Christophe Spaenjers

University of Colorado Boulder - Leeds School of Business

Boulder, CO 80309-0419

United States

http://christophespaenjers.com

SCHOLARLY PAPERS

30

DOWNLOADS
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SSRN RANKINGS

Top 2,376

in Total Papers Downloads

27,936

TOTAL CITATIONS
Rank 3,546

SSRN RANKINGS

Top 3,546

in Total Papers Citations

191

Scholarly Papers (30)

1.

Buying Beauty: On Prices and Returns in the Art Market

Management Science, Vol. 59, No. 1, 2013
Number of pages: 33 Posted: 26 Feb 2020
Luc Renneboog and Christophe Spaenjers
Tilburg University - Department of Finance and University of Colorado Boulder - Leeds School of Business
Downloads 3,974 (5,764)
Citation 35

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art, auctions, hedonic regressions, investments, repeat-sales regressions, sentiment

2.
Downloads 3,307 ( 7,806)
Citation 38

Art and Money

Yale ICF Working Paper No. 09-26, TILEC Discussion Paper No. 2010-002, CentER Discussion Paper Series No. 2010-08
Number of pages: 34 Posted: 26 Feb 2020
William N. Goetzmann, Luc Renneboog and Christophe Spaenjers
Yale School of Management - International Center for Finance, Tilburg University - Department of Finance and University of Colorado Boulder - Leeds School of Business
Downloads 3,080 (8,577)
Citation 15

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Art market, Equities, Income inequality, Cointegration, Comovement

Art and Money

NBER Working Paper No. w15502
Number of pages: 41 Posted: 26 Feb 2020 Last Revised: 12 May 2023
William N. Goetzmann, Luc Renneboog and Christophe Spaenjers
Yale School of Management - International Center for Finance, Tilburg University - Department of Finance and University of Colorado Boulder - Leeds School of Business
Downloads 227 (282,834)
Citation 23

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3.

The Price of Wine

Journal of Financial Economics (JFE), Vol. 118, No. 2, 2015, pages 431–449
Number of pages: 50 Posted: 07 Sep 2013 Last Revised: 19 Mar 2016
Elroy Dimson, Peter L. Rousseau and Christophe Spaenjers
University of Cambridge - Judge Business School, Vanderbilt University - Department of Economics and University of Colorado Boulder - Leeds School of Business
Downloads 3,232 (8,090)
Citation 8

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wine prices; alternative investments; price indexes; psychic return; bubbles

4.

The Rate of Return on Real Estate: Long-Run Micro-Level Evidence

HEC Paris Research Paper No. FIN-2019-1342
Number of pages: 59 Posted: 25 Jun 2019 Last Revised: 06 Jan 2021
David Chambers, Christophe Spaenjers and Eva Steiner
University of Cambridge - Judge Business School, University of Colorado Boulder - Leeds School of Business and Pennsylvania State University - Smeal College of Business
Downloads 2,044 (16,770)
Citation 8

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real estate, income growth, income yields, property prices, long-run returns

5.

The Investment Performance of Art and Other Collectibles

Chapter 10 of Anna Dempster (Ed), Risk and Uncertainty in the Art World, Bloomsbury Publishing, 2014, pages 219–238
Number of pages: 19 Posted: 02 Sep 2013 Last Revised: 19 Mar 2016
Elroy Dimson and Christophe Spaenjers
University of Cambridge - Judge Business School and University of Colorado Boulder - Leeds School of Business
Downloads 1,657 (23,292)
Citation 2

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alternative investments, collectibles, luxury goods, price indexes, investment risks

6.

Ex Post: The Investment Performance of Collectible Stamps

Journal of Financial Economics (JFE), Vol. 100, No. 2, 2011, pages 443–458
Number of pages: 40 Posted: 06 Aug 2009 Last Revised: 20 Mar 2016
Elroy Dimson and Christophe Spaenjers
University of Cambridge - Judge Business School and University of Colorado Boulder - Leeds School of Business
Downloads 1,211 (37,022)
Citation 5

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Alternative investments, Indexes, Long-term returns, Philately, Stamps

7.

Investing in Emotional Assets

Financial Analysts Journal, Vol. 70, No. 2, 2014, pages 18–22
Number of pages: 10 Posted: 31 Jan 2014 Last Revised: 19 Mar 2016
Elroy Dimson and Christophe Spaenjers
University of Cambridge - Judge Business School and University of Colorado Boulder - Leeds School of Business
Downloads 1,190 (38,009)
Citation 5

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alternative investments, collectibles, luxury goods, price indexes, investment risks

8.

Biased Auctioneers

Journal of Finance, Forthcoming
Number of pages: 46 Posted: 20 Mar 2019 Last Revised: 21 Feb 2023
Mathieu Aubry, Roman Kräussl, Gustavo Manso and Christophe Spaenjers
Ecole Nationale des Ponts et Chaussées (ENPC), Bayes Business School (formerly Cass), University of California, Berkeley - Haas School of Business and University of Colorado Boulder - Leeds School of Business
Downloads 1,079 (43,894)
Citation 3

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art, auctions, experts, asset valuation, biases, machine learning, computer vision

9.

Religion, Economic Attitudes, and Household Finance

Oxford Economic Papers, Vol. 64, No. 1, 2012
Number of pages: 30 Posted: 19 May 2009 Last Revised: 13 Mar 2013
Luc Renneboog and Christophe Spaenjers
Tilburg University - Department of Finance and University of Colorado Boulder - Leeds School of Business
Downloads 1,078 (43,941)
Citation 6

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Religion, Economic attitudes, Household finance, Culture, Portfolio choice

10.

Specialization and Performance in Private Equity: Evidence from the Hotel Industry

Number of pages: 60 Posted: 16 Dec 2020 Last Revised: 18 Apr 2024
Christophe Spaenjers and Eva Steiner
University of Colorado Boulder - Leeds School of Business and Pennsylvania State University - Smeal College of Business
Downloads 1,067 (44,579)
Citation 2

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private equity, investment performance, firm ownership, real estate

11.

A Model of Trading in the Art Market

American Economic Review, Vol. 108, No. 3, 2018
Number of pages: 73 Posted: 26 Feb 2020
Stefano Lovo and Christophe Spaenjers
HEC Paris - Finance Department and University of Colorado Boulder - Leeds School of Business
Downloads 949 (52,462)
Citation 9

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art; auctions; endogenous trading; price indexes; private values; returns

The Economics of Aesthetics and Record Prices for Art since 1701

Explorations in Economic History, Vol. 57, 2015
Number of pages: 38 Posted: 12 Aug 2014 Last Revised: 18 Jan 2016
Christophe Spaenjers, William N. Goetzmann and Elena Mamonova
University of Colorado Boulder - Leeds School of Business, Yale School of Management - International Center for Finance and Independent
Downloads 738 (72,590)
Citation 15

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art; auctions; price formation; price indexes; private values; record prices

The Economics of Aesthetics and Three Centuries of Art Price Records

NBER Working Paper No. w20440
Number of pages: 26 Posted: 24 Feb 2020 Last Revised: 08 May 2023
William N. Goetzmann, Elena Mamonova and Christophe Spaenjers
Yale School of Management - International Center for Finance, Independent and University of Colorado Boulder - Leeds School of Business
Downloads 204 (313,608)

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13.
Downloads 931 (53,858)
Citation 10

Art as an Asset: Evidence from Keynes the Collector

Number of pages: 39 Posted: 26 Feb 2020 Last Revised: 11 Mar 2020
David Chambers, Elroy Dimson and Christophe Spaenjers
University of Cambridge - Judge Business School, University of Cambridge - Judge Business School and University of Colorado Boulder - Leeds School of Business
Downloads 920 (53,942)
Citation 1

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alternative investments; art; portfolios; price indexes; indivisible assets; concentration

Art as an Asset: Evidence from Keynes the Collector

CEPR Discussion Paper No. DP14357
Number of pages: 42 Posted: 11 Feb 2020 Last Revised: 02 Mar 2020
David Chambers, Elroy Dimson and Christophe Spaenjers
University of Cambridge - Judge Business School, University of Cambridge - Judge Business School and University of Colorado Boulder - Leeds School of Business
Downloads 11 (1,278,876)
Citation 9
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14.

Hard Assets: The Returns on Rare Diamonds and Gems

Finance Research Letters, Vol. 9, No. 4, 2012
Number of pages: 16 Posted: 26 May 2011 Last Revised: 13 Mar 2013
Luc Renneboog and Christophe Spaenjers
Tilburg University - Department of Finance and University of Colorado Boulder - Leeds School of Business
Downloads 751 (72,089)
Citation 3

Abstract:

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alternative investments; auctions, diamonds, gems, hedonic regression, luxury goods

15.

The Long-Term Returns to Durable Assets

HEC Paris Research Paper No. FIN-2016-1143
Number of pages: 11 Posted: 12 Mar 2016 Last Revised: 26 Apr 2016
Christophe Spaenjers
University of Colorado Boulder - Leeds School of Business
Downloads 597 (96,676)

Abstract:

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returns; housing; land; art, collectibles; gold; silver; diamonds

16.

Investment Returns and Economic Fundamentals in International Art Markets

Cosmopolitan Canvases, Oxford University Press, 2015
Number of pages: 25 Posted: 26 Feb 2020
Luc Renneboog and Christophe Spaenjers
Tilburg University - Department of Finance and University of Colorado Boulder - Leeds School of Business
Downloads 564 (103,872)
Citation 1

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economics of art, art markets, home bias, geographical market segmentation, art auctions, hedonic regression

17.
Downloads 563 (104,098)
Citation 26

Real and Private-Value Assets

HEC Paris Research Paper No. FIN-2021-1421, Columbia Business School Research Paper Forthcoming
Number of pages: 37 Posted: 12 Mar 2021 Last Revised: 23 Aug 2021
William N. Goetzmann, Christophe Spaenjers and Stijn Van Nieuwerburgh
Yale School of Management - International Center for Finance, University of Colorado Boulder - Leeds School of Business and Columbia University Graduate School of Business
Downloads 499 (119,280)

Abstract:

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real estate, infrastructure, collectibles, entrepreneurship, sustainable investing

Real and Private-Value Assets

NBER Working Paper No. w28580
Number of pages: 38 Posted: 22 Mar 2021 Last Revised: 03 Feb 2023
William N. Goetzmann, Christophe Spaenjers and Stijn Van Nieuwerburgh
Yale School of Management - International Center for Finance, University of Colorado Boulder - Leeds School of Business and Columbia University Graduate School of Business
Downloads 55 (802,809)

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Real and Private Value Assets

CEPR Discussion Paper No. DP16083
Number of pages: 40 Posted: 14 May 2021
William N. Goetzmann, Christophe Spaenjers and Stijn Van Nieuwerburgh
Yale School of Management - International Center for Finance, University of Colorado Boulder - Leeds School of Business and Columbia University Graduate School of Business
Downloads 9 (1,302,511)
Citation 26
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18.

Sentiment and Art Prices

Economics Letters, Vol. 122, No. 3, 2014
Number of pages: 9 Posted: 26 Feb 2020
Julien Pénasse, Luc Renneboog and Christophe Spaenjers
University of Luxembourg, Tilburg University - Department of Finance and University of Colorado Boulder - Leeds School of Business
Downloads 509 (117,945)
Citation 1

Abstract:

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art; return predictability; sentiment; fads

19.

'We'll Always Have Paris': Out-of-Country Buyers in the Housing Market

Number of pages: 46 Posted: 06 Oct 2018 Last Revised: 01 May 2020
Dragana Cvijanovic and Christophe Spaenjers
Cornell SC Johnson College of Business and University of Colorado Boulder - Leeds School of Business
Downloads 478 (127,215)
Citation 4

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foreign home buyers; secondary residences; bargaining; information asymmetries

20.

Organizational and Epistemic Change: The Growth of the Art Investment Field

Accounting, Organizations and Society 55, 48-62
Number of pages: 46 Posted: 07 Sep 2013 Last Revised: 26 Apr 2017
Erica Coslor and Christophe Spaenjers
University of Melbourne - Department of Management and Marketing and University of Colorado Boulder - Leeds School of Business
Downloads 401 (156,425)
Citation 5

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Accounting and financial knowledge claims; Art investment; Epistemic cultures; Performance measurement; Technical fields; Valuation practices

21.

Energy Labels, Misreporting, and Heuristic Hedonic Models

Number of pages: 35 Posted: 17 Apr 2023 Last Revised: 14 Feb 2025
Xinyu Lu and Christophe Spaenjers
HEC Paris - Finance Department and University of Colorado Boulder - Leeds School of Business
Downloads 268 (241,213)

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energy efficiency, energy labels, house prices, hedonic models, bunching

22.

The Dutch Grey Market

De Economist, Vol. 159, No. 1, 2011
Number of pages: 22 Posted: 22 Oct 2008 Last Revised: 13 Mar 2013
Luc Renneboog and Christophe Spaenjers
Tilburg University - Department of Finance and University of Colorado Boulder - Leeds School of Business
Downloads 252 (256,743)

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Capital markets, Law of one price, Stock splits, When-issued trading

23.

Subjective Life Horizon and Portfolio Choice

Journal of Economic Behavior and Organization, Vol. 116, 2015
Number of pages: 34 Posted: 12 Jan 2013 Last Revised: 16 Jan 2016
Christophe Spaenjers and Sven Michael Spira
University of Colorado Boulder - Leeds School of Business and HEC Paris - Finance Department
Downloads 237 (272,641)
Citation 4

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portfolio choice, investment horizon, subjective expectations, life expectancy, bequests

24.
Downloads 184 (346,226)

Trading at Round Numbers

Number of pages: 29 Posted: 05 Dec 2024
Samuel Rosen and Christophe Spaenjers
Temple University, Fox School of Business and University of Colorado Boulder - Leeds School of Business
Downloads 162 (386,832)

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art valuations, rounding, information, collectors, speculators, list prices, offers, NFTs

Trading at Round Numbers

Fox School of Business Research Paper, Proceedings of the EUROFIDAI-ESSEC Paris December Finance Meeting 2024
Number of pages: 29 Posted: 12 Dec 2024
Christophe Spaenjers and Samuel Rosen
University of Colorado Boulder - Leeds School of Business and Temple University, Fox School of Business
Downloads 22 (1,130,935)

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25.

Bank Competition and Bargaining over Refinancing

Number of pages: 45 Posted: 24 Oct 2022 Last Revised: 10 Sep 2024
Marina Emiris, Francois Koulischer and Christophe Spaenjers
National Bank of Belgium - Research Department, University of Luxembourg and University of Colorado Boulder - Leeds School of Business
Downloads 132 (457,482)

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mortgage markets, refinancing, bargaining, bank competition, switching costs

26.
Downloads 110 (526,333)
Citation 1

The Iconic Boom in Modern Russian Art

Number of pages: 26 Posted: 11 Oct 2021
Luc Renneboog and Christophe Spaenjers
Tilburg University - Department of Finance and University of Colorado Boulder - Leeds School of Business
Downloads 110 (530,080)
Citation 1

Abstract:

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art market, auctions, pricing art, hedonic model, economics of art, cultural economics

The Iconic Boom in Modern Russian Art

Journal of Alternative Investments, Vol. 13, No. 3, 2011, https://doi.org/10.3905/jai.2011.13.3.067
Posted: 26 Feb 2020
Luc Renneboog and Christophe Spaenjers
Tilburg University - Department of Finance and University of Colorado Boulder - Leeds School of Business

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Art, Emerging markets, Hedonic regressions, Wealth

27.

Access to Underground Credit Markets: Evidence from a Cash Transfer Program

Number of pages: 59 Posted: 11 Dec 2022
Álvaro Gallegos, Kristien Smedts and Christophe Spaenjers
KU Leuven - Faculty of Business and Economics (FEB), KU Leuven - Faculty of Economics and Business (FEB) and University of Colorado Boulder - Leeds School of Business
Downloads 108 (533,462)

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28.

No-Trade in Second-Price Auctions with Entry Costs and Secret Reserve Prices

Economics Letters, Vol. 156, July 2017
Number of pages: 8 Posted: 07 Jun 2016 Last Revised: 23 Sep 2018
Stefano Lovo and Christophe Spaenjers
HEC Paris - Finance Department and University of Colorado Boulder - Leeds School of Business
Downloads 53 (800,416)

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auctions; entry; participation costs; reserve prices; no-trade equilibria

29.

Race, Rental Yields, and Housing Decay in Manhattan

Number of pages: 81 Posted: 20 Mar 2025
Tom Nicholas and Christophe Spaenjers
Harvard University - Entrepreneurial Management Unit and University of Colorado Boulder - Leeds School of Business
Downloads 38 (932,973)

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housing markets, rental yields, urban decay, race, Manhattan

30.

The Fine Art of Financing: The Jpmorgan Private Bank and Lending Against Art

Darden Case No. UVA-F-1760
Number of pages: 14 Posted: 30 May 2017 Last Revised: 27 Dec 2021
Richard B. Evans, Roman Kräussl, Pedro Matos and Christophe Spaenjers
University of Virginia - Darden School of Business, Bayes Business School (formerly Cass), University of Virginia - Darden School of Business and University of Colorado Boulder - Leeds School of Business
Downloads 30 (1,004,154)
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investment asset, art, illiquid assets, investment vehicles, video