| Period . | All wines . | More expensive wines . | Less expensive wines . | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ᾱ . | S.E. . | Return . | R 2 . | ᾱ . | S.E. . | Return . | R 2 . | ᾱ . | S.E. . | Return . | R 2 . | |
| 1990Q1 | −0.009 | (0.029) | −0.88 | 0.888 | −0.025 | (0.046) | −2.51 | 0.939 | 0.009 | (0.037) | 0.93 | 0.722 |
| 1990Q2 | 0.006 | (0.036) | 0.57 | 0.927 | −0.031 | (0.048) | −3.05 | 0.955 | 0.026 | (0.058) | 2.67 | 0.802 |
| 1990Q3 | 0.007 | (0.041) | 0.73 | 0.909 | −0.017 | (0.050) | −1.66 | 0.980 | 0.021 | (0.050) | 2.14 | 0.737 |
| 1990Q4 | −0.014 | (0.031) | −1.35 | 0.841 | 0.061 | (0.072) | 6.30 | 0.820 | −0.007 | (0.040) | −0.72 | 0.647 |
| 1991Q1 | −0.044 | (0.036) | −4.30 | 0.870 | −0.015 | (0.048) | −1.47 | 0.909 | −0.069 | (0.046) | −6.68 | 0.705 |
| 1991Q2 | 0.071 | (0.068) | 7.32 | 0.634 | 0.113 | (0.050) | 11.94 | 0.950 | −0.036 | (0.034) | −3.56 | 0.884 |
| 1991Q3 | 0.020 | (0.032) | 1.98 | 0.918 | 0.019 | (0.043) | 1.93 | 0.943 | 0.016 | (0.048) | 1.62 | 0.825 |
| 1991Q4 | 0.014 | (0.041) | 1.43 | 0.879 | −0.015 | (0.046) | −1.52 | 0.946 | 0.028 | (0.044) | 2.83 | 0.720 |
| 1992Q1 | −0.024 | (0.033) | −2.41 | 0.888 | 0.038 | (0.041) | 3.91 | 0.948 | −0.062 | (0.044) | −6.04 | 0.738 |
| 1992Q2 | 0.058 | (0.027) | 5.99 | 0.930 | 0.057 | (0.037) | 5.87 | 0.956 | 0.073 | (0.035) | 7.60 | 0.809 |
| 1992Q3 | −0.029 | (0.037) | −2.89 | 0.943 | −0.044 | (0.045) | −4.26 | 0.963 | −0.042 | (0.053) | −4.08 | 0.850 |
| 1992Q4 | 0.074 | (0.047) | 7.68 | 0.914 | 0.057 | (0.043) | 5.87 | 0.975 | 0.121 | (0.078) | 12.87 | 0.759 |
| 1993Q1 | −0.057 | (0.037) | −5.55 | 0.909 | 0.002 | (0.047) | 0.19 | 0.920 | −0.064 | (0.039) | −6.20 | 0.826 |
| 1993Q2 | 0.052 | (0.028) | 5.38 | 0.917 | 0.057 | (0.040) | 5.85 | 0.924 | 0.042 | (0.038) | 4.29 | 0.827 |
| 1993Q3 | 0.036 | (0.026) | 3.70 | 0.936 | 0.025 | (0.032) | 2.55 | 0.961 | 0.055 | (0.036) | 5.64 | 0.835 |
| 1993Q4 | 0.017 | (0.029) | 1.73 | 0.937 | 0.046 | (0.033) | 4.67 | 0.968 | −0.034 | (0.042) | −3.31 | 0.855 |
| 1994Q1 | 0.118 | (0.027) | 12.55 | 0.935 | 0.110 | (0.036) | 11.60 | 0.967 | 0.143 | (0.037) | 15.39 | 0.828 |
| 1994Q2 | 0.004 | (0.023) | 0.41 | 0.937 | 0.027 | (0.033) | 2.69 | 0.959 | −0.009 | (0.033) | −0.94 | 0.804 |
| 1994Q3 | −0.052 | (0.022) | −5.06 | 0.921 | −0.009 | (0.032) | −0.90 | 0.927 | −0.081 | (0.032) | −7.80 | 0.770 |
| 1994Q4 | −0.001 | (0.022) | −0.14 | 0.925 | 0.016 | (0.029) | 1.57 | 0.931 | −0.004 | (0.032) | −0.43 | 0.763 |
| 1995Q1 | 0.057 | (0.021) | 5.91 | 0.942 | 0.039 | (0.029) | 4.02 | 0.953 | 0.049 | (0.031) | 5.03 | 0.794 |
| 1995Q2 | 0.104 | (0.023) | 10.93 | 0.940 | 0.095 | (0.061) | 9.98 | 0.824 | 0.094 | (0.033) | 9.85 | 0.791 |
| 1995Q3 | 0.055 | (0.021) | 5.69 | 0.912 | 0.095 | (0.030) | 9.95 | 0.920 | 0.038 | (0.028) | 3.90 | 0.741 |
| 1995Q4 | 0.035 | (0.021) | 3.59 | 0.908 | −0.026 | (0.032) | −2.55 | 0.892 | 0.086 | (0.027) | 8.97 | 0.746 |
| 1996Q1 | 0.097 | (0.021) | 10.21 | 0.926 | 0.137 | (0.033) | 14.70 | 0.900 | 0.074 | (0.028) | 7.65 | 0.801 |
| 1996Q2 | 0.084 | (0.018) | 8.71 | 0.930 | 0.093 | (0.024) | 9.73 | 0.921 | 0.073 | (0.025) | 7.53 | 0.778 |
| 1996Q3 | −0.039 | (0.015) | −3.83 | 0.923 | −0.031 | (0.022) | −3.02 | 0.935 | −0.040 | (0.020) | −3.91 | 0.751 |
| 1996Q4 | 0.019 | (0.017) | 1.92 | 0.906 | 0.045 | (0.022) | 4.59 | 0.940 | −0.010 | (0.024) | −0.95 | 0.640 |
| 1997Q1 | 0.056 | (0.017) | 5.71 | 0.916 | 0.092 | (0.023) | 9.62 | 0.933 | 0.040 | (0.024) | 4.08 | 0.657 |
| 1997Q2 | 0.074 | (0.018) | 7.69 | 0.923 | 0.054 | (0.027) | 5.55 | 0.895 | 0.103 | (0.024) | 10.81 | 0.748 |
| 1997Q3 | 0.005 | (0.016) | 0.47 | 0.924 | 0.011 | (0.022) | 1.06 | 0.918 | −0.007 | (0.023) | −0.70 | 0.718 |
| 1997Q4 | 0.058 | (0.013) | 6.02 | 0.923 | 0.051 | (0.023) | 5.19 | 0.942 | 0.056 | (0.016) | 5.79 | 0.718 |
| 1998Q1 | 0.054 | (0.014) | 5.57 | 0.915 | 0.085 | (0.023) | 8.85 | 0.909 | 0.042 | (0.018) | 4.29 | 0.706 |
| 1998Q2 | 0.029 | (0.013) | 2.95 | 0.918 | 0.008 | (0.019) | 0.77 | 0.902 | 0.041 | (0.017) | 4.16 | 0.742 |
| 1998Q3 | 0.019 | (0.012) | 1.93 | 0.920 | 0.007 | (0.020) | 0.68 | 0.899 | 0.032 | (0.016) | 3.21 | 0.756 |
| 1998Q4 | −0.034 | (0.011) | −3.33 | 0.906 | −0.036 | (0.020) | −3.50 | 0.885 | −0.038 | (0.013) | −3.70 | 0.738 |
| 1999Q1 | 0.036 | (0.011) | 3.67 | 0.902 | 0.048 | (0.018) | 4.87 | 0.880 | 0.029 | (0.013) | 2.99 | 0.749 |
| 1999Q2 | −0.019 | (0.011) | −1.87 | 0.913 | −0.020 | (0.016) | −1.94 | 0.907 | −0.012 | (0.014) | −1.22 | 0.747 |
| 1999Q3 | 0.045 | (0.011) | 4.59 | 0.910 | 0.049 | (0.014) | 5.05 | 0.925 | 0.042 | (0.014) | 4.26 | 0.715 |
| 1999Q4 | 0.031 | (0.010) | 3.17 | 0.910 | 0.027 | (0.015) | 2.72 | 0.906 | 0.032 | (0.012) | 3.29 | 0.746 |
| 2000Q1 | −0.002 | (0.010) | −0.20 | 0.915 | 0.044 | (0.017) | 4.46 | 0.903 | −0.028 | (0.013) | −2.80 | 0.754 |
| 2000Q2 | −0.005 | (0.010) | −0.45 | 0.922 | −0.021 | (0.016) | −2.04 | 0.916 | 0.004 | (0.013) | 0.35 | 0.761 |
| 2000Q3 | −0.012 | (0.010) | −1.24 | 0.919 | 0.010 | (0.014) | 0.97 | 0.911 | −0.025 | (0.013) | −2.50 | 0.740 |
| 2000Q4 | −0.012 | (0.011) | −1.17 | 0.915 | 0.003 | (0.015) | 0.31 | 0.898 | −0.023 | (0.013) | −2.24 | 0.714 |
| Period . | All wines . | More expensive wines . | Less expensive wines . | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ᾱ . | S.E. . | Return . | R 2 . | ᾱ . | S.E. . | Return . | R 2 . | ᾱ . | S.E. . | Return . | R 2 . | |
| 1990Q1 | −0.009 | (0.029) | −0.88 | 0.888 | −0.025 | (0.046) | −2.51 | 0.939 | 0.009 | (0.037) | 0.93 | 0.722 |
| 1990Q2 | 0.006 | (0.036) | 0.57 | 0.927 | −0.031 | (0.048) | −3.05 | 0.955 | 0.026 | (0.058) | 2.67 | 0.802 |
| 1990Q3 | 0.007 | (0.041) | 0.73 | 0.909 | −0.017 | (0.050) | −1.66 | 0.980 | 0.021 | (0.050) | 2.14 | 0.737 |
| 1990Q4 | −0.014 | (0.031) | −1.35 | 0.841 | 0.061 | (0.072) | 6.30 | 0.820 | −0.007 | (0.040) | −0.72 | 0.647 |
| 1991Q1 | −0.044 | (0.036) | −4.30 | 0.870 | −0.015 | (0.048) | −1.47 | 0.909 | −0.069 | (0.046) | −6.68 | 0.705 |
| 1991Q2 | 0.071 | (0.068) | 7.32 | 0.634 | 0.113 | (0.050) | 11.94 | 0.950 | −0.036 | (0.034) | −3.56 | 0.884 |
| 1991Q3 | 0.020 | (0.032) | 1.98 | 0.918 | 0.019 | (0.043) | 1.93 | 0.943 | 0.016 | (0.048) | 1.62 | 0.825 |
| 1991Q4 | 0.014 | (0.041) | 1.43 | 0.879 | −0.015 | (0.046) | −1.52 | 0.946 | 0.028 | (0.044) | 2.83 | 0.720 |
| 1992Q1 | −0.024 | (0.033) | −2.41 | 0.888 | 0.038 | (0.041) | 3.91 | 0.948 | −0.062 | (0.044) | −6.04 | 0.738 |
| 1992Q2 | 0.058 | (0.027) | 5.99 | 0.930 | 0.057 | (0.037) | 5.87 | 0.956 | 0.073 | (0.035) | 7.60 | 0.809 |
| 1992Q3 | −0.029 | (0.037) | −2.89 | 0.943 | −0.044 | (0.045) | −4.26 | 0.963 | −0.042 | (0.053) | −4.08 | 0.850 |
| 1992Q4 | 0.074 | (0.047) | 7.68 | 0.914 | 0.057 | (0.043) | 5.87 | 0.975 | 0.121 | (0.078) | 12.87 | 0.759 |
| 1993Q1 | −0.057 | (0.037) | −5.55 | 0.909 | 0.002 | (0.047) | 0.19 | 0.920 | −0.064 | (0.039) | −6.20 | 0.826 |
| 1993Q2 | 0.052 | (0.028) | 5.38 | 0.917 | 0.057 | (0.040) | 5.85 | 0.924 | 0.042 | (0.038) | 4.29 | 0.827 |
| 1993Q3 | 0.036 | (0.026) | 3.70 | 0.936 | 0.025 | (0.032) | 2.55 | 0.961 | 0.055 | (0.036) | 5.64 | 0.835 |
| 1993Q4 | 0.017 | (0.029) | 1.73 | 0.937 | 0.046 | (0.033) | 4.67 | 0.968 | −0.034 | (0.042) | −3.31 | 0.855 |
| 1994Q1 | 0.118 | (0.027) | 12.55 | 0.935 | 0.110 | (0.036) | 11.60 | 0.967 | 0.143 | (0.037) | 15.39 | 0.828 |
| 1994Q2 | 0.004 | (0.023) | 0.41 | 0.937 | 0.027 | (0.033) | 2.69 | 0.959 | −0.009 | (0.033) | −0.94 | 0.804 |
| 1994Q3 | −0.052 | (0.022) | −5.06 | 0.921 | −0.009 | (0.032) | −0.90 | 0.927 | −0.081 | (0.032) | −7.80 | 0.770 |
| 1994Q4 | −0.001 | (0.022) | −0.14 | 0.925 | 0.016 | (0.029) | 1.57 | 0.931 | −0.004 | (0.032) | −0.43 | 0.763 |
| 1995Q1 | 0.057 | (0.021) | 5.91 | 0.942 | 0.039 | (0.029) | 4.02 | 0.953 | 0.049 | (0.031) | 5.03 | 0.794 |
| 1995Q2 | 0.104 | (0.023) | 10.93 | 0.940 | 0.095 | (0.061) | 9.98 | 0.824 | 0.094 | (0.033) | 9.85 | 0.791 |
| 1995Q3 | 0.055 | (0.021) | 5.69 | 0.912 | 0.095 | (0.030) | 9.95 | 0.920 | 0.038 | (0.028) | 3.90 | 0.741 |
| 1995Q4 | 0.035 | (0.021) | 3.59 | 0.908 | −0.026 | (0.032) | −2.55 | 0.892 | 0.086 | (0.027) | 8.97 | 0.746 |
| 1996Q1 | 0.097 | (0.021) | 10.21 | 0.926 | 0.137 | (0.033) | 14.70 | 0.900 | 0.074 | (0.028) | 7.65 | 0.801 |
| 1996Q2 | 0.084 | (0.018) | 8.71 | 0.930 | 0.093 | (0.024) | 9.73 | 0.921 | 0.073 | (0.025) | 7.53 | 0.778 |
| 1996Q3 | −0.039 | (0.015) | −3.83 | 0.923 | −0.031 | (0.022) | −3.02 | 0.935 | −0.040 | (0.020) | −3.91 | 0.751 |
| 1996Q4 | 0.019 | (0.017) | 1.92 | 0.906 | 0.045 | (0.022) | 4.59 | 0.940 | −0.010 | (0.024) | −0.95 | 0.640 |
| 1997Q1 | 0.056 | (0.017) | 5.71 | 0.916 | 0.092 | (0.023) | 9.62 | 0.933 | 0.040 | (0.024) | 4.08 | 0.657 |
| 1997Q2 | 0.074 | (0.018) | 7.69 | 0.923 | 0.054 | (0.027) | 5.55 | 0.895 | 0.103 | (0.024) | 10.81 | 0.748 |
| 1997Q3 | 0.005 | (0.016) | 0.47 | 0.924 | 0.011 | (0.022) | 1.06 | 0.918 | −0.007 | (0.023) | −0.70 | 0.718 |
| 1997Q4 | 0.058 | (0.013) | 6.02 | 0.923 | 0.051 | (0.023) | 5.19 | 0.942 | 0.056 | (0.016) | 5.79 | 0.718 |
| 1998Q1 | 0.054 | (0.014) | 5.57 | 0.915 | 0.085 | (0.023) | 8.85 | 0.909 | 0.042 | (0.018) | 4.29 | 0.706 |
| 1998Q2 | 0.029 | (0.013) | 2.95 | 0.918 | 0.008 | (0.019) | 0.77 | 0.902 | 0.041 | (0.017) | 4.16 | 0.742 |
| 1998Q3 | 0.019 | (0.012) | 1.93 | 0.920 | 0.007 | (0.020) | 0.68 | 0.899 | 0.032 | (0.016) | 3.21 | 0.756 |
| 1998Q4 | −0.034 | (0.011) | −3.33 | 0.906 | −0.036 | (0.020) | −3.50 | 0.885 | −0.038 | (0.013) | −3.70 | 0.738 |
| 1999Q1 | 0.036 | (0.011) | 3.67 | 0.902 | 0.048 | (0.018) | 4.87 | 0.880 | 0.029 | (0.013) | 2.99 | 0.749 |
| 1999Q2 | −0.019 | (0.011) | −1.87 | 0.913 | −0.020 | (0.016) | −1.94 | 0.907 | −0.012 | (0.014) | −1.22 | 0.747 |
| 1999Q3 | 0.045 | (0.011) | 4.59 | 0.910 | 0.049 | (0.014) | 5.05 | 0.925 | 0.042 | (0.014) | 4.26 | 0.715 |
| 1999Q4 | 0.031 | (0.010) | 3.17 | 0.910 | 0.027 | (0.015) | 2.72 | 0.906 | 0.032 | (0.012) | 3.29 | 0.746 |
| 2000Q1 | −0.002 | (0.010) | −0.20 | 0.915 | 0.044 | (0.017) | 4.46 | 0.903 | −0.028 | (0.013) | −2.80 | 0.754 |
| 2000Q2 | −0.005 | (0.010) | −0.45 | 0.922 | −0.021 | (0.016) | −2.04 | 0.916 | 0.004 | (0.013) | 0.35 | 0.761 |
| 2000Q3 | −0.012 | (0.010) | −1.24 | 0.919 | 0.010 | (0.014) | 0.97 | 0.911 | −0.025 | (0.013) | −2.50 | 0.740 |
| 2000Q4 | −0.012 | (0.011) | −1.17 | 0.915 | 0.003 | (0.015) | 0.31 | 0.898 | −0.023 | (0.013) | −2.24 | 0.714 |
| Period . | All wines . | More expensive wines . | Less expensive wines . | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ᾱ . | S.E. . | Return . | R 2 . | ᾱ . | S.E. . | Return . | R 2 . | ᾱ . | S.E. . | Return . | R 2 . | |
| 1990Q1 | −0.009 | (0.029) | −0.88 | 0.888 | −0.025 | (0.046) | −2.51 | 0.939 | 0.009 | (0.037) | 0.93 | 0.722 |
| 1990Q2 | 0.006 | (0.036) | 0.57 | 0.927 | −0.031 | (0.048) | −3.05 | 0.955 | 0.026 | (0.058) | 2.67 | 0.802 |
| 1990Q3 | 0.007 | (0.041) | 0.73 | 0.909 | −0.017 | (0.050) | −1.66 | 0.980 | 0.021 | (0.050) | 2.14 | 0.737 |
| 1990Q4 | −0.014 | (0.031) | −1.35 | 0.841 | 0.061 | (0.072) | 6.30 | 0.820 | −0.007 | (0.040) | −0.72 | 0.647 |
| 1991Q1 | −0.044 | (0.036) | −4.30 | 0.870 | −0.015 | (0.048) | −1.47 | 0.909 | −0.069 | (0.046) | −6.68 | 0.705 |
| 1991Q2 | 0.071 | (0.068) | 7.32 | 0.634 | 0.113 | (0.050) | 11.94 | 0.950 | −0.036 | (0.034) | −3.56 | 0.884 |
| 1991Q3 | 0.020 | (0.032) | 1.98 | 0.918 | 0.019 | (0.043) | 1.93 | 0.943 | 0.016 | (0.048) | 1.62 | 0.825 |
| 1991Q4 | 0.014 | (0.041) | 1.43 | 0.879 | −0.015 | (0.046) | −1.52 | 0.946 | 0.028 | (0.044) | 2.83 | 0.720 |
| 1992Q1 | −0.024 | (0.033) | −2.41 | 0.888 | 0.038 | (0.041) | 3.91 | 0.948 | −0.062 | (0.044) | −6.04 | 0.738 |
| 1992Q2 | 0.058 | (0.027) | 5.99 | 0.930 | 0.057 | (0.037) | 5.87 | 0.956 | 0.073 | (0.035) | 7.60 | 0.809 |
| 1992Q3 | −0.029 | (0.037) | −2.89 | 0.943 | −0.044 | (0.045) | −4.26 | 0.963 | −0.042 | (0.053) | −4.08 | 0.850 |
| 1992Q4 | 0.074 | (0.047) | 7.68 | 0.914 | 0.057 | (0.043) | 5.87 | 0.975 | 0.121 | (0.078) | 12.87 | 0.759 |
| 1993Q1 | −0.057 | (0.037) | −5.55 | 0.909 | 0.002 | (0.047) | 0.19 | 0.920 | −0.064 | (0.039) | −6.20 | 0.826 |
| 1993Q2 | 0.052 | (0.028) | 5.38 | 0.917 | 0.057 | (0.040) | 5.85 | 0.924 | 0.042 | (0.038) | 4.29 | 0.827 |
| 1993Q3 | 0.036 | (0.026) | 3.70 | 0.936 | 0.025 | (0.032) | 2.55 | 0.961 | 0.055 | (0.036) | 5.64 | 0.835 |
| 1993Q4 | 0.017 | (0.029) | 1.73 | 0.937 | 0.046 | (0.033) | 4.67 | 0.968 | −0.034 | (0.042) | −3.31 | 0.855 |
| 1994Q1 | 0.118 | (0.027) | 12.55 | 0.935 | 0.110 | (0.036) | 11.60 | 0.967 | 0.143 | (0.037) | 15.39 | 0.828 |
| 1994Q2 | 0.004 | (0.023) | 0.41 | 0.937 | 0.027 | (0.033) | 2.69 | 0.959 | −0.009 | (0.033) | −0.94 | 0.804 |
| 1994Q3 | −0.052 | (0.022) | −5.06 | 0.921 | −0.009 | (0.032) | −0.90 | 0.927 | −0.081 | (0.032) | −7.80 | 0.770 |
| 1994Q4 | −0.001 | (0.022) | −0.14 | 0.925 | 0.016 | (0.029) | 1.57 | 0.931 | −0.004 | (0.032) | −0.43 | 0.763 |
| 1995Q1 | 0.057 | (0.021) | 5.91 | 0.942 | 0.039 | (0.029) | 4.02 | 0.953 | 0.049 | (0.031) | 5.03 | 0.794 |
| 1995Q2 | 0.104 | (0.023) | 10.93 | 0.940 | 0.095 | (0.061) | 9.98 | 0.824 | 0.094 | (0.033) | 9.85 | 0.791 |
| 1995Q3 | 0.055 | (0.021) | 5.69 | 0.912 | 0.095 | (0.030) | 9.95 | 0.920 | 0.038 | (0.028) | 3.90 | 0.741 |
| 1995Q4 | 0.035 | (0.021) | 3.59 | 0.908 | −0.026 | (0.032) | −2.55 | 0.892 | 0.086 | (0.027) | 8.97 | 0.746 |
| 1996Q1 | 0.097 | (0.021) | 10.21 | 0.926 | 0.137 | (0.033) | 14.70 | 0.900 | 0.074 | (0.028) | 7.65 | 0.801 |
| 1996Q2 | 0.084 | (0.018) | 8.71 | 0.930 | 0.093 | (0.024) | 9.73 | 0.921 | 0.073 | (0.025) | 7.53 | 0.778 |
| 1996Q3 | −0.039 | (0.015) | −3.83 | 0.923 | −0.031 | (0.022) | −3.02 | 0.935 | −0.040 | (0.020) | −3.91 | 0.751 |
| 1996Q4 | 0.019 | (0.017) | 1.92 | 0.906 | 0.045 | (0.022) | 4.59 | 0.940 | −0.010 | (0.024) | −0.95 | 0.640 |
| 1997Q1 | 0.056 | (0.017) | 5.71 | 0.916 | 0.092 | (0.023) | 9.62 | 0.933 | 0.040 | (0.024) | 4.08 | 0.657 |
| 1997Q2 | 0.074 | (0.018) | 7.69 | 0.923 | 0.054 | (0.027) | 5.55 | 0.895 | 0.103 | (0.024) | 10.81 | 0.748 |
| 1997Q3 | 0.005 | (0.016) | 0.47 | 0.924 | 0.011 | (0.022) | 1.06 | 0.918 | −0.007 | (0.023) | −0.70 | 0.718 |
| 1997Q4 | 0.058 | (0.013) | 6.02 | 0.923 | 0.051 | (0.023) | 5.19 | 0.942 | 0.056 | (0.016) | 5.79 | 0.718 |
| 1998Q1 | 0.054 | (0.014) | 5.57 | 0.915 | 0.085 | (0.023) | 8.85 | 0.909 | 0.042 | (0.018) | 4.29 | 0.706 |
| 1998Q2 | 0.029 | (0.013) | 2.95 | 0.918 | 0.008 | (0.019) | 0.77 | 0.902 | 0.041 | (0.017) | 4.16 | 0.742 |
| 1998Q3 | 0.019 | (0.012) | 1.93 | 0.920 | 0.007 | (0.020) | 0.68 | 0.899 | 0.032 | (0.016) | 3.21 | 0.756 |
| 1998Q4 | −0.034 | (0.011) | −3.33 | 0.906 | −0.036 | (0.020) | −3.50 | 0.885 | −0.038 | (0.013) | −3.70 | 0.738 |
| 1999Q1 | 0.036 | (0.011) | 3.67 | 0.902 | 0.048 | (0.018) | 4.87 | 0.880 | 0.029 | (0.013) | 2.99 | 0.749 |
| 1999Q2 | −0.019 | (0.011) | −1.87 | 0.913 | −0.020 | (0.016) | −1.94 | 0.907 | −0.012 | (0.014) | −1.22 | 0.747 |
| 1999Q3 | 0.045 | (0.011) | 4.59 | 0.910 | 0.049 | (0.014) | 5.05 | 0.925 | 0.042 | (0.014) | 4.26 | 0.715 |
| 1999Q4 | 0.031 | (0.010) | 3.17 | 0.910 | 0.027 | (0.015) | 2.72 | 0.906 | 0.032 | (0.012) | 3.29 | 0.746 |
| 2000Q1 | −0.002 | (0.010) | −0.20 | 0.915 | 0.044 | (0.017) | 4.46 | 0.903 | −0.028 | (0.013) | −2.80 | 0.754 |
| 2000Q2 | −0.005 | (0.010) | −0.45 | 0.922 | −0.021 | (0.016) | −2.04 | 0.916 | 0.004 | (0.013) | 0.35 | 0.761 |
| 2000Q3 | −0.012 | (0.010) | −1.24 | 0.919 | 0.010 | (0.014) | 0.97 | 0.911 | −0.025 | (0.013) | −2.50 | 0.740 |
| 2000Q4 | −0.012 | (0.011) | −1.17 | 0.915 | 0.003 | (0.015) | 0.31 | 0.898 | −0.023 | (0.013) | −2.24 | 0.714 |
| Period . | All wines . | More expensive wines . | Less expensive wines . | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ᾱ . | S.E. . | Return . | R 2 . | ᾱ . | S.E. . | Return . | R 2 . | ᾱ . | S.E. . | Return . | R 2 . | |
| 1990Q1 | −0.009 | (0.029) | −0.88 | 0.888 | −0.025 | (0.046) | −2.51 | 0.939 | 0.009 | (0.037) | 0.93 | 0.722 |
| 1990Q2 | 0.006 | (0.036) | 0.57 | 0.927 | −0.031 | (0.048) | −3.05 | 0.955 | 0.026 | (0.058) | 2.67 | 0.802 |
| 1990Q3 | 0.007 | (0.041) | 0.73 | 0.909 | −0.017 | (0.050) | −1.66 | 0.980 | 0.021 | (0.050) | 2.14 | 0.737 |
| 1990Q4 | −0.014 | (0.031) | −1.35 | 0.841 | 0.061 | (0.072) | 6.30 | 0.820 | −0.007 | (0.040) | −0.72 | 0.647 |
| 1991Q1 | −0.044 | (0.036) | −4.30 | 0.870 | −0.015 | (0.048) | −1.47 | 0.909 | −0.069 | (0.046) | −6.68 | 0.705 |
| 1991Q2 | 0.071 | (0.068) | 7.32 | 0.634 | 0.113 | (0.050) | 11.94 | 0.950 | −0.036 | (0.034) | −3.56 | 0.884 |
| 1991Q3 | 0.020 | (0.032) | 1.98 | 0.918 | 0.019 | (0.043) | 1.93 | 0.943 | 0.016 | (0.048) | 1.62 | 0.825 |
| 1991Q4 | 0.014 | (0.041) | 1.43 | 0.879 | −0.015 | (0.046) | −1.52 | 0.946 | 0.028 | (0.044) | 2.83 | 0.720 |
| 1992Q1 | −0.024 | (0.033) | −2.41 | 0.888 | 0.038 | (0.041) | 3.91 | 0.948 | −0.062 | (0.044) | −6.04 | 0.738 |
| 1992Q2 | 0.058 | (0.027) | 5.99 | 0.930 | 0.057 | (0.037) | 5.87 | 0.956 | 0.073 | (0.035) | 7.60 | 0.809 |
| 1992Q3 | −0.029 | (0.037) | −2.89 | 0.943 | −0.044 | (0.045) | −4.26 | 0.963 | −0.042 | (0.053) | −4.08 | 0.850 |
| 1992Q4 | 0.074 | (0.047) | 7.68 | 0.914 | 0.057 | (0.043) | 5.87 | 0.975 | 0.121 | (0.078) | 12.87 | 0.759 |
| 1993Q1 | −0.057 | (0.037) | −5.55 | 0.909 | 0.002 | (0.047) | 0.19 | 0.920 | −0.064 | (0.039) | −6.20 | 0.826 |
| 1993Q2 | 0.052 | (0.028) | 5.38 | 0.917 | 0.057 | (0.040) | 5.85 | 0.924 | 0.042 | (0.038) | 4.29 | 0.827 |
| 1993Q3 | 0.036 | (0.026) | 3.70 | 0.936 | 0.025 | (0.032) | 2.55 | 0.961 | 0.055 | (0.036) | 5.64 | 0.835 |
| 1993Q4 | 0.017 | (0.029) | 1.73 | 0.937 | 0.046 | (0.033) | 4.67 | 0.968 | −0.034 | (0.042) | −3.31 | 0.855 |
| 1994Q1 | 0.118 | (0.027) | 12.55 | 0.935 | 0.110 | (0.036) | 11.60 | 0.967 | 0.143 | (0.037) | 15.39 | 0.828 |
| 1994Q2 | 0.004 | (0.023) | 0.41 | 0.937 | 0.027 | (0.033) | 2.69 | 0.959 | −0.009 | (0.033) | −0.94 | 0.804 |
| 1994Q3 | −0.052 | (0.022) | −5.06 | 0.921 | −0.009 | (0.032) | −0.90 | 0.927 | −0.081 | (0.032) | −7.80 | 0.770 |
| 1994Q4 | −0.001 | (0.022) | −0.14 | 0.925 | 0.016 | (0.029) | 1.57 | 0.931 | −0.004 | (0.032) | −0.43 | 0.763 |
| 1995Q1 | 0.057 | (0.021) | 5.91 | 0.942 | 0.039 | (0.029) | 4.02 | 0.953 | 0.049 | (0.031) | 5.03 | 0.794 |
| 1995Q2 | 0.104 | (0.023) | 10.93 | 0.940 | 0.095 | (0.061) | 9.98 | 0.824 | 0.094 | (0.033) | 9.85 | 0.791 |
| 1995Q3 | 0.055 | (0.021) | 5.69 | 0.912 | 0.095 | (0.030) | 9.95 | 0.920 | 0.038 | (0.028) | 3.90 | 0.741 |
| 1995Q4 | 0.035 | (0.021) | 3.59 | 0.908 | −0.026 | (0.032) | −2.55 | 0.892 | 0.086 | (0.027) | 8.97 | 0.746 |
| 1996Q1 | 0.097 | (0.021) | 10.21 | 0.926 | 0.137 | (0.033) | 14.70 | 0.900 | 0.074 | (0.028) | 7.65 | 0.801 |
| 1996Q2 | 0.084 | (0.018) | 8.71 | 0.930 | 0.093 | (0.024) | 9.73 | 0.921 | 0.073 | (0.025) | 7.53 | 0.778 |
| 1996Q3 | −0.039 | (0.015) | −3.83 | 0.923 | −0.031 | (0.022) | −3.02 | 0.935 | −0.040 | (0.020) | −3.91 | 0.751 |
| 1996Q4 | 0.019 | (0.017) | 1.92 | 0.906 | 0.045 | (0.022) | 4.59 | 0.940 | −0.010 | (0.024) | −0.95 | 0.640 |
| 1997Q1 | 0.056 | (0.017) | 5.71 | 0.916 | 0.092 | (0.023) | 9.62 | 0.933 | 0.040 | (0.024) | 4.08 | 0.657 |
| 1997Q2 | 0.074 | (0.018) | 7.69 | 0.923 | 0.054 | (0.027) | 5.55 | 0.895 | 0.103 | (0.024) | 10.81 | 0.748 |
| 1997Q3 | 0.005 | (0.016) | 0.47 | 0.924 | 0.011 | (0.022) | 1.06 | 0.918 | −0.007 | (0.023) | −0.70 | 0.718 |
| 1997Q4 | 0.058 | (0.013) | 6.02 | 0.923 | 0.051 | (0.023) | 5.19 | 0.942 | 0.056 | (0.016) | 5.79 | 0.718 |
| 1998Q1 | 0.054 | (0.014) | 5.57 | 0.915 | 0.085 | (0.023) | 8.85 | 0.909 | 0.042 | (0.018) | 4.29 | 0.706 |
| 1998Q2 | 0.029 | (0.013) | 2.95 | 0.918 | 0.008 | (0.019) | 0.77 | 0.902 | 0.041 | (0.017) | 4.16 | 0.742 |
| 1998Q3 | 0.019 | (0.012) | 1.93 | 0.920 | 0.007 | (0.020) | 0.68 | 0.899 | 0.032 | (0.016) | 3.21 | 0.756 |
| 1998Q4 | −0.034 | (0.011) | −3.33 | 0.906 | −0.036 | (0.020) | −3.50 | 0.885 | −0.038 | (0.013) | −3.70 | 0.738 |
| 1999Q1 | 0.036 | (0.011) | 3.67 | 0.902 | 0.048 | (0.018) | 4.87 | 0.880 | 0.029 | (0.013) | 2.99 | 0.749 |
| 1999Q2 | −0.019 | (0.011) | −1.87 | 0.913 | −0.020 | (0.016) | −1.94 | 0.907 | −0.012 | (0.014) | −1.22 | 0.747 |
| 1999Q3 | 0.045 | (0.011) | 4.59 | 0.910 | 0.049 | (0.014) | 5.05 | 0.925 | 0.042 | (0.014) | 4.26 | 0.715 |
| 1999Q4 | 0.031 | (0.010) | 3.17 | 0.910 | 0.027 | (0.015) | 2.72 | 0.906 | 0.032 | (0.012) | 3.29 | 0.746 |
| 2000Q1 | −0.002 | (0.010) | −0.20 | 0.915 | 0.044 | (0.017) | 4.46 | 0.903 | −0.028 | (0.013) | −2.80 | 0.754 |
| 2000Q2 | −0.005 | (0.010) | −0.45 | 0.922 | −0.021 | (0.016) | −2.04 | 0.916 | 0.004 | (0.013) | 0.35 | 0.761 |
| 2000Q3 | −0.012 | (0.010) | −1.24 | 0.919 | 0.010 | (0.014) | 0.97 | 0.911 | −0.025 | (0.013) | −2.50 | 0.740 |
| 2000Q4 | −0.012 | (0.011) | −1.17 | 0.915 | 0.003 | (0.015) | 0.31 | 0.898 | −0.023 | (0.013) | −2.24 | 0.714 |
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