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Dr Philippe Masset

Philippe Masset , PhD


PhD in Finance, University of Fribourg


Associate Professor

Teaching Location(s)

EHL Campus Lausanne

Courses and Modules Taught

• Portfolio Management
• Investment Strategies in Wine

Teaching Subject(s)

Portfolio Management
Wine Economics & Finance
Investment Strategies in Wine

Area(s) of Expertise

Alternative investments
Empirical finance
Hospitality financial management
Wine economics

Short Bio

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).

Publications in Peer-Reviewed Journals

Masset, P. and Weisskopf, J.-P. (forthcoming). From risk to reward: the strategic advantages of diversifying grape varietals. International Journal of Contemporary Hospitality Management.

Masset, P., Poretti, C. & Weisskopf, J.-P. (Forthcoming). In family we trust—In good and bad times. International Review of Finance

Masset, P., Terrier, L., & Livat, F. (forthcoming). Can a wine be feminine? Gendered wine descriptors and quality, price, and aging potential. Journal of Wine Economics, 1–13.

Gergaud, O., Masset, P., Pedrinelli, A., & Weisskopf, J. (Forthcoming). To share or not to share: An analysis of wine list disclosure by Swiss restaurant owners. Journal of Wine Economics.

Masset, P., Weiskopf, J.-P., & Cardebat, J. (Forthcoming). Efficient pricing of Bordeaux en primeur wines. Journal of Wine Economics.

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.

Masset, P., Mondoux, A. & Weisskopf, J.-P. (2023). Fine wine pricing in a small and highly competitive market. International Journal of Wine Business Research. Retrieved from

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., & Weisskopf, J.-P. (2022). At what price should Bordeaux wines be released? Economic Inquiry.

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.

Masset, P., & Weisskopf, J.-P. (2021). New York Restaurants: A Wine Odyssey Bewteen 1865 and 1920. Cornelle Hospitality Quarterly, 1-16.

Masset, P., & Maurer, F. (2021). Mitigating downside risk of portfolio diversification: Wine versus other tangible assets. Economic Modelling.

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).

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). Raise your glass: Wine investment and the financial crisis. In O. Ashenfelter et al. (Eds.) Handbook of the Economics of Wine (pp. 271-296).

Masset, P., & Henderson, C. (2018). Wine as an asset class. In O. Ashenfelter et al. (Eds.), Handbook of the Economics of Wine (pp. 271-295).

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., & Weisskopf, J.-P. (2013). Wine as an alternative asset class. In Giraud-Héraud, E., & Pichery, M.C. (Eds.), Wine Economics. Applied Econometrics Association Series. Palgrave Macmillan: London.

Masset, P., & Henderson, C. (2010). Wine as an alternative asset class. Journal of Wine Economics, 5(1), 87-118.

Funded Research Projects

Philippe Masset's Projects


Best conference presentation at the annual meeting of the AAWE, Princeton University (2012)
Award for the best paper at the Annual Meeting of the European Association of Wine Economics, University of Angers (2011) and University of Brno (2015)
Vigener Prize for the best Ph.D. dissertation at the Faculty of Economics and Social Sciences, University of Fribourg (2012)