Abgeschlossen
Rolle: Hauptgesuchsteller/in
Financement: HES-SO Rectorat
Description du projet : Over the last two decades many hospitality companies, especially hotel and restaurant chains, have started to pursue an asset-light strategy, which has led to a transformation of the complete industry. This project aims at bringing forward an in-depth analysis of the asset-light strategy and its implication for the industry and its stakeholders. A special emphasis will be put on financial consequences for hospitality companies and the modification of risk-return characteristics such a strategic decision entails.
Forschungsteam innerhalb von HES-SO: Weisskopf Jean-Philippe, Masset Philippe
Partenaires académiques: VD - EHL - EHL
Durée du projet: 28.08.2014 - 08.03.2016
Statut: Abgeschlossen
2021
Masset Philippe, Weisskopf Jean-Philippe, Cardeba Jean-Marie, Faye Benoît, Le Fur Eric
The quarterly review of economics and finance, 2021, vol. 82, pp. 1-25
Link zur Publikation
Zusammenfassung:
We use a unique and very deep database to examine the performance of wine investments over the period 2003–2014. Our results reveal that the returns stemming from those investments are important but can largely be explained by their exposure to common risk factors. It appears essential to properly account for the lack of liquidity on the wine market and its exposure to global currency risk. Controlling for these wine market specificities and contradicting prior evidence, fine wines do not seem to offer abnormal returns.
Eugster Nicolas, Ducret Romain, Isakov Dušan, Weisskopf Jean-Philippe
International review of finance, To be published
This paper investigates the impact of the coronavirus disease 2019 pandemic on investors' trading behaviors around ex-dividend dates in Europe. The sudden decrease in the number of companies paying dividends reduced the opportunities to capture dividends. Thus, the firms that maintained dividend payments during the pandemic attracted more interest than before. This led to a doubling in the magnitude of stock return patterns usually observed around ex-dividend days. Our evidence indicates that dividend-seeking investors are likely to be the main driver of the price patterns observed around ex-dividend dates.
Masset Philippe, Weisskopf Jean-Philippe
Economic inquiry, 2022, vol. 60, no. 1, pp. 392-412
This paper models optimal release prices of an experience good recurrently issued on markets. Using a sample of Bordeaux wines, we find that using a minimal number of intrinsic and extrinsic attributes is sufficient to explain a large proportion of release prices. We further observe a significant relationship between primary market prices and secondary market prices and general economic conditions. Release prices can deviate from secondary market prices in the short run but remain aligned over the long run. Finally, an out-of-sample analysis indicates that short-run mispricing directly affects the purchase behavior of customers.
Isakov Dušan, Pérignon Christophe, Weisskopf Jean-Philippe
The review of financial studies, 2021, vol. 34, no. 12, pp. 5756–5795
We study the effect of dividend taxes on the payout and investment policies of publicly listed firms. We exploit a unique setting in Switzerland where, following the corporate tax reform of 2011, some but not all firms were suddenly able to pay tax-exempt dividends. We show that treated firms increase their dividend payout by around 30% after the tax cut. The impact on payout is less pronounced for firms prone to agency conflicts. We find a significant positive abnormal stock return after the announcement of the payment of a tax-exempt dividend. However, reducing dividend taxes does not boost investment.
2020
Masset Philippe, Weisskopf Jean-Philippe, Fauchery Clémentine
Journal of wine economics, 2020, vol. 15, Special Issue 2, pp. 181-206
We identify and examine the performance of frontier investments from 2002 to 2017. Using fine wine as a setting, we find that the trade frequency and value of frontier investments in the form of Alpine wines have increased in recent years, leading to a rise in their prices above inflation rates. We further document that this frontier investment has been favorable in terms of risk-adjusted returns and volatility for investors. We also observe that the inclusion of frontier wines in a financial portfolio is favorable for investors, both in terms of returns and diversification benefits, due to low correlation coefficients. The identification and investment into frontier assets appears beneficial for investors looking for new opportunities. (JEL Classifications: C60, G11, Q11).
Atanasova Christina, Weisskopf Jean-Philippe
Journal of international financial markets, institutions and money, 2020, vol. 65, article no 101190, pp. 1-19
We examine the effect of the relative liquidity of international equity exchange-traded funds (ETFs) and their constituent portfolios on the price difference between the fund’s market prices and its net asset values. We use data for a sample of 584 international equity ETFs listed in the U.S. over the period January 2012 to December 2017 and find that higher liquidity is associated with a lower absolute value of the ETF premium/discount. We document a positive relationship between liquidity and the price convergence of the ETFs and their underlying shares. The effect of liquidity on convergence is stronger for ETFs with high holding costs.
Weisskopf Jean-Philippe
Finance research letters, 2020, vol. 33, article 101201, pp. 1-7
This paper investigates the risk and return features of an investment in the cannabis industry. It further describes the current state of the market for cannabis and critically examines its potential future development. Findings show that a portfolio of cannabis stocks displays high volatilities and returns, but also low correlations and beta coefficients with regard to overall stock markets, other sin industries or cryptocurrencies. This makes it an interesting addition to financial portfolios.
2019
Masset Phiippe, Uzelac Irena, Weisskopf Jean-Philippe
Journal of hospitality & tourism research, 2019, vol. 43, no. 6, pp. 867-889
This article uses a comprehensive sample of companies from 16 Western European countries over the period 2004 and 2016 to examine the relationship between blockholder ownership, asset levels, and corporate performance in the hospitality industry. We find evidence that both family and nonfamily blockholders display a higher use of assets in the lodging industry, but only nonfamily blockholders do so in the food and beverage industry. At the same time, nonfamily blockholders tend to display a poor performance in both industries, while this is only true for the lodging industry in the case of family-owned businesses. Finally, we show that asset levels moderate the observed ownership–performance relationship. Our results hold both for static and dynamic asset measures and taking the global financial crisis into account.
Dans Alonso Ugaglia, Adeline, Cardebat, Jean-Marie, Corsi, Alessandro, The Palgrave handbook of wine industry economics (Pp. 507-522). 2019, Cham, Switzerland : Palgrave Macmillan
Fernandez-Perez Adrian, Frijns Bart, Tourani-Rad Alireza, Weisskopf Jean-Philippe
Applied Economics, 2019, vol. 51, no. 30, pp. 3236-3255
We introduce a heterogeneous agent model to explain the dynamics of fine wine investments. Our results show evidence of the existence of both fundamentalists – those who trade on mean-reversion towards a fair value – and chartists – those who extrapolate recently observed price trends – in the wine market. Moreover, we document that market participants switch between the two trading strategies, allocating more weight to the strategy that has been the most accurate in forecasting wine index values in the recent past. This switching behaviour can explain the large variations in index values (bubbles and crashes) that are observed in the fine wine market.
2018
The Journal of Alternative Investments, 2018, vol. 21, no 2, pp. 66-83
This article examines prior evidence and proposes an empirical study of the performance of passion investments in comparison with financial and real assets over the past 20 years. Over this period, classic cars and fine wines (but not visual art) display better returns than U.S. equity, fixed income, and real estate. Volatilities are, overall, low but increase once returns are adjusted for the inherent illiquidity on collectible markets. In a CAPM framework, only classic cars yield significant risk-adjusted returns with an annualized alpha of 5%. At the same time, correlations and systematic risk are low for all collectibles. This diversification benefit is confirmed by a 7% portfolio risk reduction following the inclusion of collectibles in a traditional financial portfolio. The authors further document that the inherent segmentation of collectible classes extends the benefits of cross-asset to intra-asset class diversification. Finally, they find that collectibles have performed slightly less well since the Global Financial Crisis.
Dans Ashenfelter, Orley, Gergaud, Olivier, Storchmann, Karl, Ziemba, William, Handbook of the economics of wine (pp. 271-295). 2018, Singapore : World Scientific
Economic modelling, 2018, vol. 68, pp. 555-569
This paper examines and compares wine price indices available on the wine market with those proposed in academia. We especially analyze the impact illiquidity has on the different indices and validate our findings using a simulation which allows us to define the biases induced by illiquidity on the statistical properties of the indices. We also propose adjustments to help market participants improve the reliability of wine indices and ultimately their decision-making. Our evidence indicates that both the volatility and the beta of fine wine is understated when estimated with existing wine index data. The true volatility and beta of the First Growths from Bordeaux appear to be close to 20%, respectively 0.45–0.60, suggesting that the diversification potential of fine wine is more limited than commonly believed.
2017
Isakov Dušan, Weisskopf Jean-Philippe
Expert Focus, 2017, no 9, pp. 35-39
L’entrée en vigueur de la loi sur la réforme de l’imposition des entreprises II (RIE II) a, entre autres, modifié le traitement fiscal des dividendes payés par certaines entreprises suisses. Elles ont notamment la possibilité de payer des dividendes exonérés d’impôts à partir de leurs réserves issues d’apports de capital. Cet article fait le point.
2016
Masset Philippe, Weisskopf Jean-Philippe, Faye Benoît, Le Fur Eric
Emerging markets review, December 2016, vol. 29, pp. 200-225
This article uses hammer prices from five global auction houses to analyse the price premium Bordeaux fine wine yields at Hong Kong wine auctions. We find that fine wine is on average sold at a 19% premium in Hong Kong. We further observe that the Hong Kong premium is not uniform and most pronounced for wines with perfect Parker scores and the most powerful brands. The premium has declined throughout the sample period from 60% in 2008 to a level of around 15% since 2012. This can be attributed to the increase in knowledge on fine wine by Chinese customers.
2015
Journal of corporate finance, August 2015, vol. 33, pp. 330–344
This article analyses founding family influence on pay-out policies for Swiss listed firms over the period 2003–2010. We hypothesise that family firms have different incentives and characteristics that affect pay-out decisions and propose three possible explanations: agency theory, reputation building and family income needs. Our results show that founding family firms display significantly higher dividend pay-outs relative to companies with other ownership structures. We also examine specific family characteristics and document that a family's stake, active involvement and generation play an important role in determining pay-out policies. Our findings appear to be consistent with the family income hypothesis and to some extent with reputational concerns.
Masset Philippe, Weisskopf Jean-Philippe, Cossutta Mathieu
Journal of wine economics, May 2015, vol. 10, no. 1, pp. 75-107
This paper examines the ratings of 12 influential wine critics on the Bordeaux en primeur market over the vintages 2003 – 2012. We hypothesize that wine experts differ significantly in their rating approach and in fl uence on prices. We fi nd that European critics are less transparent and in general more severe in their scoring than their American counterparts. Experts also appear to reach a relatively strong consensus on overall wine quality but have more diverse opinions on wines that achieve a surprising level of quality given the vintage, the ranking, or the appellation from which they originate. Our evidence also suggests that Robert Parker and Jean-Marc Quarin are the most in fl uential critics, as a 10% surprise in their scores leads to a price increase of around 7%. We further fi nd that their impact is higher for appella- tions and estates that are not covered by the of fi cial 1855 classi fi cation and for the best vintages.
Journal of alternative investments, Spring 2015, vol. 17, no. 4, pp. 6-20
This article examines the performance, selectivity, and market-timing abilities of wine fund managers over the 2000–2013 period. The authors hypothesize that wine fund managers should be able to profit from market inefficiencies on the wine market and generate abnormal returns for investors. Their results show that fund managers’ overall selectivity and market-timing abilities appear to be limited. Only one fund offers positive risk-adjusted returns and two funds show a tendency for market timing. Considering non-quantifiable risks, wine funds thus do not appear to be interesting investments.
Nicole Baudat, Sandy Ingram, Rania Islambouli, Philippe Masset, Jean-Philippe Weisskopf
Proceedings of CSCI 2021 : The 2021 International Conference on Computational Science and Computational Intelligence, 15-17 December 2021, Las Vegas, USA
Link zur Konferenz
This paper presents an empirical case study on applying game-based learning in an undergraduate finance course. The paper describes the experimental study context, protocol, and results. Using multivariate regression analysis, a significant game effect on student performance is observed for competitive strategy-based games.
Philippe Masset, Jean-Philippe Weisskopf
Actes de la 20e conférence internationale de gouvernance
This article studies the relationship between corporate downsizing and family ownership. Through the lens of socioemotional wealth theory, we hypothesise that family firms downsize less than their non-family counterparts as they identify more with their firms, care about reputational damage, and take a long-term, potentially intergenerational approach. We find a significantly negative relationship between family ownership and downsizing. The effect is exerted for family firms in which the family has more control through voting rights or an active management position. Finally, companies displaying a stronger identification with the owning family or enhanced reputational concerns downsize less.
Jean-Philippe Weisskopf
Proceedings of the 17th Corporate Finance Day
This paper explores the effects of online customer ratings on debt capacity. Using a large sample of Parisian restaurants, we find a positive and economically significant relation between customer ratings and bank debt. We use the locally exogenous variation in customer ratings resulting from the rounding of scores in regression discontinuity tests to establish causality. Customer ratings have more impact on debt capacity when information asymmetry is higher. They affect financial policy through a reduction in cash flow risk and greater resilience to demand shocks. Restaurants with good ratings use their extra debt capacity to invest in tangible assets.
Proceedings of the 13th Annual American Association of Wine Economists (AAWE) Conference 2019
This article proposes and studies the effectiveness of grape variety diversification as a risk management strategy. Using a sample of 5,679 harvested quantity and quality observations from the Valais region of Switzerland over the vintages 2003 to 2017 we document that quantitative and qualitative variations between vintages are significantly influenced by climatic conditions. The diverging and uncorrelated variations displayed amongst grape varieties suggest a potential diversification effect. We report a considerable reduction in crop risk when a grape variety is added to a portfolio of existing varieties. Diversification thus allows wine producers to manage some of the climate risk they face.
Proceedings of the 3rd Wine & Hospitality Management Workshop
We examine the effect of TripAdvisor ratings on the accounting performance of restaurants. We use data for a sample of 1,030 Parisian restaurants over the period January 2009 to December 2017 and find that a higher TripAdvisor rating is associated with a higher profitability. We also document a positive relationship between both variables accounting for rating dispersion and reviewer or rating quality.
We examine the presence and evolution of wines on the menus of New York City’s restaurants over the period 1865-1920. We use data from the New York Public Library for a sample of 850’000 restaurant menu items and 51’000 wines over the sample period. We find that wine was already commonly present on the menus of NYC restaurants in 1865 and its presence increased up until 1914 when it started to significantly drop with the outbreak of WWI. Casual restaurants offered a narrower wine selection. Special menus display a significantly higher probability of containing wine but with a more limited choice indicating that wine was especially appreciated on special occasions.We document that French wines, especially from Bordeaux and Champagne, were the most represented on menus followed by wines form Germany. Wine mostly sold in a price span of between 25 and 40 USD (in 2018 terms).
Proceedings of the 2019 FMA European Conference
We study the effect of dividend taxes on the payout and investment policy of publicly listed firms. To do so, we exploit a unique setting in Switzerland where some, but not all, firms were suddenly able to pay tax-exempt dividends to their shareholders following the corporate tax reform of 2011. Using a difference-in-differences specification, we show that treated firms permanently increase their payout by around 30% compared to control firms after the tax cut. The rise in dividends is not compensated by an equally-sized reduction in share repurchases. In the cross-section, the impact on payout is much less pronounced in firms where the controlling shareholders have more voting rights than cash-flow rights. However, reducing dividend taxes does not boost investment. The tax-inelasticity of investment is due to a significant drop in retained earnings and to the fact that equity issuances do not surge after the tax cut. Overall, we interpret our findings as evidence for the distortive effect of dividend taxes on the allocation of capital across firms.
Philippe Masset, Alexandre Mondoux, Jean-Philippe Weisskopf
Proceedings of the WAEA, 2018
This article examines the price determinants of wine on the Swiss market using a hedonic regression approach. We find that grape varietals and wine growing regions have a large impact on prices. Growing Petite Arvine or growing wine in Valais or the Swiss German part of the country triggers a premium. Cultivating Pinot Noir or Gamay, or being located in Vaud or Geneva, prompts a discount. Positioning and being located in a renowned wine growing region further lead to higher prices. Information on producers, on the other hand, only marginally explains wine prices. High competition and production costs, coupled with the limited visibility of Swiss wines, result in prices that depend mostly on collective reputation effects and on specific types of cuvees/blends. Our results suggest that Swiss producers price their wines fairly uniformly.
Proceedings of the American Association of Wine Economics Annual Meeting, 2018
This article analyses the identification and performance of frontier investments over the period 2002 to 2017. Using fine wine as a setting we find that the trade frequency and value of frontier investments in the form of Alpine wines has increased over recent years leading to a rise of their prices above inflation rates. We further observe that this frontier investment has been favourable in terms of risk-adjusted returns and volatility for investors. We also evidence that the inclusion of frontier wines in a financial portfolio is beneficial for investors both in terms of returns and diversification benefits due to low correlation coefficients. The identification and investment into frontier investments therefore appears worthwhile for investors looking into new favourable opportunities.
Proceedings of the 35th Annual Conference of the French Finance Association (AFFI), 2018
This paper investigates to which extent multifactor asset pricing models can explain the pricing of IPOs in the U.S. market between 1980 and 2015. The paper contributes to the existing literature by demonstrating that the hot market, the underpricing and the underperformance issues can be explained by the general trends and the intensities of various risk factors. We analyse the latter based on the expectation that the number of IPOs, the underpricing and the underperformance are higher when the global economy performs well. In the cases of the hot market and the underpricing, the risk factors are correlated consistently to expectations. However, this is not always the case for IPO underperformance for which coefficients differ from expectations. Finally, the risk factors identified as main predictors differ for the three IPO anomalies.
Proceedings of the 11th Annual American Association of Wine Economists (AAWE) Conference 2017
The objective of this paper is to assess the precise impact of status on prices of Bordeaux fine wines. We identify several variables that can be used to model a wine’s status and make use of the coexistence of the longstanding 1855 classification in Pauillac and the very short-lived 1943 classification in Pomerol to examine the effect of status on the wine market. Overall, we show that quality, reputation and status jointly contribute at explaining wine prices. Status-related variables have a highly significant impact on Pomerol wines for which a current classification system is inexistent, while in Pauillac status is subsumed by the 1855 classification.
We introduce a heterogeneous agent model to explain the price dynamics of fine wine. Our results show evidence of the existence of both fundamentalists – those who trade on mean-reversion towards a fair value – and chartists – those who extrapolate recently observed price trends – in the wine market. Moreover, we document that market participants switch between the two trading strategies, allocating more weight to the strategy that has been the most accurate in forecasting prices in the recent past. This switching behaviour can explain the large price variations (bubbles and crashes) that are observed in the fine wine market. Specifically, we document that large positive or negative deviations from fair values coincide with the majority of investors trading on the basis of a chartist belief. Further analysis reveals that switching behaviour (and thus bubble-like behaviour) is most prominent among wines that are popular with speculative traders.
Proceedings of the 11th Annual American Association of Wine Economics Conference (AAWE) 2017
This article examines the price determinants of wine on the Swiss market using a hedonic regression approach. We find that grape varietals and wine growing regions have a large impact on prices. Growing Petite Arvine or growing wine in Valais or the Swiss German part of the country trigger a premium. Cultivating Pinot Noir or Gamay or being located in Vaud or Geneva prompts a discount. Positioning and being located in a renowned wine growing region further lead to higher prices. Information on producers, on the other hand, only marginally explains wine prices. Our results suggest that Swiss producers price their wines rather uniformly.
Actes de la 16ème Conférence Internationale de Gouvernance
This paper investigates the characteristics and performance of family investment holdings across the world. Their unique combination of family wealth and expertise and investments in stock markets make them a special asset class for retail investors. We find that families are strongly involved in terms of stake and management both in their holdings and the holding’s investments. We further document a significant outperformance of family investment holdings globally and in Europe and a more contained performance on Asian markets. Holding characteristics and the economic environment appear to have some limited influence on performance.
Proceedings of the 29th Australasian finance and banking conference
Research Question/Issue: This article studies the interrelation between ownership structure, asset intensity and corporate performance and risk in the hospitality industry. This industry is characterised by a strong presence of blockholders and a tendency to divest its real estate making it an ideal setting to analyse the impact on firm performance and risks. Research Findings/Insights: Merging ownership data with accounting and market data from a sample of 15 countries between 2004 and 2013, we find that ownership structures affect the asset intensity and the disposal of assets by corporations. We further observe that both these variables have a significant influence on different measures of corporate risk and accounting and market performance. Theoretical/Academic Implications: This study provides empirical support for the classic agency theory that ownership structures impact corporate performance through investments and the use of assets. It thus proposes an integrated framework which explains a way through which ownership has an effect on firm performance and risk. Practitioner/Policy Implications: This study offers insights to managers on the effect an asset light strategy has on corporate performance. It further describes the preference shareholders tend to have on this corporate policy. In addition, it provides investors with a framework to understand the stakes of owning one’s properties or to dispose them to concentrate on the core business.
Proceedings of the 10th annual American Association of Wine Economics Annual Meeting (AAWE) 2016
Proceedings of 12th Workshop on Family Firm Management Research, Bridging the Gap - Integrating Family Business Theory & Practice
Manuscript Type: Empirical Research Question/Issue: This article studies the interrelation between ownership structure, asset intensity and corporate performance and risk in the hospitality industry. This industry is characterised by a strong presence of blockholders and a tendency to divest its real estate making it an ideal setting to analyse the impact on firm performance and risks. Research Findings/Insights: Merging ownership data with accounting and market data from a sample of 15 countries between 2004 and 2013, we find that ownership structures affect the asset intensity and the disposal of assets by corporations. We further observe that both these variables have a significant influence on different measures of corporate risk and accounting and market performance. Theoretical/Academic Implications: This study provides empirical support for the classic agency theory that ownership structures impact corporate performance through investments and the use of assets. It thus proposes an integrated framework which explains a way through which ownership has an effect on firm performance and risk. Practitioner/Policy Implications: This study offers insights to managers on the effect an asset light strategy has on corporate performance. It further describes the preference shareholders tend to have on this corporate policy. In addition, it provides investors with a framework to understand the stakes of owning one’s properties or to dispose them to concentrate on the core business.
Proceedings of the Research Seminar in Applied Economics Management (RSAEM)
This article studies the effect of dividend taxation on corporate behaviour, more specifically how firms respond to a dividend tax cut. A change in the Swiss corporate law in 2011 has introduced the possibility for some firms to pay tax-exempted dividends to their shareholders We find that all the firms that fulfilled the conditions required by the new law started paying tax-exempted dividends to their shareholders. This means that the management takes explicitly into account the tax treatment of their shareholders when setting corporate payout policy. We find that this reform has led to an increase in the propensity of firms to pay dividends as well as an increase in dividend payouts and dividend yields. This is consistent with the view that firms pay lower dividends in the presence of taxes.
Proceedings of the International French Finance Association Annual Meeting 2015
This paper examines the effect of family ownership on the amount of firm - specific information incorporated into stock prices . We posit that family firms have incentives to be more informative due to fears of reputational damage and scepticism of minority shareholders to invest in such companies. We investigate this relationship on a comprehensive sample of Swiss listed firms over th e period 2003 - 2012. Our results indicate that family firm stock prices are more informative as they have m ore idiosyncratic risk than non - family firms . We further examine the impact of different characteristics of family firms , and find that the level of f amily ownership, the active involvement of the family, the generation of the family and the presence of another large shareholder play an important role for the informativeness of stock prices.
Proceedings of American Association of Wine Economics Annual Meeting (AAWE) 2015
This article uses hammer prices from five global auction houses to analyse the price premium Bordeaux fine wine yielded at Hong Kong wine auctions over the period 2007 to 2014 . We find that fine wine was on average sold at a 19% premium on the Hong Kong market . The strong latent demand by Chinese customers coupled to wine market characteristics are put forward as an explanation for this premium . We further observe that the Hong Kong premium is not uniform and most pronounced for wines with perfect Parker scores or for the most powerful brands . The premium has declin ed through out the sample period from 60% in 2008 to establish itself at a level of 15% since 2012. This can be attributed to the increase in knowledge on fine wine by Chinese customers.
Proceedings of Middlewest Finance Association (MFA) Annual Meeting 2015
This paper examines the effect of family ownership on the amount of firm - specific information incorporated into stock prices . We posit that family firms have incentives to be more informative due to fears of reputational damage and scepticism of minority shareholders to invest in such companies. We investigate this relationship on a comprehensive sample of Swiss listed firms over th e period 2003 - 2012. Our results indicate that family firm stock prices are more informative as they have m ore idiosyncratic risk than non - family firms . We further examine the impact of different characteristics of family firms , and find that the level of f amily ownership, the active involvement of the family, the generation of the family and the presence of another large shareholder play an important role for the informativeness of stock prices
2014
Proceedings of the American Association of Wine Economics Annual Meeting (AAWE) 2015
This article examines the price determinants of wine on the Swiss market using a hedonic regression approach. We find that grape varietals and wine growing regions have a large impact on prices. Growing Petite Arvine or growing wine in Valais or the Swiss German part of the country trigger a premium. Cultivating Pinot Noir or Gamay or being located in Vaud or Geneva prompts a discount . Positioning and being located in a renowned wine growing region further lead to higher prices . Information on producers, on the other hand, only marginally explains wine prices. Our results suggest that Swiss producers price their wines rather uniformly.
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