture capitalists. Because the Tremaines bought artists' work very close to an artwork's creation, with 69% of works in our study purchased within one year...

Whether any category of alternative investments ought to be considered for the menus offered to 401(k) participants is a fact-intensive question. Central to this inquiry are ERISA’s legal tests of prudence, diversification and loyalty. These tests require such fact-driven inquiries as the...

The 2008 economic crisis has greatly affected how people are choosing to invest their money. Many investors have been more cautious of investment opportunities and the risks they impose, which has led to an increased interest in alternative investments. People are starting to look beyond the...