36303 Topic Lesson PlanNumber of Pages 2 (Double SpacedN.docx

36303 Topic: Lesson Plan
Number of Pages: 2 (Double Spaced
Number of sources: 2
Writing Style: MLA
Type of document: Essay
Academic Level: Undergraduate
Category: Creative writing
Language Style: English (U.S.)
Order Instructions: Attached
1). Integrating Black History Month into Curriculum
Nieto & Bode Chapter 1 Understanding the Sociopolitical
Context of Multicultural Education
Nieto & Bode Chapter 9 Adapting Curriculum for Multicultural
Classrooms
In Chapter 9, Nieto and Bode discuss curricular adaptation and
provide plenty of suggestions for cultural sensitive lesson plans.

Now is your chance to create cultural sensitive lesson plans.
February is the Black History month. Every February, teachers
across Texas look for effective ways to integrate Black heritage
into class activities.
The addition into the curriculum of “heroes” is one of the most
frequently used during the first phase of an ethnic revival
movement. As variety of the contribution approach, the heroes
and holidays approach uses content limited primarily to special
days related to special events. Women’s month and MLK day
are examples of this type celebrated in the schools. For
instance, during March, when you have a chance to visit a K-12
campus, you will see plenty of posters and banners that display
outstanding females. When this approach is used, the class
studies little about the special groups before or after the event
or occasion.
There are hundreds of ways to integrate the celebration of the
Black History Month into your teaching. Go to
http://www.google.com/ or your favorite search engine to find
out more information about this special event by applying the
criterion discussed in Chapter 6. Create an original plan to
introduce the Black heritage to your class. You may use other
author’s ideas, but do not copy. If you are a current classroom
teacher, design the plan to fit your subject and grade level. You
may use another lesson plan as a model, but do not copy from
the Internet. If your plan is not original, make sure to cite the
source. If you are not a current classroom teacher, design the
plan as if you were teaching your favorite subject and grade
level in your favorite school. Then post your plan, which must
be at least 150 words, to the Discussion Board topic "Integrate
Black History Month into Curriculum".
Make sure to start the posting with the subject and grade level

you are interested in. For example, if I am teaching 5th grade
social studies, my subject line will be “Social Studies in the 5th
grade”.
If you are new to lesson plans, I have posted a Lesson Plan
template used by all Urban Education professors. This is for you
to become familiar with a lesson plan format. However, you do
not have to include all template components in the lesson plan
you construct for this assignment.
To raise your project score, make assumptions about the
audience (students) are you writing this lesson plan for. If you
have older students (middle school or high school levels) in
mind, try out some innovative and meaningful
approaches/angles, rather than common activities, such as
asking students to listen to MLK’s speech “I have a dream” that
they have listened to many times. There are so many interesting
ways for students to understand the meaning of the Black
History Month, a very rich topic.
When you construct the lesson plan, consider the seven
characteristics (antiracist, basic education, important for all
students, pervasive, education for social justice, a process, and
critical pedagogy) that define multicultural education, according
to Nieto and Bode. Also limit your lesson plan to no more than
2 pages.
SCHOOL OF MANAGEMENT AND LANGUAGES
1
Course Introduction
Research Methods develops research skills which are essential
for your dissertation and for a career in accounting, finance or
research. It is designed to help you to prepare for the

dissertation by allowing you the opportunity to learn about
approaches to research and how to use them.
To research is to methodically search for new knowledge and/or
practical solutions in the form of answers to specific questions.
Developing skills in providing robust, convincing answers to
different questions is critical to success in many professional,
as well as, academic settings. This course will provide you the
opportunity to understand how to gather relevant data/evidence,
how to analyse and interpret evidence, how to make sense of
complex situations, how to draw conclusions or make
recommendations and how to communicate your finding.
A series of lectures will provide you with a sound grounding in
social science research methods and guide you through the
assigned readings. This will be complemented with
tutorials/workshops to develop a range of practical research
skills. The assessments provide you with an opportunity to
apply the knowledge and provide a sound foundation for the
honours year, in particular the dissertation.
Aims and Objectives
· To provide the knowledge and skills required to conduct a
sizeable piece of independent research
· To generate an understanding of the social science research
process
· To develop an appreciation of the nature of accountancy and
finance research
· To enable students to practice their skills and test their
understanding of aspects of the research process
Learning Outcomes

· Understand differences between qualitative and quantitative
research
· Select and develop a research topic in accountancy or finance
· Identify, access and evaluate literature relevant to the research
topic
· Select an appropriate research methodology
· Obtain relevant data
Personal Abilities
· Work independently
· Analyse and interpret research results
· Communicate and present ideas effectively by written and
verbal means
Teaching Overview
This course comprises of lectures and tutorials, detailed in the
table below. The lectures will last for up to 2 hours and the
tutorials are an hour long.
Week
Topic
Tutorial
1
Purpose of Research & An introduction to the dissertation

2
What to Research and how to select YOUR research Question
3
How to research – a tour around the main research methods
Finding a research question
4
Quantitative / Qualitative? & Sources of Evidence
Setting your dissertation aims & objectives
5
Literature Review - using other peoples’ research – reviewing
literature, plagiarism and referencing.
Planning your sources of evidence
6
Reading Week Coursework Preparation
None
7
Quantitative Methods – Sample selection and Statistical Testing
Literature review
8
Event studies and Market based Research
Selecting research approach / methods
9
Content Analysis / Questionnaires
Revisiting assessment one
10
Interviews / Case Studies
Reviewing dissertations
11
The next steps to successfully complete your dissertation.
Writing your research proposal workshop
Assessments

The assessment is 100% coursework. Together the two
assignments combine form your complete research proposal and
serve as your map to your dissertation, they should both be
around 1,500 words, and no more 2,000 maximum. Please refer
to the assessment page on VISION for more details
Submission Date
Coursework
% of total mark
Monday 11am Week 7
Research Proposal Part 1
50%
Friday 11am Week 12
Research Proposal Part 2
50%
All coursework should be submitted via Vision (NO hard copies
required!) by 11am on the submission date. No extensions will
be granted. 30% will be deducted from the mark of the
coursework who submits up to 2 weeks late. Submissions later
than 2 weeks late will not normally be marked. Students who
have mitigating circumstances should contact their mentors who
will advise them of how to apply, with appropriate supporting
evidence, to the Mitigating Circumstances Board for the
potential removal of any late penalty.
ALP students:
You are strongly advised to undertake and complete
coursework, even though the marks will not contribute to the
final assessment, which is based 100% on the end of semester
exam.
Please note that plagiarism is an offence. All coursework where
plagiarism is detected will be referred to the disciplinary
committee for consideration. Please refer to your student
handbook for information regarding the rules on this matter. It
is the student’s responsibility to make themselves aware of and

to adhere to the rules.
Assignment 1 is the first part of your research proposal, it
frames your study, and should contain the follow sections:
· Title. What is the working title of your proposed research?
· What is the dissertation about and why is it important?
· Research Question, Aim and Objectives?
· What are the potential impacts of the dissertation?
· What is the theoretical context for the dissertation?
Assignment 2 is the Method and Structure sections of your
research proposal and should contain the follow sections:
· Research Strategy.
· Data Collection Methods.
· Data Analysis Techniques.
· Ethical Issues.
· Structure of final work.
Referencing in Assignments
Both assignments should be referenced, drawing on general
methodology textbooks, books that focus on particular data
collection methods and analysis techniques and ethics, and
loads of journal articles. Now, of course you will be wondering
how many references are required. The answer is as many as

necessary… however, around 10 to 20 per assignment would be
a rough guide.
Learning and Teaching Arrangements
The teaching is delivered with a combination of weekly lectures
and tutorials (the tutorials commence in week 3). Attendance at
both lecture and tutorials is compulsory with a registers taken in
tutorials. The course assessments build on the topics covered in
the assigned readings, lecture and tutorials. It is therefore very
important to attend all the lectures and tutorials.
Further information on the coursework will be provided during
the lecture series as appropriate and you will be given the
opportunity to discuss any queries you may have on the
assessment, in tutorials and staff office hours.
For each tutorial you are required to submit (on vision) your
answer to the set tutorial question by 9am each Tuesday. This
material will not be formally assessed but will be monitored to
ensure students are keeping up with the class. These set
questions are designed to assist in the preparation of the
formally assessed coursework elements. The non-submission of
any piece of work or consistently poor quality work will be
reported to your mentor. Submission forms for each weekly
tutorial are available on vision.
Week
Tutorial Overview
3
Finding a research question
4
Setting your dissertation aims & objectives
5
Planning your sources of evidence
6
None
7

Literature review
8
Selecting research approach / methods
9
Revisiting assessment one
10
Reviewing dissertations
11
Writing your research proposal workshop
.
Course Materials
Everything is on VISION, PowerPoints of lectures and tutorials,
required readings, factsheets, coursework briefings, coursework
assessment criteria etc. All the basics for this course will be
posted there.
Essential Reading
Research Methods for Business Students, 6th Edition, Pearson,
Mark N.K. Saunders, Philip Lewis, Adrian Thornhill.
This book is available as an eBook and in print in the library.
The print version is also available from the Edinburgh
Blackwells campus bookshop and other online retailers, and can
be purchased as an eBook from the VitalSource online store and
the Pearson online store set up especially for Heriot-Watt
students in Dubai and Malaysia: http://www.pearson-
books.com/heriotwatt
As well as the text this book has a range of extremely useful on-
line student resources ordered by chapter to aid your
understanding of this topic. These include
· Student resources for each chapter, including:

· Multiple choice and true/false questions to help test your
understanding
· Additional case studies to those given in the book
· Figure 4.1: The research 'onion'
· Online glossary to explain key terms and definitions
· Flashcards to test your understanding of key terms
· Weblinks to sites of interest for selected chapters
· Tutorials and datasets - NVivo tutorial and other exercises
To access these resources either click on the hyperlinks in this
document or go to
http://www.pearsoned.co.uk/Bookshop/detail.asp?item=1000000
00391235
and click on Online Resources Companion Website.
Schedule of Reading –Chapters by Lecture.
Chapters.
Lectures
1. Business and management research, reflective diaries and the
purpose of this book.
Relevant for Week 1 Lecture.
2. Formulating and clarifying the research topic
Relevant for Week 2 Lecture

3. Critically reviewing the literature
4. Understanding research philosophies and approaches
5. Formulating the research design
Relevant for Week 3 lecture
6. Negotiating access and research ethics
Relevant to weeks 9 & 10 lectures
7. Selecting samples
Relevant to Weeks 7 & Week 9 lectures
8. Using secondary data
Relevant to Weeks 8 & 9 lectures
9. Collecting primary data through observation
Relevant to week 10 lecture
10. Collecting primary data using semi-structured, in-depth and
group interviews
Relevant to week 10 lecture
11. Collecting primary data using questionnaires
Relevant to week 9 Lecture

12. Analysing quantitative data
Relevant to weeks 6, 7 & 9 lectures
13. Analysing qualitative data
Relevant to weeks 9 & 10 lectures
Assessment Details
Assessment 1.
Your first assignment in this course is to complete the first part
of your research proposal.
Your assignment should be around 1,500 words, and 2,000
maximum. It should be submitted on line via the Turnitin
assessment 1 submission option in Vision, by 11am Monday of
Week 7. No hard copy submission is required. (ALP students
please follow your tutor’s instructions.)
This assignment, in conjunction with the second assignment,
forms your complete research proposal, and it will serve as your
map to your dissertation and should contain the follow sections:
Framing the Study
1. Title. What is the working title of your proposed research?
Does this make your dissertation instantly recognisable to the
reader, does it capture the theory and the context of your study?
2. What is the dissertation about and why is it important. Short
overview detailing why anyone would want to undertake this
study and why anyone would care! [Refer to your notes from
lecture 2 and tutorials 1 &2]
3. Research Question, Aim and Objectives. Clearly state and
delimit these three separate elements. [Refer to your notes from
Tutorials 1 &2]

4. What are the potential impacts of the dissertation? For
example, What problems are you intending to resolve, which
stakeholders may benefits from your work, Any potential new
ideas, ways of understanding old problems, new techniques,
revised techniques or criticisms of current practices.
5. What is the theoretical and institutional context for the
dissertation? Specify which theoretical body of knowledge you
are basing your study within, are you developing that theory (or
theories), or are you testing that theory in a new context. [Refer
to your notes from lectures 1, 2, 3 & 5 and tutorials 1,2 & 3].
Are you applying the theory to a particular business, industry,
sector, country, etc. and why are you planning on doing that.
N.B. Please remember that parts 4 and 5 should be heavily
referenced, drawing on journal articles and books. Now, of
course you will be asking how many references are required.
The answer is as many as necessary… however, between 15 and
-20 would be normal.
Details of the assessment criteria are provided on the class
Vision page.
Assessment 2.
Your second assignment in this course is to complete the
Methodology and Structure sections of your research proposal.
Your assignment should be around 1,500 words, and 2,000
maximum. Your assignment should be around 1,500 words, and
2,000 maximum. It should be submitted on line via the Turnitin
assessment 2 submission option in Vision, by 11am Friday of
Week 12. No hard copy submission is required. (ALP students,
please follow your tutor’s instructions.)
This assignment, in conjunction with the first assignment, forms
your complete research proposal, and it will serve as your map
to your dissertation and should contain the follow sections:
Methodology
1. Research Strategy. What research approach are you taking &

which philosophical paradigm are you rooting your dissertation
[Lecture 4 and associated readings, tutorials 7 & 8]
2. Data Collection Methods How are you getting your data and
what data collection tools are you using [Lectures 3, 4,7,8 & 9
& tutorials 3, 5, & 6]
3. Data Analysis Techniques. How are you going analyse your
data when you have collected it [Lectures 6,7, 8 & 9]
4. Ethical Issues [See required reading in core text book and
University Ethics guidance]
5. Structure
6. Structure of final work. What will be the final structure of
your dissertation look like, e.g. draft chapter headings, other
main sections to your work, etc.? [Lectures 1 & 10, tutorials 7
& 8]
N.B. Please remember that the Methodology section should be
extensively referenced, drawing on general methodology
textbooks, books that focus on particular data collection
methods and analysis techniques and ethics, and related journal
articles. Now, of course you will be asking how many
references are required. The answer is as many as necessary…
however, again, between 15 to 25 is normal.
Details of the assessment criteria are provided on the class
vision page
Course Title: Research Methods
Course Code: C39RE
Course Outline: Student

2
COURSE OUTLINE: STUDENT
C39RE Research Methods
HERIOT-WATT UNIVERSITY DUBAI CAMPUS
Research Proposal
Title of Course and Code:
Research Methods: C39RE
Course Lecturer:
Dr. Esinath Ndiweni
Title of Course Work:
The investment potential of art markets
Name of Student
Registration No:
H00178570
Program title
BA Accountancy & Finance
Word Count:
1976 words

1) Dissertation Title
The investment potential of art markets
2) Background
Art in its various forms has been an essential part of human
culture since prehistoric times. Nevertheless, a purposeful usage
of artworks as means of investment is a relatively recent
phenomenon that has started to attract more attention of
investors as well as academics. This is partially fueled by the
increasing need for profitable and diversified investments in the
world where, some argue, there is more money to invest than
attractive opportunities to absorb it. Despite a number of
considerable articles published on the topic in the last 30 years,
there is still a lack of evidence especially when comparing to
the literature on other investment assets such as stocks or
bonds. This might also be one of the reasons for misbeliefs
about art markets that sometimes result to suboptimal
investment decisions by unsophisticated individuals and
companies.
The following dissertation contributes to the existing research
on the topic by presenting results that to some extent are more
relevant than those of a number of previous papers. First, the
samples that it uses are more appropriate from the timing
perspective as they capture the most recent years. Second, it
pays sufficient attention on the forms of investment in art other
than purchasing and selling individual artworks on auctions.
This as well as some other features of this study make it
potentially beneficial for different groups of readers including
current and future investors.

3) Research Question, Aim and Objectives
3.1 Research Question
Can art be considered as suitable asset class for investment
purposes?
3.2 Research Aim and Objectives
This dissertation aims to research and analyze the financial
implications of investing in various artworks in order assess
their potential attractiveness for investors.
The research addresses the following objectives:
1. To investigate the returns and risks of various forms of
investing in art;
2. To compare risk-return profiles of artworks to those of other
investment options;
3. To study the possibility of using art as a suitable
diversification or hedging tool.
4) Potential impact of the dissertation
Although the majority of empirical evidence does not find
investing in art to be more profitable than investing in other
assets, additional research on the topic might still yield to a
different result. First, due to limitations of some studies, poor
risk-return figures of artworks might not be the case for some
categories of art such as particular artistic movements, subject
matters, schools or periods. In other words, a detailed research
might still find the attractiveness of certain types of art as
means of investment. Second, despite generally lower expected
returns, art might still be worth investing in if it proves to be
useful for diversification purposes. Correlation among
international markets has increased from 50% - 60% in 1990s to
over 90% after 2008, thus reducing the benefits of international
diversification (Forbes, 2017). In the light of this as well as
decreased effectiveness of diversification among different asset
classes, finding the diversification potential of art markets

becomes a more relevant field of investigation.
The findings of this dissertation can potentially benefit all
readers who are interested in the topics of investments or art
and especially those who might become potential investors in
artworks but have currently a lack of understanding. There are
still widespread misbeliefs about the art markets that usually
result to overestimation of potential returns and
underestimations of related risks. An additional recently
published paper showing a more realistic picture can definitely
serve as a good warning for unsophisticated potential investors.
On the other hand, obtaining a result that is contrary to the
majority of empirical evidence would also be an interesting
experience for any researcher. Findings showing, at least to a
certain extent, the attractiveness of investing in artworks could
not only encourage further research than the opposite results
would but could potentially benefit different individuals and
organisations including art investors, collectors, auction houses
and art funds.
A potential feature of this dissertation that is not present in
many similar studies is taking into consideration foreign
exchange rates when calculating the returns of investing in
artworks. Doing this has become more relevant in the recent
decade not only due to higher exchange fluctuations of USD,
EUR and GPB but also due to increasing weight of China in art
markets. Another characteristic of the research is higher focus
on structured opportunities of investment in art as many of the
previous papers considered simple transactions such as buying
and selling artworks on auctions. The financial attractiveness of
indirect investments in art through art funds is still a fruitful
field of research. There are also art related derivatives that have
already attracted attention of some scholars. Examples include
an article by Kraeussl and Wiehenkamp (2012) who studied the
implications of a call option on art index that would allow
investors to hedge their exposure to art market.
5) Theoretical Context

A large number of papers that study art as an investment
possesses similar characteristics. For instance, majority of
academics use art indices either in the form of readily available
ones or constructed by themselves. Some other similarities in
research tools and samples can also be seen in a number of
studies. A comparison between art and other means of
investments often includes stocks, bonds as well as their sub-
categories such as small-cap or large-cap stocks and government
or corporate bonds. In addition, many studies on the topic
focused not on art as a whole (that would be difficult and
unreasonable to do), but on paintings, which represented around
80 percent of total auction turnover (Vosilov 2015).
Nevertheless, common features of many papers do not preclude
them from presenting a variety of interesting findings.
One of the most cited paper on the topic written by Baumol
(1986) demonstrates that investing in paintings gave almost 2%
less returns than investing in government securities. The real
expected returns would be even lower as the research did take
into account some related costs such as maintenance costs and
sales commissions. Moreover, author concluded that investing
in paintings has a significant risk. Frey and Pommerehne (1989)
found similar results in their study and showed that investing in
paintings is riskier but less profitable than investing in financial
assets. A more recent paper by Worthington & Higgs (2003)
considers different paintings markets such as Old Masters,
Contemporary European, Impressionists, among others and
presents similar evidence on lower returns but higher risks of
investment. The authors assume though that it might still be
possible to use some paintings markets for diversification
purposes.
Some authors, rather than primarily investigating whether
investing in art is better than investing in other assets, have also
focused on using art together with alternatives in order to
diversify an investment portfolio. Goetzmann (1993) states that
due to strong correlation between demand for art and equity
markets performance, art does not serve as an appropriate hedge

against equity market fluctuations. The author also, unlike many
other scholars, found that art as an investment yields to
relatively high returns. However, these returns are justified by
higher risks and after considering those risks, do not appear
attractive anymore. An evidence showing paintings as poor
diversification vehicle was also obtained by Stein (1977) who
did not see support for a popular belief that art is less
susceptible to recessions. The author obtained more neutral
results on risk-return figures of paintings showing that they are
no more and no less lucrative than other investment
alternatives. Contrary to the evidence above, some academics
have found the usefulness of investing in art for diversification
purposes. Campbell (2008) observed low correlation between art
and other assets and thus an opportunity for diversification even
when taking into account transaction costs. Mei and Moses
(2002) state that artworks may be an important component of a
diversified portfolio due to their low correlation with other
asset classes. Similarly, Kraeussl (2010) suggests using art to
diversify a portfolio, but warns on its high volatility and poor
ability to hedge against stock markets.
An empirical evidence showing the attractiveness of art as an
investment asset is less common but is worth considering.
Buelens and Ginsburgh (1993) used Baumol’s (1986) paper as a
starting point and found that his conclusions about low
profitability of paintings were too pessimistic due to higher
weight of British paintings, which distorted the results, and the
atypical artwork prices from 1914 to 1950. Authors argue that
the low return of paintings over the period of 300 years still
allows for 20 to 40 year periods of higher returns for some
paintings markets. They also state that paintings might be a
good opportunity for investment as tastes change slowly, but the
returns will highly depend on factors such as period, artistic
school and movement, etc. Tucker (1995) presents an even more
positive evidence showing that art had the second highest return
and the second lowest risk among the selection of seven asset
classes. The findings suggested that artworks should be

included in an optimal investment portfolio and should play a
significant role in it.
Most of the authors who have studied art as means of
investment have used either repeat-sales regression (RSR) or
hedonic regression in their researches. In the repeat-sales
regression used by a number of authors (e.g. Pesando 1993;
Goetzmann 1993; Mei and Moses 2002) only those artworks that
have been sold at least two times are taken into account. The
benefit of this approach is that it controls the quality factor of
works since the same items are sold (Goetzmann 1993).
Alternative approach used by a number of academics such as
Renneborg and Spaenjers (2009), Kraeussl (2010) and Frey and
Pommerehne (1989) is hedonic regression. This method uses
characteristics of items (e.g. artistic movement, artist’s name or
subject matter) to obtain input values. The benefits of using
hedonic regression approach include having larger samples by
considering all sales and avoiding the need to use artworks of
the same quality in order to make comparisons (Bialynicka-
Birula, 2012) as well as giving more precise results (Chanel et
al. 1996).
Besides various findings and opinions existing the topic of art
as an investment and making it difficult to give a single answer
on the research question, the shortcoming and limitations of
many studies make the task even more complicated and require
additional consideration. The limitations of some papers are
easier to spot and avoid in future studies. For example, Baumol
(1986) did not consider transaction costs in his study and the
author’s sample did not go beyond year 1961. Similarly, Stein’s
(1977) research does not cover the period after 1960s. In
addition, both papers as well as some other articles on this topic
were either limited to data from Anglo-Saxon markets or put too
much weight on it. These shortcomings are overcome by Frey
and Pommerehne (1989) by including more countries,
considering transaction costs and covering extended a period or
research until 1987. Some other limitations are more difficult to
eliminate as they are inherent to research methods and design of

papers. The repeat-sales regression used by many scholars is
subject to sample selection bias, since the approach considers
only artworks that were sold at least twice (Goetzmann 1993).
For this reason, a survivorship bias also takes place as the
limited sample only includes works the demand for which was
high enough to result in at least two sales. Moreover, a so-
called “backward-filled data” bias does exist in some articles
(e.g. Tucker et. al. 1995) as prices of artworks taken from
historical sales of prominent auction houses such as Sotheby’s
and Christie’s might gravitate to the higher end of market.
Other major drawbacks of using auction results for making
conclusions about the art market are the infrequency of sales of
individual artworks (Pesando 1993) and the fact that auction
sales account for only around 25 percent of the transactions on
the market (Sagot- Duvauroux 2003).
References:
1) Baumol, W. (1986) “Unnatural value: or art investment as
floating crap game”,
American Economic Review, 76, 10-14.
2) Bialynicka-Birula J. (2012) “Investment in art: Specificity,
Risks and Rates of Return”, Cracow University of Economics.
10-20

3) Blanding, M. (2017), ‘Why Global Diversification Is Still A
Safe Bet For Your Investment Portfolio’, Forbes, (13 Jun),
available:
https://www.forbes.com/sites/hbsworkingknowledge/2017/06/13
/why-global-diversification-is-still-a-safe-bet-for-your-
investment-portfolio/#256a49c960a1 [ accessed 14 February
2018]
4) Buelens, N., Ginsburgh, V. (1993) "Revisiting Baumol’s Art
as Floating Crap Game", European Economic Review, 37, 1351-
1371.
5) Campbell, R. (2008) “Art as a financial investment”, Journal
of Alternative Investments, (10), 64–81
6) Chanel, O., Gerard-Varet, L. and Ginsburgh, V. (1996) "The
Relevance of Hedonic Price Indices", Journal of Cultural
Economics, 20, 1-24.
7) Goetzmann, W. (1993) “Accounting for Taste: Art and the
Financial Markets over Three
Centuries”, American Economic Review, 83 (5), 1370-1376.
8) Frey, B. and Pommerehne, W. (1989) “Art Investment: An
Empirical Inquiry”, Southern Economic Journal, 396-409.
9) Kraeussl, R. and Lee, J., (2010) “Art as an investment: The
top 500 artists”, VU University Amsterdam, 4.
10) Kraeussl, R. and Wiehenkamp, C. (2012) “A call on art
investments”, Review of Derivatives Research, 15(1), 1-23.
11) Jinping, M. and Moses, M. (2002) “Art as an Investment
and the Underperformance of
Masterpieces”, American Economic Review, 92(5), 1656-68
12) Pesando, J. (1993) “Art as an Investment: The Market for
Modern Prints”, American Economic Review, 83(5),
1075-89
13) Renneboog, L. and Spaenjers, C. (2013) "Buying beauty:
On prices and returns in the art market", Management Science,
59(1), 36-53.
14) Sagot-Duvauroux, D. (2011) “Art Prices.” In A Handbook
of Cultural Economics, 2nd ed., R. Towse, ed. (p. 43–48).
Northampton, MA: Edward Elgar.

15) Stein, John P. (1977) "The Monetary Appreciation of
Paintings", Journal of Political Economy, 1021-1035
16) Tucker, M., Hlawischka, W. and Pierne, J. (1995) “Art as an
Investment: A Portfolio Allocation Analysis", Managerial
Finance, 21 (6), 16-24
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