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Dr Philippe Masset

Philippe Masset , PhD


PhD in Finance, University of Fribourg


Associate Professor

Teaching Location(s)

EHL Campus Lausanne

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., Mondoux, A. & Weisskopf, J.-P. (Forthcoming). Fine wine pricing in a small and highly competitive market. International Journal of Wine Business Research. Retrieved from https://doi.org/10.1108/IJWBR-10-2021-0054

Masset, P., & Weisskopf, J.-P. (2022). At what price should Bordeaux wines be released? Economic Inquiry. https://doi.org/10.1111/ecin.12997.

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. https://doi.org/10.1016/j.qref.2021.06.023.

Masset, P., & Weisskopf, J.-P. (2021). New York Restaurants: A Wine Odyssey Bewteen 1865 and 1920. Cornelle Hospitality Quarterly, 1-16. https://doi.org/10.1177/19389655211009852

Masset, P., & Maurer, F. (2021). Mitigating downside risk of portfolio diversification: Wine versus other tangible assets. Economic Modelling. https://doi.org/10.1016/j.econmod.2021.105579

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).

Masset, P., Weisskopf, J.-P., & Fauchery, C. (2020). Last Frontier Investments: The Case of Alpine Wines. Journal of Wine Economics, 15(2), 181-206. https://doi.org/10.1017/jwe.2019.30

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. https://doi.org/10.1177%2F1096348019849665

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). https://doi.org/10.1142/9789813232747_0012

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). https://doi.org/10.1142/9789813232747_0012

Masset, P., & Weisskopf, J.-P. (2018). Wine indices in practice: Nicely labeled but slightly corked. Economic Modelling, 68, 555-569. https://doi.org/10.1016/j.econmod.2017.03.025

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. https://doi.org/10.1016/j.ememar.2016.08.014

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. https://doi.org/10.1504/IJESB.2016.079966

Masset, P., Weisskopf, J.-P., & Cossutta, M. (2015). Wine tasters, ratings and en primeur prices. Journal of Wine Economics, 10 (1), 75-107. https://doi.org/10.1017/jwe.2015.1

Masset, P., & Weisskopf, J.-P. (2015). Wine funds - an alternative turning sour? Journal of Alternative Investments, 17(4), 6-20. https://doi.org/10.3905/jai.2015.17.4.006

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. https://doi.org/10.1057/9781137289520_10

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

Funded Research Projects

Masset, P. & Weisskopf, J-P., Project: COVID-19 : Gérer la crise et préparer le futur de l’industrie viticole suisse, Date : 11.05.2020 to 11.11.2020, External fundraising : HES-SO.


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)