Associate Professor
Expertise
Biography
Dr Philippe Masset holds a Ph.D. from the University of Fribourg (2012). His research areas are Empirical Finance, Alternative Investments, Wine Economics, Hospitality Financial Management and Hotel Real-Estate Investments. He has been visiting professor at the University of Bordeaux and he is member of several academic associations including the American Association of Wine Economists (AAWE), Bordeaux Wine Economics (BWE), and a member of the Board of the European Association of Wine Economists (EuAWE).
He is a founding member of the Alliance for Research on Wine and Hospitality Management (ARWHM). He has published several papers in international journals such as Emerging Market Review, European Financial Management, Journal of Alternative Investments, and in the Handbook of Financial Econometrics and Statistics and got substantial coverage in the media (e.g., Bloomberg, Reuters, Radio Télévision Suisse, Bilan, The Times, The Daily Telegraph, China Daily, La Repubblica).
He has taught courses in finance (Financial Management, Corporate Finance, Investments, Real-Estate Finance, Risk Management, Wine Economics & Finance) at several academic institutions. He is also a member of the Investment Committee of Hotela, the President of the Foundation Council of Prévotel pension fund, and a member of the RCSO Economie & Management (HES-SO).
Awards
Education
Courses Taught
Teaching Location
Article
Wine funds : an alternative turning sour?
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...
Learn more
Article
Wine tasters, ratings, and en primeur prices
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...
Learn more
Article
Red obsession : the ascent of fine wine in China
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...
Learn more
Article
A study of the performance of fine wine on the Swiss market
This paper studies the price evolution and the performance of an investment in fine wine on the Swiss market over the period 2002-2012. Using a repeat-sales-regression approach we calculate different wine indices based on auction hammer prices...
Learn more
Article
Wine indices in practice : nicely labeled but slightly corked
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...
Learn more
Article
When rationality meets passion : on the financial performance of collectibles
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)...
Learn more
Article
Family ownership, asset levels, and firm performance in Western European hospitality companies
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...
Learn more
Article
Attributes’ specification of wine indexes : is devil in the details?
The dispersion of prices on the fine wines market raises the issue of the wine price index construction and valuation of wine funds. In this paper, we first propose an extended hedonic function to better control good heterogeneity (which is a major...
Learn more
Article
Last frontier investments : the case of Alpine wines
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...
Learn more
Article
Did wine consumption change during the COVID-19 lockdown in France, Italy, Spain, and Portugal?
This article documents how the COVID-19 crisis has affected the drinking behavior of Latin European wine consumers. Using a large online survey conducted during the first lockdown in France, Italy, Portugal, and Spain (n = 7,324 individuals), we...
Learn more
Article
Mitigating downside risk of portfolio diversification : wine versus other tangible assets
Investors increasingly use tangible assets and especially wine to reduce the volatility of their portfolios through improved diversification. However, these assets are long-horizon investments, and therefore, short-term fluctuations (volatility) are...
Learn more
Article
New York restaurants : a wine odyssey between 1865 and 1920
We examine the existence of wine in New York City restaurant menus over the period 1865 to 1920 for a sample of 850,000 restaurant menu items and 51,000 wines. Wine was already commonly present on menus in 1865, and its offering increased up until...
Learn more
Article
Analyzing the risks of an illiquid and global asset : the case of fine wine
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...
Learn more
Article
At what price should Bordeaux wines be released?
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...
Learn more
Article
Cross-dimensional measures of asset lightness and fee orientation in lodging groups
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...
Learn more
Article
The impact of wine tasters’ expectations on wine quality ratings and willingness-to-pay
Is it possible to exploit cognitive biases so that a non-professional taster prefers one wine to several other absolutely identical wines? To address this question, three complementary experiments were carried out. Each time, five wines were tasted...
Learn more
Article
Fine wine pricing in a small and highly competitive market
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....
Learn more
Article
Efficient pricing of Bordeaux en primeur wines
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...
Learn more
Article
To share or not to share: An analysis of wine list disclosure by Swiss restaurant owners
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...
Learn more
Article
In family we trust—In good and bad times
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...
Learn more
Article
Can a wine be feminine? Gendered wine descriptors and quality, price, and aging potential
By analyzing more than 1,400 expert tasting notes, we assess the so-called gender profile of Bordeaux wines. We identify 329 gender-related wine descriptors, with a good balance between masculine and feminine descriptors. Some wines and vintages are...
Learn moreJournal publications
Masset, P. (2024). Market segments and pricing of fine wines over their lifecycle. Economic Modelling, 141, 106915.
Masset, P. and Weisskopf, J.-P. (2024). From risk to reward: the strategic advantages of diversifying grape varietals. International Journal of Contemporary Hospitality Management, 36(8), 2555-2581.
Masset, P., Poretti, C., & Weisskopf, J.-P. (2024). In family we trust—In good and bad times. International Review of Finance, 24(1), 128-138.
Gergaud, O., Masset, P., Pedrinelli, A., & Weisskopf, J. (2024). To share or not to share: An analysis of wine list disclosure by Swiss restaurant owners. Journal of Wine Economics, 19(1), 4-18.
Masset, P., Terrier, L., & Livat, F. (2023). Can a wine be feminine? Gendered wine descriptors and quality, price, and aging potential. Journal of Wine Economics, 18(4), 273-285.
Masset, P., Weiskopf, J. P., & Cardebat, J. M. (2023). Efficient pricing of Bordeaux en primeur wines. Journal of Wine Economics, 18(1), 39-65.
Masset, P., & Raub, S. (2023). The impact of wine tasters’ expectations on wine quality ratings and willingness-to-pay. Journal of Wine Economics, 18(2), 156-172.
Lussi, S., Masset, P., Weisskopf, J.-P., & Blal, I. (2023). Cross-dimensional measures of asset lightness and fee orientation in lodging groups. International Journal of Hospitality Management, 109, 103391.
Masset, P., Mondoux, A., & Weisskopf, J. P. (2023). Fine wine pricing in a small and highly competitive market. International Journal of Wine Business Research, 35(1), 164-186.
Masset, P., & Weisskopf, J.-P. (2022). At what price should Bordeaux wines be released? Economic Inquiry, 60(1), 392-412.
Masset, P., Weisskopf, J. P., Cardebat, J. M., Faye, B., & Le Fur, E. (2021). Analyzing the risks of an illiquid and global asset: The case of fine wine. The quarterly review of economics and finance, 82, 1-25.
Masset, P., & Weisskopf, J. P. (2021). New York restaurants: a wine odyssey between 1865 and 1920. Cornell Hospitality Quarterly, 62(3), 297-312.
Masset, P., & Maurer, F. (2021). Mitigating downside risk of portfolio diversification: wine versus other tangible assets. Economic modelling, 102, 105579.
Dubois, M., Agnoli, L., Cardebat, J.-M., Compés, R., Faye, B., Frick, B., Gaeta, D., Giraud-Héraud, E., Le Fur, E., Livat, F., Malorgio, G., Masset, P., Meloni, G., Pinilla, V., Rebelo, J., Rossetto, L., Schamel, G., & Simon-Elorz, K. (2021). Did wine consumption change during the COVID-19 lockdown in France, Italy, Spain, and Portugal?. Journal of wine economics, 16(2), 131-168.
Masset, P., Weisskopf, J.-P., & Fauchery, C. (2020). Last Frontier Investments: The Case of Alpine Wines. Journal of Wine Economics, 15(2), 181-206.
Masset, P., Uzelac, I., & Weisskopf, J.-P. (2019). Family Ownership, Asset Levels and Firm Performance in Western European Hospitality Companies. Journal of Hospitality and Tourism Research, 46(3), 867-889.
Masset, P., & Weisskopf, J.-P. (2018). Wine indices in practice: Nicely labeled but slightly corked. Economic Modelling, 68, 555-569.
Masset, P., Weisskopf, J.-P., Faye, B., & Le Fur, E. (2016). Red obsession: the ascent of red wine in China. Emerging Markets Review, 29, 200-225.
Masset, P., & Weisskopf, J.-P. (2016). A study of the performance of fine wine on the Swiss market. International Journal of Entrepreneurship and Small Business, 26(4), 566-582.
Masset, P., Weisskopf, J.-P., & Cossutta, M. (2015). Wine tasters, ratings and en primeur prices. Journal of Wine Economics, 10(1), 75-107.
Masset, P., & Weisskopf, J.-P. (2015). Wine funds - an alternative turning sour? Journal of Alternative Investments, 17(4), 6-20. Masset, P., & Weisskopf, J.-P. (2014). Le placement dans le vin: à consommer avec modération. L'Expert-comptable suisse, 9, 24-28.
Masset, P., & Henderson, C. (2010). Wine as an alternative asset class. Journal of Wine Economics, 5(1), 87-118.