{ "publisher": "BoomCellar", "url": "https://boomcellar.com/research", "licence": "BoomCellar's notes and this list are free to use, including commercially, with attribution to BoomCellar (https://boomcellar.com). The works listed belong to their authors and publishers; follow the link to read them.", "links_checked": "2026-10-03", "count": 15, "rows": [ { "id": "bc-monitor-2026-09", "kind": "own", "title": "Wine Stocks Monthly Brief, No. 1 — The month in listed wine (September 2026)", "authors": [ "BoomCellar" ], "venue": "Zenodo; boomcellar.com/brief", "year": 2026, "doi": "10.5281/zenodo.23049339", "url": "https://boomcellar.com/brief/2026-09", "locator": "Issue 1, published 24 September 2026, source cut-off 22 September 2026", "checked": "2026-10-04", "relation": "data", "note": "The first issue of BoomCellar's monthly source-linked record of listed wine companies. It sets out what issuers reported in the month, which dated events had not yet happened at the cut-off, and what changed in the tracked register. Every issuer figure carries a source URL, an access date and a locator, and registry counts are resolved from the register rather than typed. The issue deliberately prints no index level or return, because a level computed for it could not have been reproduced from the same snapshot. The Zenodo deposit fixes the text of the issue under a DOI, so a citation points at exactly what was published.", "links": [ { "href": "https://doi.org/10.5281/zenodo.23049339", "status": 200, "ok": true, "final": "https://zenodo.org/doi/10.5281/zenodo.23049339", "checked": "2026-10-04" }, { "href": "https://boomcellar.com/brief/2026-09", "status": 200, "ok": true, "final": "https://boomcellar.com/brief/2026-09", "checked": "2026-10-04" } ] }, { "id": "bc-methodology", "kind": "own", "title": "BoomCellar wine stock indices — methodology", "authors": [ "BoomCellar" ], "venue": "Zenodo; boomcellar.com/methodology", "year": 2026, "doi": "10.5281/zenodo.23092835", "url": "https://boomcellar.com/methodology", "locator": "Concept DOI: resolves to the newest deposited version", "checked": "2026-10-03", "relation": "method", "note": "The versioned rules of the WINE, CRU and EAST indices: eligibility, weighting, base, corporate actions, corrections and a dated changelog from which the version number is derived. A listed company is eligible when more than half of its revenue comes from selling wine. The web page and its PDF render the same sections. The DOI given here is the Zenodo concept DOI, which always resolves to the newest deposited version; the version served on the site can be newer than the latest deposit, and the changelog records each change with its date. Cite the concept DOI together with the version number you read.", "links": [ { "href": "https://doi.org/10.5281/zenodo.23092835", "status": 200, "ok": true, "final": "https://zenodo.org/doi/10.5281/zenodo.23092835", "checked": "2026-10-03" }, { "href": "https://boomcellar.com/methodology", "status": 200, "ok": true, "final": "https://boomcellar.com/methodology", "checked": "2026-10-03" } ] }, { "id": "bc-factsheets", "kind": "own", "title": "BoomCellar Wine Stock Index (BCWINE) — monthly factsheet", "authors": [ "BoomCellar" ], "venue": "boomcellar.com/factsheets", "year": 2026, "doi": null, "url": "https://boomcellar.com/factsheets/wine-latest.pdf", "locator": "One PDF per month; earlier months stay at /factsheets/wine-YYYY-MM.pdf", "checked": "2026-10-03", "relation": "data", "note": "A one-page PDF for the WINE index, issued monthly. Each month keeps its own address, so an earlier factsheet can still be cited, and the latest is always at the same link. A factsheet states the index level with its as-of date, the one-month, three-month and since-base changes, the number of constituents, the countries they come from and the largest weight, all taken from the same records the site serves. The publishing routine checks that the current month's file exists, so a missed month is reported rather than silently skipped. It summarises the series; it is not a forecast and not a recommendation.", "links": [ { "href": "https://boomcellar.com/factsheets/wine-latest.pdf", "status": 200, "ok": true, "final": "https://boomcellar.com/factsheets/wine-latest.pdf", "checked": "2026-10-03" } ] }, { "id": "bc-register", "kind": "own", "title": "BoomCellar datasets — the register of listed wine companies and its derived files", "authors": [ "BoomCellar" ], "venue": "boomcellar.com/data", "year": 2026, "doi": null, "url": "https://boomcellar.com/data", "locator": "CSV, Excel, an all-in-one workbook and a Frictionless data package", "checked": "2026-10-03", "relation": "data", "note": "The register of listed wine companies and the datasets derived from it: companies, delisted companies, the investor calendar, the IPO pipeline and the changes log, each as CSV and Excel, plus an all-in-one workbook and a Frictionless data package. Every company row carries a permanent BoomCellar ID that is never reused, so files join without matching on names. Dates are ISO 8601, and an empty cell means not known rather than zero. The files are derived from the same registries the pages render, so a page and its download cannot disagree. They are free to use, including commercially, with attribution.", "links": [ { "href": "https://boomcellar.com/data", "status": 200, "ok": true, "final": "https://boomcellar.com/data", "checked": "2026-10-03" } ] }, { "id": "bc-register-hf", "kind": "own", "title": "Listed wine companies — the BoomCellar register (Hugging Face mirror)", "authors": [ "BoomCellar" ], "venue": "Hugging Face Datasets", "year": 2026, "doi": null, "url": "https://huggingface.co/datasets/jukkab/listed-wine-companies", "locator": "data/companies.csv, data/delisted.csv, data/datapackage.json", "checked": "2026-10-03", "relation": "data", "note": "A mirror of the register on the Hugging Face hub, holding the companies and delisted-companies tables as CSV with a Frictionless data package, so the register can be loaded straight into Python and R tools that read from the hub. Its rows carry the same permanent company IDs as the files at boomcellar.com/data. The files on boomcellar.com are the reference copy and are refreshed continuously; the mirror is a snapshot updated less often, so where the two differ, including in their columns, the site is current. It exists for discovery and convenience, not as a separate edition of the register.", "links": [ { "href": "https://huggingface.co/datasets/jukkab/listed-wine-companies", "status": 200, "ok": true, "final": "https://huggingface.co/datasets/jukkab/listed-wine-companies", "checked": "2026-10-03" } ] }, { "id": "cordero-2006", "kind": "third_party", "title": "Profitability, Growth and Corporate Value of the Wine Companies", "authors": [ "Stefano Cordero di Montezemolo" ], "venue": "3rd International Wine Business Research Conference, Montpellier (work in progress)", "year": 2006, "doi": null, "url": "http://academyofwinebusiness.com/wp-content/uploads/2010/05/Cordero.pdf", "locator": "Presented 6–8 July 2006; selection rule p. 3, Table 1 p. 10, note 4 p. 16", "checked": "2026-10-03", "relation": "prior_art", "note": "The earliest primary description we have found of a research universe of listed wine companies. The paper treats a listed company as a wine company when wine activities produce at least around half of consolidated revenue, reports a research cluster of 42 listed companies in the second half of 2004, and tabulates the company set with 2005 financial statements and market values dated 2 January 2006. Its note 4 records that the author conceived the Wine Companies World Index and that Mediobanca's Research Department developed it, owned the rights and updated it. The paper does not give the index's calculation formula, weighting, currency or dividend treatment. BoomCellar draws the same revenue line and credits this work as prior art.", "links": [ { "href": "http://academyofwinebusiness.com/wp-content/uploads/2010/05/Cordero.pdf", "status": 200, "ok": true, "final": "http://academyofwinebusiness.com/wp-content/uploads/2010/05/Cordero.pdf", "checked": "2026-10-03" } ] }, { "id": "mediobanca-2014", "kind": "third_party", "title": "Survey on leading winemakers (2014 Wine Industry Survey announcement)", "authors": [ "Mediobanca Research Department" ], "venue": "Mediobanca Group, press release", "year": 2014, "doi": null, "url": "https://www.mediobanca.com/en/media-relations/press-releases/indagine-sul-settore-vinicolo-2014.html", "locator": "Press release dated 3 April 2014", "checked": "2026-10-03", "relation": "prior_art", "note": "Mediobanca's own announcement of its 2014 Wine Industry Survey, which it describes as an analysis of leading Italian and international wine makers together with a global price index of listed wine companies' shares. It is the institutional record that such an index existed and was maintained by a bank's research department. The announcement does not publish the constituents, weighting, currency conversion, dividend treatment or rebalancing rules, and the research site it points to has been retired, so the index cannot be reconstructed from it. BoomCellar cites it as historical prior art for a listed-wine share index, not as a comparable or current benchmark.", "links": [ { "href": "https://www.mediobanca.com/en/media-relations/press-releases/indagine-sul-settore-vinicolo-2014.html", "status": 200, "ok": true, "final": "https://www.mediobanca.com/en/media-relations/press-releases/indagine-sul-settore-vinicolo-2014.html", "checked": "2026-10-03" } ] }, { "id": "introvigne-2017", "kind": "third_party", "title": "A cointegration analysis of wine stock indexes", "authors": [ "Sabina Introvigne", "Emanuele Bacchiocchi", "Daniela Vandone" ], "venue": "Risk Governance and Control: Financial Markets and Institutions", "year": 2017, "doi": "10.22495/rgc7i4c2art1", "url": "https://air.unimi.it/handle/2434/534560", "locator": "Vol. 7, issue 4-2, pp. 178–188", "checked": "2026-10-03", "relation": "prior_art", "note": "Compares the Liv-ex 100 Fine Wine index, the Mediobanca Global Wine Industry Share Price index of listed wine companies and the MSCI World index, using Sharpe ratios and Engle–Granger and Johansen cointegration tests on monthly data that end in 2014. The authors report higher sample Sharpe ratios for the two wine series than for MSCI World and no long-run cointegration among the three. For this index it is the closest academic precedent: it treats listed wine equities as a measurable series distinct from physical fine wine and from the broad equity market. Its sample is historical and its index composition is not BoomCellar's universe, so its results are not carried forward to current figures.", "links": [ { "href": "https://doi.org/10.22495/rgc7i4c2art1", "status": 200, "ok": true, "final": "https://www.virtusinterpress.org/A-COINTEGRATION-ANALYSIS-OF-WINE.html", "checked": "2026-10-03" }, { "href": "https://air.unimi.it/handle/2434/534560", "status": 200, "ok": true, "final": "https://air.unimi.it/handle/2434/534560", "checked": "2026-10-03" } ] }, { "id": "aytac-2016", "kind": "third_party", "title": "Wine: To drink or invest in? A study of wine as an investment asset in French portfolios", "authors": [ "Beysül Aytaç", "Thi-Hong-Van Hoang", "Cyrille Mandou" ], "venue": "Research in International Business and Finance", "year": 2016, "doi": "10.1016/j.ribaf.2015.03.001", "url": null, "locator": "Vol. 36, pp. 591–614", "checked": "2026-10-03", "relation": "evidence", "note": "Assesses whether physical wine improves the diversification of French portfolios, using Liv-ex indices and iDealwine's WineDex indices over 2007–2014 alongside stocks, bonds, a risk-free asset and gold, with a robustness check on 2001–2006. The authors report that portfolios including wine are more efficient under mean–variance optimisation, but that the result for Liv-ex indices does not hold under modified value-at-risk. The study concerns wine as a collectible asset held directly; it says nothing about the operating results or share prices of wine producers. It is listed because it marks the boundary between the two markets that a listed-wine equity index must keep separate.", "links": [ { "href": "https://doi.org/10.1016/j.ribaf.2015.03.001", "status": 200, "ok": true, "final": "https://linkinghub.elsevier.com/retrieve/pii/S0275531915000252", "checked": "2026-10-03" } ] }, { "id": "dimson-2015", "kind": "third_party", "title": "The price of wine", "authors": [ "Elroy Dimson", "Peter L. Rousseau", "Christophe Spaenjers" ], "venue": "Journal of Financial Economics", "year": 2015, "doi": "10.1016/j.jfineco.2015.08.005", "url": "https://ideas.repec.org/a/eee/jfinec/v118y2015i2p431-449.html", "locator": "Vol. 118, issue 2, pp. 431–449", "checked": "2026-10-03", "relation": "method", "note": "Uses historical price records for Bordeaux first growths over 1900–2012 and an arithmetic repeat-sales regression to separate the effect of ageing from changes in what buyers will pay. The authors estimate a long-run real return to holding these wines net of storage costs, find it positively correlated with equities, and report in-sample return predictability. For BoomCellar the paper matters for method rather than for its numbers: it shows how a price index for a physical good is built when each item trades rarely, which is the problem a listed-equity index does not have. Its population is a narrow set of collectible wines, not wine producers, so its return is not comparable with any BoomCellar series.", "links": [ { "href": "https://doi.org/10.1016/j.jfineco.2015.08.005", "status": 200, "ok": true, "final": "https://linkinghub.elsevier.com/retrieve/pii/S0304405X15001440", "checked": "2026-10-03" }, { "href": "https://ideas.repec.org/a/eee/jfinec/v118y2015i2p431-449.html", "status": 200, "ok": true, "final": "https://ideas.repec.org/a/eee/jfinec/v118y2015i2p431-449.html", "checked": "2026-10-03" } ] }, { "id": "masset-weisskopf-2018", "kind": "third_party", "title": "Wine indices in practice: Nicely labeled but slightly corked", "authors": [ "Philippe Masset", "Jean-Philippe Weisskopf" ], "venue": "Economic Modelling", "year": 2018, "doi": "10.1016/j.econmod.2017.03.025", "url": "https://ideas.repec.org/a/eee/ecmode/v68y2018icp555-569.html", "locator": "Vol. 68, pp. 555–569", "checked": "2026-10-03", "relation": "method", "note": "Compares the wine price indices published by market providers with those proposed in academic work, and uses a simulation to measure how illiquidity biases their statistical properties. The authors find that existing wine index data understate both the volatility and the market beta of fine wine, and they propose adjustments to make such indices more reliable. The critique applies to indices of rarely traded physical goods, where a smoothed price stands in for a missing trade. BoomCellar's series are computed from exchange closing prices of listed shares, so this smoothing mechanism does not arise in the same form. Where a listed share stops trading, the methodology's price source and frozen-feed rule say how its price is treated.", "links": [ { "href": "https://doi.org/10.1016/j.econmod.2017.03.025", "status": 200, "ok": true, "final": "https://linkinghub.elsevier.com/retrieve/pii/S0264999317304881", "checked": "2026-10-03" }, { "href": "https://ideas.repec.org/a/eee/ecmode/v68y2018icp555-569.html", "status": 200, "ok": true, "final": "https://ideas.repec.org/a/eee/ecmode/v68y2018icp555-569.html", "checked": "2026-10-03" } ] }, { "id": "montaigne-coelho-2012", "kind": "third_party", "title": "Structure of the producing side of the wine industry: Firm typologies, networks of firms and clusters", "authors": [ "Etienne Montaigne", "Alfredo Coelho" ], "venue": "Wine Economics and Policy", "year": 2012, "doi": "10.1016/j.wep.2012.12.002", "url": null, "locator": "Vol. 1, issue 1, pp. 41–53", "checked": "2026-10-03", "relation": "method", "note": "Introduces the French analysis of the wine filière, the chain of actors from grape growing to sale, combining older approaches with innovation chains, global value chains, transaction-cost theory and marketing. It then maps the main actors on the producing side: grape growers, co-operatives, wine brokers, wine merchants and clusters. The paper is conceptual and descriptive rather than a study of listed companies or of returns. It bears on the register as a framework: a listed wine company can be a vineyard owner, a buyer of grapes, a merchant or a vertically integrated group, and which one it is should be read from the company's own disclosures rather than inferred from its brands.", "links": [ { "href": "https://doi.org/10.1016/j.wep.2012.12.002", "status": 200, "ok": true, "final": "https://linkinghub.elsevier.com/retrieve/pii/S2212977412000105", "checked": "2026-10-03" } ] }, { "id": "masset-2021", "kind": "third_party", "title": "Analyzing the risks of an illiquid and global asset: The case of fine wine", "authors": [ "Philippe Masset", "Jean-Philippe Weisskopf", "Jean-Marie Cardebat", "Benoît Faye", "Eric Le Fur" ], "venue": "The Quarterly Review of Economics and Finance", "year": 2021, "doi": "10.1016/j.qref.2021.06.023", "url": "https://ideas.repec.org/a/eee/quaeco/v82y2021icp1-25.html", "locator": "Vol. 82, pp. 1–25", "checked": "2026-10-03", "relation": "evidence", "note": "Uses a large wine-level database to examine the performance of fine-wine investments over 2003–2014. The authors find that the returns are substantial but largely explained by exposure to common risk factors, and that once the market's illiquidity and its exposure to global currency risk are accounted for, fine wines do not appear to deliver abnormal returns. The study concerns physical fine wine, not wine producers' shares. For BoomCellar it marks two questions any comparison between a listed-wine series and an investment-wine series has to answer: how liquid each market is, and which currency each is measured in. BoomCellar publishes each index in US dollars and in euros, so the currency of any comparison is stated.", "links": [ { "href": "https://doi.org/10.1016/j.qref.2021.06.023", "status": 200, "ok": true, "final": "https://linkinghub.elsevier.com/retrieve/pii/S1062976921001241", "checked": "2026-10-03" }, { "href": "https://ideas.repec.org/a/eee/quaeco/v82y2021icp1-25.html", "status": 200, "ok": true, "final": "https://ideas.repec.org/a/eee/quaeco/v82y2021icp1-25.html", "checked": "2026-10-03" } ] }, { "id": "breeden-2022", "kind": "third_party", "title": "How sample bias affects the assessment of wine investment returns", "authors": [ "Joseph L. Breeden" ], "venue": "Journal of Wine Economics", "year": 2022, "doi": "10.1017/jwe.2022.20", "url": null, "locator": "Vol. 17, issue 2, pp. 127–140", "checked": "2026-10-03", "relation": "method", "note": "Shows that in wine auction data the set of wines that keep trading shifts as they age, and that this sample bias can distort estimates of price appreciation with age and of overall market trends. Applying age-period-cohort models to auction panels from Bordeaux, Italy, Australia and California, the author finds that segmenting labels by trading popularity gives more stable estimates. The finding concerns physical wine, but the mechanism, a universe that quietly loses its weaker members, is survivorship bias. BoomCellar answers it on the equity side by keeping delisted and acquired companies in a published exit register rather than dropping them from the record.", "links": [ { "href": "https://doi.org/10.1017/jwe.2022.20", "status": 200, "ok": true, "final": "https://www.cambridge.org/core/product/identifier/S1931436122000207/type/journal_article", "checked": "2026-10-03" } ] }, { "id": "algieri-2024", "kind": "third_party", "title": "Message in a bottle: Forecasting wine prices", "authors": [ "Bernardina Algieri", "Leonardo Iania", "Arturo Leccadito", "Giulia Meloni" ], "venue": "Journal of Wine Economics", "year": 2024, "doi": "10.1017/jwe.2024.3", "url": null, "locator": "Vol. 19, issue 1, pp. 64–91", "checked": "2026-10-03", "relation": "evidence", "note": "Asks whether fine-wine and alcohol prices can be predicted, using the Liv-ex Fine Wine 100 and 50 indices and US retail and wholesale alcohol prices from January 1992 to March 2022, with a wide set of economic, survey and financial variables reduced to their most relevant drivers. The authors report that fine-wine prices can be predicted at a two-year horizon, and retail and wholesale alcohol prices at horizons from one month to two years, with consumer surveys and macroeconomic factors adding precision. BoomCellar publishes no forecasts; the paper is listed as evidence of which outside variables researchers find relevant to wine prices, a context for reading the indices, not a signal.", "links": [ { "href": "https://doi.org/10.1017/jwe.2024.3", "status": 200, "ok": true, "final": "https://www.cambridge.org/core/product/identifier/S1931436124000038/type/journal_article", "checked": "2026-10-03" } ] } ] }