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首页> 外文期刊>Emerging Markets Finance & Trade >Which Part of the Chinese Art Market Is More Worth Investing In? Applying the Quantile Regression to Analyze Chinese Oil Paintings 2000-2014
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Which Part of the Chinese Art Market Is More Worth Investing In? Applying the Quantile Regression to Analyze Chinese Oil Paintings 2000-2014

机译：中国艺术品市场的哪个部分更值得投资？应用分位数回归分析中国油画2000-2014

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摘要

This article uses a quantile regression approach to analyze the structure of the hedonic characteristics of 12,701 Chinese oil paintings sold at auctions in China and Hong Kong during the period 2000-2014. A hedonic model for both the full sample and the 0.20, 0.40, 0.60, 0.80, and 0.95 quantiles of the price distribution is estimated. The result indicates that noticeable differences exist in painting characteristics across different price ranges. The empirical evidence also suggests that highly priced Chinese oil paintings have both higher expected returns and less risk than those that are priced lower, which appear to be favorable assets to invest in.
机译：本文使用分位数回归方法来分析2000-2014年期间在中国大陆和香港拍卖会上出售的12,701张中国油画的享乐特征的结构。估计了完整样本以及价格分布的0.20、0.40、0.60、0.80和0.95分位数的享乐模型。结果表明，在不同价格范围内，绘画特性存在明显差异。经验证据还表明，高价的中国油画比低价的油画具有更高的预期收益和更低的风险，后者似乎是投资的有利资产。

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