Associate Professor
Expertise
Biography
Jean-Philippe, PhD, is an Associate Professor of Finance at EHL (EHL) and Visiting Professor at the University of Fribourg (CH). He holds a PhD from the University of Fribourg (CH) and has had working experience in Private Banking in Switzerland. His research interests focus on empirical corporate finance, family owned businesses and wine economics.
Jean-Philippe is a founding member of the Alliance for Research on Wine & Hospitality Management and Bordeaux Wine Economics. He has published in top-ranked peer-reviewed journals such as the Journal of Banking & Finance, the Journal of Corporate Finance, Applied Economics or the Journal of International Financial Markets, Institutions and Money.
He is also the author of a large number of publications on wine economics in the Journal of Wine Economics, Economic Modelling or Emerging Markets Review. He has contributed to book chapters and conference proceedings and was named researcher of the year 2016 at EHL.
Awards
Education
Courses Taught
Teaching Location
Article
Pay-out policies in founding family firms
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...
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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...
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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...
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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...
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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...
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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...
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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)...
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Article
Behavioural heterogeneity in wine investments
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...
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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...
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Article
The price of international equity ETFs : the role of relative liquidity
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...
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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...
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Article
Breaking bad : an investment in cannabis
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...
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Article
What if dividends were tax-exempt ? : evidence from a natural experiment
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...
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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...
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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...
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Article
Chasing dividends during the COVID?19 pandemic
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...
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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...
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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...
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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....
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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...
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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...
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Article
Online reputation and Debt Capacity
This paper explores the effects of online customer ratings on financial policy. 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...
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Poretti, C., Weisskopf, J. P., & de Régie, P. D. V. (2024). Innovative business strategies, corporate performance, and firm value in the travel and leisure industry. International Journal of Hospitality Management, 118, 103683.
Weisskopf, J. P. (2024). Simplifying the complex: 10-K readability and asset structure. International Journal of Hospitality Management, 119, 103705.
Masset, P., & 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.
Derrien, F., Garel, A., Petit-Romec, A., & Weisskopf, J.-P. (2024). Online reputation and Debt Capacity. Journal of Financial and Quantitative Analysis, 59(3), 1100-1140.
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.
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.
Eugster, N., Ducret, R., Isakov, D., & Weisskopf, J. P. (2022). Chasing dividends during the COVID‐19 pandemic. International review of finance, 22(2), 335-345.
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.
Isakov, D., Pérignon, C., & Weisskopf, J.-P. (2021). What If Dividends Were Tax-Exempt? Evidence from a Natural Experiment. The Review of Financial Studies, 34(12), 5756-5795.
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., Weisskopf, J.-P., & Fauchery, C. (2020). Last Frontier Investments: The Case of Alpine Wines. Journal of Wine Economics, 15(2), 181-206.
Weisskopf, J.-P. (2020). Breaking bad: An investment in cannabis. Finance Research Letters, 33, 101201.
Atanasova, C., & Weisskopf, J.-P. (2020). The price of international equity ETFs: The role of relative liquidity. Journal of International Financial Markets, Institutions and Money, 65, 101190.
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.
Fernandez-Perez, A., Frijns, B., Tourani-Rad, A., & Weisskopf, J.-P. (2019). Behavioural heterogeneity in wine investments. Applied Economics, 51(30), 3236-3255.
Masset, P., & Weisskopf, J.-P. (2018). Wine indices in practice: Nicely labeled but slightly corked. Economic Modelling, 68, 555-569.
Eugster, Masset, P., & Weisskopf, J.-P. (2018). When Rationality meets Passion: On the Financial Performance of Collectibles. Journal of Alternative Investments, 21(2), 66-83.
Isakov, D., & Weisskopf, J.-P. (2017). Les dividendes exonérés d'impôts en Suisse. Expert Focus, 9, 35-39
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.
Isakov, D., & Weisskopf, J.-P. (2015). Pay-out policies in founding family firms. Journal of Corporate Finance, 33, 330-344.
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., & Cossutta, M. (2015). Wine tasters, ratings and en primeur prices. Journal of Wine Economics, 10 (1), 75-107.
Isakov, D., & Weisskopf, J.-P. (2014). Are founding families special blockholders? An investigation of controlling shareholder influence on firm performance. Journal of Banking & Finance, 41, 1-16.
Isakov, D., & Weisskopf, J.-P. (2014). La politique de dividende des entreprises familiales. L'Expert-comptable suisse, 9, 56-60.
Masset, P., & Weisskopf, J.-P. (2014). Le placement dans le vin: à consommer avec modération. L'Expert-comptable suisse, 9, 24-28
Isakov, D., & Weisskopf, J.-P. (2013). Les familles fondatrices sont-elles des actionnaires spéciaux? Influence d'un actionnariat concentré sur la performance des entreprises suisses. L'Expert-comptable suisse, (3).