The monetary appreciation of paintings: from realism to Magritte

This study investigates how investments in paintings comparewith those in stocks in terms of risk–return trade-offusing Sharpe and Treynor ratios and Markowitz efficient frontiers.A large database was analysed consisting of more than 10,500auction prices of Belgian paintings over the period 1970–97.These paintings are the auctioned oeuvre of 71 internationallyrecognised painters representing the main artistic schools (fromsocial realism to surrealism) over the period 1850–1950.Hedonic art returns are corrected for auction location and auctionhouse, artistic school, painters' reputation, medium, signatureand painting size. Surrealism and luminism have been the mostpopular currents of art (in monetary terms), while expressionismand symbolism have gained (financial) esteem. This study concludesthat art investments underperform equity market investmentsowing to the high risk of investing in art and its high transactioncosts, resale rights and insurance premia. In addition, theMarkowitz efficient frontier shows limited diversification potentialfor art.  

我国中小企业技术创新的思考

中小企业在我国改革开放进程中发挥着重要作用,中小企业技术创新有着自身的优势,也面临着不少问题。本文主要从三方面谈谈自己对我国中小企业技术创新的思考中小企业技术创新的背景;中小企业技术创新的优势;中小企业技术创新面临错误问题与对策。  

浅谈工程项目经理部的管理艺术

工程项目经理部现已成为建设最具活力的基层组织，也是我国工程项目管理改革创新的落脚点，本将这一组织机构的运行周期划分为四个阶段，并对各个阶段的管理工作艺术做了一些粗浅的探讨。  

Exploring Voter Preferences in Cultural Policy: A Case Study for Austria

The aim of the paper is to explore the demographic, social, economic and politicaldeterminants of voting behavior in a recently held referendum on the constructionof a new theater (``Musiktheater') in the city of Linz (Upper Austria) in 2000. Itwas the first referendum on cultural policy of its kind in Austria, and it led to arejection of the proposal by a majority of the voters (59.70% of ``No' votes).Exploring the determinants of approval or disapproval of the proposition by usingfor group data in communities is thus an interesting question from an economic aswell as a political point of view. We find econometric evidence for the influence ofthe size of the population in the community, the distance of the community from thecity of Linz, income-related variables, variables denoting the economic structure ofthe community, and political variables such as the ratio of the communities' debt torevenues and voters' preferences in the last national election.  

引导大学生恋爱观的方法论探讨——以艺术类学生为例

恋爱现象在大学校园里极为普遍，以艺术类学生为例探讨引导大学生恋爱观的方法论具有一定的现实意义。通过对艺术类学生特点和恋爱观的分析，得出看待大学生恋爱的合理的态度和引导方法，以求引导大学生树立正确合理的恋爱观。  

试论金庸武侠小说中的哲学思想

金庸借武侠小说写人生，刻画人生。在他的多部作品中，处处折射出哲学的思想。他汲取中国传统文化中的精华，将儒、道、佛学思想融会于其作品中，通过主人公的言行、观点、立场和命运对这三种哲学思想进行阐述；他又将西方近代哲学思想引入到小说的主题中，通过对荒诞的悲剧英雄的描述，对“我是谁”的人生探讨，对现代非英雄化人生的剖析等展示了人生的困惑，从而使他的武侠小说显示出与众不同的内涵与底蕴。  

艺术并未终结

现代艺术的发展呈现出两极分化的趋势，一方面是前卫艺术，另一方面是大众艺术。艺术不但没有终结的迹象，相反，前卫艺术以其对传统艺术观念的颠覆，表现出现代人的艺术观念，为艺术开拓出更为广阔的空间；而大众艺术更是像空气一样渗透到大众的日常生活中。艺术以其对感性的表达充分展示了现代人的生存方式，并且以新的形式和新的观念不断地寻找着自身的价值；同时，它也是艺术家对我们生存世界的表达。  

用“身影”指挥还是用“声音”指挥

本文揭示了用"身影"指挥和用"声音"指挥二者之间辩证的规律性联系,指出作为领导者如何交替运用"身影"指挥和"声音"指挥,体现了其领导的艺术水平和领导的能力。  

Art as an investment: Short and long-term comovements in major painting markets

This paper examines the short and long-term price linkages among major art and equity markets over the period 1976–2001. The art markets examined are Contemporary Masters, French Impressionists, Modern European, 19^th Century European, Old Masters, Surrealists, 20^th Century English and Modern US paintings. A global equity index (with dividends and capitalisation changes) is also included. Multivariate cointegration procedures, Granger non-causality tests, level VAR and generalised variance decomposition analyses based on error-correction and vector autoregressive models are conducted to analyse short and long-run relationships among these markets. The results indicate that there is a stationary long-run relationship and significant short and long run causal linkages between the various painting markets and between the equity market and painting markets. However, in terms of the percentage of variance explained most painting markets are relatively isolated, and other painting markets are generally more important than the equity market in explaining the variance that is not caused by innovations in the market itself. This suggests that opportunities for portfolio diversification in art works alone and in conjunction with equity markets exist, though in common with the literature in this area the study finds that the returns on paintings are much lower and the risks much higher than in conventional financial markets.The authors would like to thank delegates to the 14th Australasian Finance and Banking Conference, University of New South Wales, seminar participants at the Queensland University of Technology and Massey University, Masaki Katsuura, and two anonymous referees for helpful comments on earlier versions of this paper. The financial assistance of a Queensland University of Technology, Faculty of Business Research Initiative Grant is also gratefully acknowledged.