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Weisskopf Jean-Philippe

Associate Professor

Contrat principal

Associate Professor

EHL Hospitality Business School
Route de Berne 301, 1000 Lausanne 25, Switzerland, CH

BSc HES-SO in Hôtellerie et professions de l'accueil - EHL Hospitality Business School

Finance d'entreprise

Terminés

Asset-light strategies in the hospitality industry: A light-hearted or a right choice?

AGP

Rôle: Requérant(e) principal(e)

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.

Equipe de recherche au sein de la HES-SO: Weisskopf Jean-Philippe , Masset Philippe

Partenaires académiques: VD - EHL - EHL

Durée du projet: 31.12.2015 - 31.12.2015

Montant global du projet: 99'000 CHF

Statut: Terminé

2024

Simplifying the complex :

Article scientifique ArODES

10-K readability and asset structure

Jean-Philippe Weisskopf

International Journal of Hospitality Management, 119, article 103705

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Résumé:

This study explores the relationship between corporate asset intensity and the readability of 10-K forms within the U.S. lodging industry over the period 1994–2020. Using OLS regressions, the study reveals that as a company's asset intensity decreases, so does the readability of its 10-K form. Additionally, we show that this relationship has become more pronounced since 1998 and is stronger for larger companies or those in the hotel industry. These results suggest that, in light of ongoing discussions and policies surrounding the readability of financial statements, companies produce more comprehensible documentation when their business operations are less specialized. This finding indicates that companies that need to address a more diverse investor base try to be as understandable as possible. This should also lead to social implications in terms of enhanced transparency, improved financial literacy, investor confidence, and a positive impact on corporate responsibility for stakeholders.

2023

To share or not to share :

Article scientifique ArODES

an analysis of wine list disclosure by Swiss restaurant owners

Olivier Gergaud, Philippe Masset, Alice Pedrinelli, Jean-Philippe Weisskopf

Journal of Wine Economics, Vol. 19, pp. 4-18

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Résumé:

This paper uses data from the 2021 Swiss edition of the Gault&Millau food guide to analyze the probability with which restaurant owners decide to share their wine list with the public. This is an important question relating to the amount of information circulating in markets characterized by information asymmetry in the context of experience and credence goods. We find that restaurant owners are more willing to share wine lists with others if competition is limited or their wine list does not contain idiosyncratic information that competitors may use strategically. Interviews indicate the challenge for restaurants to balance the risk of sharing information with competitors and the opportunity to attract wine lovers by revealing an appealing wine list. We also show that this decision depends on cultural considerations.

In family we trust :

Article scientifique ArODES

in good and bad times

Philippe Masset, Cédric Poretti, Jean-Philippe Weisskopf

International review of finance, 24, 1, pp. 128-138

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Résumé:

This short report investigates the stock market behavior of Swiss companies during the COVID-19 pandemic. Results suggest that family firms performed better during the outbreak and post-lockdown periods than widely-held firms. Family firms also displayed a larger abnormal trading volume drop than widely-held companies. In size-sorted subsamples, the volume difference appears more pronounced for smaller firms. We explain these findings by family firms, especially smaller ones, predominantly attracting investors with a long-term horizon. Such investors are less likely to sell during market turmoil, making family firms not only less liquid but also less sensitive to market fluctuations.

Online reputation and debt capacity

Article scientifique ArODES

François Derrien, Alexandre Garel, Arthur Romec, Jean-Philippe Weisskopf

Journal of financial and quantitative analysis, Vol. 59, No. 3, pp. 1100-1140

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Résumé:

We explore the effects of online customer ratings on financial policy. Using a large sample of Parisian restaurants, we find a positive and economically significant relationship between customer ratings and restaurant debt. We use the locally exogenous variations in customer ratings resulting from the rounding of scores in regression discontinuity tests to establish causality. Favorable online ratings reduce cash flow risk and increase resilience to demand shocks. Consistent with the view that good online ratings increase the debt capacity of restaurants and their growth opportunities, restaurants with good ratings use their extra debt to invest in tangible assets.

Efficient pricing of Bordeaux en primeur wines

Article scientifique ArODES

Philippe Masset, Jean-Philippe Weisskopf, Jean-Marie Cardebat

Journal of Wine Economics, 18, 1, pp. 39-65

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Résumé:

This paper proposes an approach to determine efficient release prices on the Bordeaux en primeur (primary) market. The model exploits information from the secondary market to estimate efficient release prices. We apply the model to a representative sample of wines from the 2021 vintage. The results show that most chateaux released their wines at prices that were too high. The median overpricing is 5.2% but exceeds 30% for some wines. This situation may be partially attributed to excessively uniform pricing caused by the tendency of chateaux with similar status to release their wines at similar price levels.

Cross-dimensional measures of asset lightness and fee orientation in lodging groups

Article scientifique ArODES

Sonja Lussi, Philippe Masset, Jean-Philippe Weisskopf, Inès Blal

International journal of hospitality management, 2023, vol. 109, article 103391

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Résumé:

This study proposes cross-dimensional measures of the degree of implementation of the lodging industry’s asset- light & fee-oriented (ALFO) strategy. We apply a common factor analysis to measure the degree of implemented ALFO strategy on a sample of 14 lodging companies over the period 2001–2021. The analysis confirms that there is no one-size-fits-all approach and that companies position themselves distinctively on the two dimensions. The fee-oriented strategy has strengthened continuously since 2005, while that of the asset-light strategy has increased rapidly between 2001 and 2005, but its evolution has been more erratic since then. Our results shed light on the importance of intangibles in the asset-light strategy and the operationalisation of the construct. This study also contributes to the debate on the financial impact of the ALFO strategy. We show that AL and FO positively affect financial performance and firm value and that by combining them, the effect doubles.

2022

Fine wine pricing in a small and highly competitive market

Article scientifique ArODES

Philippe Masset, Alexandre Mondoux, Jean-Philippe Weisskopf

International journal of wine business research, 2023, 35, 1, 164-186

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Résumé:

Purpose – This study aims to identify the price determinants of fine wines in a small and competitive market. These characteristics are found in many lesser-known wine-producing countries and are often difficult to analyse because of lack of data. Design/methodology/approach – This study hand-collects and transcribes wine-related data for 149 Swiss wineries and 2,454 individual wines over the period 2014–2018 directly from wine lists provided by wineries. This study uses multivariate ordinary least squares regressions to analyse the relation between wine attributes and prices and to assess the effect of a currency shock caused by the sudden appreciation of the Swiss franc in 2015 as well as a reduction in information asymmetries induced by the novel coverage of Swiss wines by TheWine Advocate. Findings – Prices mainly depend on collective reputation, production techniques and product positioning. Surprisingly, following a sharp appreciation of the Swiss franc, producers did not reduce prices. The arrival of a highly influential wine expert on the market also had a positive price effect on rated wines and producers. Both hint at wineries attempting to position themselves relative to competitors. Originality/value – Few studies examine the price drivers in lesser-known wine markets, where competition is fierce. This study’s results show that wine pricing differs from other more famous and larger wine regions. In addition, to the best of the authors’ knowledge, this study is also the first to analyse the impact of a currency shock and a reduction in information asymmetries on wine prices.

2021

Analyzing the risks of an illiquid and global asset :

Article scientifique ArODES

the case of fine wine

Philippe Masset, Jean-Philippe Weisskopf, Jean-Marie Cardeba, Benoît Faye, Eric Le Fur

The quarterly review of economics and finance, 2021, vol. 82, pp. 1-25

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Résumé:

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.

Chasing dividends during the COVID-19 pandemic

Article scientifique ArODES

Nicolas Eugster, Romain Ducret, Dušan Isakov, Jean-Philippe Weisskopf

International review of finance, To be published

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Résumé:

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.

At what price should Bordeaux wines be released?

Article scientifique ArODES

Philippe Masset, Jean-Philippe Weisskopf

Economic inquiry, 2022, vol. 60, no. 1, pp. 392-412

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Résumé:

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.

What if dividends were tax-exempt ? :

Article scientifique ArODES

evidence from a natural experiment

Dušan Isakov, Christophe Pérignon, Jean-Philippe Weisskopf

The review of financial studies, 2021, vol. 34, no. 12, pp. 5756–5795

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Résumé:

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

Last frontier investments :

Article scientifique ArODES

the case of Alpine wines

Philippe Masset, Jean-Philippe Weisskopf, Clémentine Fauchery

Journal of wine economics, 2020, vol. 15, Special Issue 2, pp. 181-206

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Résumé:

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).

The price of international equity ETFs :

Article scientifique ArODES

the role of relative liquidity

Christina Atanasova, Jean-Philippe Weisskopf

Journal of international financial markets, institutions and money, 2020, vol. 65, article no 101190, pp. 1-19

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Résumé:

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.

Breaking bad :

Article scientifique ArODES

an investment in cannabis

Jean-Philippe Weisskopf

Finance research letters, 2020, vol. 33, article 101201, pp. 1-7

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Résumé:

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

Family ownership, asset levels, and firm performance in Western European hospitality companies

Article scientifique ArODES

Phiippe Masset, Irena Uzelac, Jean-Philippe Weisskopf

Journal of hospitality tourism research, 2019, vol. 43, no. 6, pp. 867-889

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Résumé:

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.

Producing and consuming locally :

Chapitre de livre ArODES

Switzerland as a local market

Philippe Masset, Jean-Philippe Weisskopf

Dans Alonso Ugaglia, Adeline, Cardebat, Jean-Marie, Corsi, Alessandro, The Palgrave handbook of wine industry economics (Pp. 507-522). 2019, Cham, Switzerland : Palgrave Macmillan

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Behavioural heterogeneity in wine investments

Article scientifique ArODES

Adrian Fernandez-Perez, Bart Frijns, Alireza Tourani-Rad, Jean-Philippe Weisskopf

Applied Economics, 2019, vol. 51, no. 30, pp. 3236-3255

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Résumé:

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

When rationality meets passion :

Article scientifique ArODES

on the financial performance of collectibles

Philippe Masset, Jean-Philippe Weisskopf

The Journal of Alternative Investments, 2018, vol. 21, no 2, pp. 66-83

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Résumé:

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.

Raise your glass :

Chapitre de livre ArODES

wine investment and the financial crisis

Philippe Masset, Jean-Philippe Weisskopf

Dans Ashenfelter, Orley, Gergaud, Olivier, Storchmann, Karl, Ziemba, William, Handbook of the economics of wine (pp. 271-295). 2018, Singapore : World Scientific

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Wine indices in practice :

Article scientifique ArODES

nicely labeled but slightly corked

Philippe Masset, Jean-Philippe Weisskopf

Economic modelling, 2018, vol. 68, pp. 555-569

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Résumé:

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

Les dividendes exonérés d'impôts en Suisse :

Article professionnel ArODES

analyse des pratiques des sociétés cotées depuis l’entrée en vigueur de la RIE II

Dušan Isakov, Jean-Philippe Weisskopf

Expert Focus, 2017, no 9, pp. 35-39

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Résumé:

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

Red obsession :

Article scientifique ArODES

the ascent of fine wine in China

Philippe Masset, Jean-Philippe Weisskopf, Benoît Faye, Eric Le Fur

Emerging markets review, December 2016, vol. 29, pp. 200-225

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Résumé:

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

Pay-out policies in founding family firms

Article scientifique ArODES

Dušan Isakov, Jean-Philippe Weisskopf

Journal of corporate finance, August 2015, vol. 33, pp. 330–344

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Résumé:

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.

Wine tasters, ratings, and en primeur prices

Article scientifique ArODES

Philippe Masset, Jean-Philippe Weisskopf, Mathieu Cossutta

Journal of wine economics, May 2015, vol. 10, no. 1, pp. 75-107

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Résumé:

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.

Wine funds :

Article scientifique ArODES

an alternative turning sour?

Philippe Masset, Jean-Philippe Weisskopf

Journal of alternative investments, Spring 2015, vol. 17, no. 4, pp. 6-20

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Résumé:

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.

2023

From risk to reward :

Conférence ArODES

the strategic advantages of diversifying grape varietals

Philippe Masset, Jean-Philippe Weisskopf

Proceedings of the 5th Wine & Hospitality Management Workshop

PEOPLE@HES-SO Annuaire et Répertoire des compétences

Weisskopf Jean-Philippe

Associate Professor

Associate Professor

PEOPLE@HES-SO
Annuaire et Répertoire des compétences