June 2015 Portfolio
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High-End Variety Exporters Defying Distance: Micro Facts and Macroeconomic Implications
High-End Variety Exporters Defying Distance: Micro Facts and Macroeconomic Implications J. Martin and F. Mayneris Discussion Paper 2013-27 High-End Variety Exporters Defying Distance: Micro Facts and Macroeconomic Implications∗ Julien Martiny Florian Maynerisz October 2013 Abstract We develop a new methodology to identify high-end variety exporters in French firm- level data. We show that they do not export to many more countries, but they export to more distant ones. This comes with a greater geographic diversification of their aggregate exports. These facts are explained by a lower sensitivity to distance of high-end variety export(er)s. We also show that high-end export(er)s are more sensitive to the average income of the destination country. Because of this different sensitivity to gravity variables, the within-product specialization of a country in the production of high-end varieties is likely to affect its export growth and volatility. We show that a higher sensitivity to per capita income tends to increase the volatility of high-end variety exports. However, a lower sensitivity to distance reduces volatility through a greater geographic diversification. Furthermore, we point out that a lower sensitivity to distance allows high-end varieties to benefit more from growth in more distant markets. JEL classification: F14, F43, L15, Keywords: Gravity, Distance, Firm-level data, Growth, Volatility ∗We thank Andrew Bernard, Lionel Fontagn´e,Jean Imbs, S´ebastienJean, Thierry Mayer, Mathieu Par- enti, Val´erieSmeets, Jacques Thisse and Fr´ed´ericWarzynski -
Chilled Shellfish Get Now, Eat Later Sides 5
eat fish - live longer eat oysters - love longer CHILLED SHELLFISH STARTERS OYSTERS ON THE HALF SHELL MKT FRIED CALAMARI 11 lemon, cocktail sauce, house mignonette mango-chile mojo, lime aioli PEEL N’ EAT SHRIMP 12 ½ pound / 22 1 pound MUSSELS 17 thai curry - charred jalapeño, candied coconut, cilantro ALASKAN KING CRAB 1 pound 58 red chorizo - crushed tomato, oregano, basil SNOW CRAB 1 pound 49 chardonnay garlic - garlic & shallot confit, parsley, butter *all mussels steamed in a rich roasted shrimp broth; served ICE COLD RAW BAR SAMPLER 70 with grilled sourdough. 12 emersum oysters, 1lb Snow Crab, 1/2 lb peel n eat shrimp, lemon and all the sauces CHARGRILLED OYSTERS 22 half dozen /44 dozen creole butter, grana padano cheese GET NOW, EAT LATER JUMBO LUMP CRAB CAKE 19 preserved lemon aioli FINISH-AT-HOME KITS MUSSELS 2# 28 CRAWFISH AND ANDOUILLE SAUSAGE GUMBO 6/12 choice of thai curry, tomato chorizo or chardonnay garlic - louisiana crawfish and local smoked andouille sausage take these orange pillows of pleasure home with you JAX CAESAR 8/14 CHARGRILLED OYSTERS - HALF DOZEN 22 romaine hearts, grana padano, whole grain mustard creole butter, grana, tabasco, lemon dressing, garlic croutons add white anchovies - 2 CRAB CAKE FOR TWO 32 blue crab cake mix, lemon aioli THE WEDGE 7/12 iceberg, black pepper bacon, chunky blue cheese, early SUSTAINABLE SALMON FOR TWO 40 season cherry tomatoes, creamy four onion ranch sesame crusted verlasso salmon, cucumber gazpacho, spiced yogurt, tabbouleh HALIBUT FOR TWO 48 ENTREES local mushrooms, asparagus, roasted tomato, pepper butter, wrapped in parchment paper HAWAIIAN BIGEYE TUNA 34 ready for the oven furikake crusted, miso glazed local farm carrots, snap peas, ginger fried rice, ponzu NIMAN RANCH BURGER KITS FOR TWO 20 two 8 oz. -
Luxury Goods and the Equity Premium
Luxury Goods and the Equity Premium YACINE AÏT-SAHALIA, JONATHAN A. PARKER, and MOTOHIRO YOGO∗ ABSTRACT This paper evaluates the equity premium using novel data on the consumption of luxury goods. Specifying utility as a nonhomothetic function of both luxury and basic consumption goods, we derive pricing equations and evaluate the risk of holding equity. Household survey and national accounts data mostly reflect basic consumption and therefore overstate the risk aversion necessary to match the observed equity premium. The risk aversion implied by the consumption of luxury goods is more than an order of magnitude less than that implied by national accounts data. For the very rich, the equity premium is much less of a puzzle. ∗Aït-Sahalia is with the Department of Economics and the Bendheim Center for Finance, Princeton University, and the NBER. Parker is with the Department of Economics and the Woodrow Wilson School of Public and International Affairs and the Bendheim Center for Finance, Princeton University, and the NBER. Yogo is with the Department of Economics, Harvard University. We thank the editor and an anonymous referee, Christopher Carroll, Angus Deaton, Karen Dynan, Gregory Mankiw, Masao Ogaki, Annette Vissing-Jørgensen, and participants at the NBER ME Meeting (November 2001) and the Wharton Conference on Household Portfolio-Choice and Financial Decision- Making (March 2002) for helpful comments and discussions. We thank Jonathan Miller at Miller Samuel Inc. for data on Manhattan real estate prices and Orley Ashenfelter and David Ashmore at Liquid Assets for data on wine prices. Aït-Sahalia and Parker thank the National Science Foundation (grants SBR-9996023 and SES-0096076, respectively) for financial support. -
Champagne Krug Non Vintage 0145
Bin No: 0145 Wine: Champagne Krug Non Vintage Country: France Region: Champagne Producer: Maison Krug Vintage: Non Vintage Colour: White Grape Variety: 33% Pinot Noir - 34% Chardonnay - 33% Pinot Meunier Status: Sparkling, Vegetarian - Vegan Allergens: contains sulphites Dry/Sweet: 2 (1 is dry, 7 is very sweet) abv: 12.0% - bottle size: 75cl Tasting Note: This famous Champagne has an intense bouquet with full round aromas and a superbly rich flavour of roasted hazelnuts ending on a flowery and fresh note. It has an intense bouquet with full round aromas and a superbly rich flavour. Winery information: Joseph Krug wanted to offer his clients the ultimate pleasure experience in Champagne every year, regardless of the vintage. His philosophy was to select grapes from individual plots which will each express their distinctive features, their nuances and their uniqueness. Krug wines show the character and the contrast between the grapes from different plots. Their Krug Grande Cuvée is the archetype of Krugs philosophy of craftsmanship. A blend of around 120 wines from ten or more different vintages, some of which may reach 15 years of age. It is this blending so many vintages that gives Krug Grande Cuvée its unique fullness of flavours and aromas, its incredible generosity and its absolute elegance - something impossible to express with the wines of just a single year. The philosophy is to select grapes from individual plots which will each express their distinctive features, their nuances and their uniqueness. There is no hierarchy in our selection, no plot is favoured over another. A plot may sometimes be smaller than a garden. -
High-End Variety Exporters Defying Distance: Micro Facts and Macroeconomic Implications
High-End Variety Exporters Defying Distance: Micro Facts and Macroeconomic Implications Julien MARTIN Florian MAYNERIS Université du Québec à Université Catholique Montréal de Louvain October 2013 G-MonD Working Paper n°35 For sustainable and inclusive world development High-End Variety Exporters Defying Distance: Micro Facts and Macroeconomic Implications∗ Julien Martiny Florian Maynerisz December 2013 Abstract We develop a new methodology to identify high-end variety exporters in French firm- level data. We show that they do not export to many more countries, but they export to more distant ones. This comes with a greater geographic diversification of their aggregate exports. In contrast to low-end export(er)s, we find that distance has almost no effect on high-end variety export(er)s. We also show that high-end export(er)s are more sensitive to the average income of the destination country. Because of this different sensitivity to gravity variables at the micro-level, specializing in the production of high-end varieties has two macroeconomic implications for countries. First, the sources of a country's aggregate exports volatility are modified. The higher sensitivity to per capita income increases the sensitivity of high-end variety exports to destination-specific demand shocks, and thus their volatility on a given market. However, their lower sensitivity to distance allows for a greater geographic diversification of their exports, which in turn reduces aggregate volatility through a portfolio effect. Second, the lower sensitivity to distance allows high- end varieties to benefit more from demand growth, especially when it arises in distant markets. JEL classification: F14, F43, L15, Keywords: Vertical differentiation, Gravity, Distance, Volatility ∗We thank Nicolas Berman, Andrew Bernard, Lionel Fontagn´e,Jean Imbs, S´ebastienJean, H´el`eneLatzer, Thierry Mayer, Isabelle M´ejean,Mathieu Parenti, Val´erieSmeets, Jacques Thisse and Fr´ed´ericWarzynski for useful discussions. -
Pinot Noir Rose, Sonoma-Cutrer Russian River Valley 2017 (88)
• FROM OUR 8,000 BOTTLE DISPLAY WINE CELLAR 1996 1996 1997 1997 1998 19981999 2000 1999 2001 2000 2002 2001 2013 2003 2020 2004 2002 2005 2003 2006 Best Restaurant Wine Spectator 2004 for Wine Lovers 2007 Best Restaurant As our guarantee of quality,Wine Spectator most wines foron this Wine list are highly Lovers rated by the 20052008 Wine Spectator’s Ultimate Guide to Buying Wine, The Wine Enthusiast’s Beverage Testing Institute Asor ourRobert guarantee Parker’s of Wine quality, Buyer’s most Guide wines 2009 on this list are highly rated by the 2006 Wine Spectator’s Ultimate Guide to Buying Wine, The Wine Enthusiast’s Beverage Testing Institute 2010 or Robert Parker’s Wine Buyer’s Guide 2007 2008 2009 2010 2011 2012 2011 45863_McG_Wine Cover 7-10-13.indd 1 7/11/13 12:17:15 PM 2012 20162013 20162014 20162015 2016 20162017 20162018 20162019 When it comes to Imbibery, you cannot pass on the fine wines of McGuire’s Irish Pub Wine Cellar. Our comprehensive wine list features highly rated wines and popular labels from around the world. We use publications such as the Wine Spectator, Wine Enthusiast and Wine Advocate to choose our wines, along with the sharp palate and extensive knowledge of our Certified Sommelier. McGuire’s Sommelier Selection makes ordering wine an easy task with the philosophy that “wines don’t have be expensive to enjoy.” Many of the popular varietals are offered with some interesting blends made by well-known wineries. McGuire’s offers true wine connoisseurs our extensive Reserve Page. -
Royal Tokaji Overview
ROYAL TOKAJI OVERVIEW TOKAJI’S ROYAL CONNECTION AND RENAISSANCE The first Tokaji aszú wine was created in the 1600s perhaps by accident — a harvest delayed by threat of enemy invasion. In 1700, Tokaj became the first European region to have its vineyards classified — its uniquely varied terroirs and climates rated “primae classis, secundae classis, tertius classis,” or “first growth, second growth, third growth,” by Prince Rakoczi II of Transylvania. This classification system is still used in Hungary today. Quality production ended with the Communist Party takeover of Hungarian winemaking. Aszú grapes were used for mass production in factories, with vineyard distinctions lost in giant tanks. Tokaj’s renaissance began after the collapse of communism with the establishment of Royal Tokaji in 1990 by well- known author Hugh Johnson and a small group of investors, who were inspired to restore and preserve Hungary’s precious wine legacy. THE TOKAJ REGION Situated along the southern slopes of the Zemplén Mountains, Tokaj is characterized by late springs and short growing seasons. The average temperatures are generally cool, with long, sunny summers and dry autumns. Tokaj’s soil is largely clay or loess with a volcanic substratum. The meeting of the Tisza and Bodrog rivers in Tokaj creates a mist similar to that of the fog in Sauternes. The mist encourages “botrytis cinerea,” or “noble rot,” which dries and shrivels the grapes that comprise Tokaji wines, and concentrates the sugars. Grapes that are infected with botrytis are commonly referred to by the Hungarian term aszú. GRAPE VARIETIES By law, only white grape varieties are allowed to be planted in Tokaj. -
Give Me More! the New Marketing Mantra in Hair Care
AN ISSUE OF WOMEN’S WEAR DAILY THE BUSINESS OF BEAUTY HOLLYWOOD’S RED CARPET WHIZ KIDS INFOMERCIAL-MANIA DOLLAR STORES CASH IN GIVE ME MORE! THE NEW MARKETING MANTRA IN HAIR CARE %%3*;&29(5DLQGG 30 $QQSPWFEXJUIXBSOJOHT WWD BEAUTY INC 3 FEATURES 26 Small Screen Dreams The infomercial channel is booming as established players look to solidify their CONTENTS position amidst an onslaught of new entrants. 30 Maximum Volume Hair-care marketers are aiming to transform the way women approach hair-care regimens—and pump up sales to boot. 36 Penny Press As one of the fastest-growing channels in retail, the value-oriented dollar stores are now also the most competitive. 40 Red Carpet Whiz Kids Hollywood’s hottest young hair stylists and makeup artists. DEPARTMENTS CORNER OFFICE 8 The Laugh Master Under Aurelian Lis, Benefit’s humorous ethos has flourished, but the brand’s explosive growth in North America is no joke. 10 Black Book: Brooke Wall The super-chic founder of The Wall Group shares her favorite L.A. haunts. 11 My First Job: Jerrod Blandino Getting creative at Chuck E. Cheese. BEAUTY BULLETIN 14 Pop Rocks Spring’s bright color palette. 16 Launch Window Key products hitting stores now. 18 Singular Sensations Inspired looks from the European runways. CONSUMER CHRONICLES 20 Tinseltown’s Newest Beauty Destination Testing the waters at Hollywood’s swanky new Walgreens. 24 Shopper Stalker Who’s buying what—and why– on Manhattan’s Upper West Side. MISC 6 Pete Unplugged Pete Born, WWD’s executive editor of beauty, surveys the global indie beauty scene. -
The Comité Colbert in 2014 Le Comité the 60 Th Colbert Anniversary of 1954-2014 a 60 Ans the Comité Colbert
Créé en 1954, le Comité Colbert rassemble les Founded in 1954, the Comité Colbert gathers 20 maisons françaises du luxe et des institutions French luxury houses and several cultural culturelles. Elles œuvrent ensemble au rayon- institutions. They work together to promote 14 nement international de l’art de vivre français. French art de vivre at international level. COMITÉ COLBERT 2014 COMITÉ COLBERT LE COMITÉ COLBERT EN 2014 THE COMITÉ COLBERT IN 2014 LE COMITÉ THE 60 TH COLBERT ANNIVERSARY OF 1954-2014 A 60 ANS THE COMITÉ COLBERT Michel Bernardaud Créé en 1954, le Comité Colbert fête Created in 1954, the Comité Colbert is — cette année son soixantième anniversaire. celebrating its 60 th anniversary this year. Président du Que de chemin parcouru depuis que Jean- Our association has come a long way since Comité Colbert Jacques Guerlain réunissait autour de Jean-Jacques Guerlain first got some fifteen Chairman of the board lui 15 maisons familiales, mais en même family-held luxury businesses to join this Comité Colbert temps quelle puissance visionnaire dans unprecedented, visionary group. ce regroupement inédit. The founding values – the dignity of hand Les valeurs affirmées au départ – crafts, respect, high standards, innovation, dignité des métiers manuels, respect et transmission and export-led growth – exigence, innovation et transmission, continue to be upheld today, in theory croissance par l’export – n’ont cessé d’être and in practice. revendiquées et mises en pratique. The founders’ bold initiative has led to Le succès est au rendez-vous : les maisons success. Today, our luxury houses help drive françaises du luxe participent pleinement economic growth in France. -
Blue Moon Fish Co
BLUE MOON FISH CO. This joint is jumpin’... the food’s divine! THE FISH CO. RAW BAR Chilled Selection of Half Shell Oysters, chili malt vinegar mignonette 2.50 ea. Fresh Clams on the Half Shell with housemade cocktail sauce 2.25 ea. Zatarain Spiced Gulf Shrimp, traditional cocktail sauce 3.95 ea. Sushi and Sashimi Sampler pickled ginger, wasabi and soy 14 Hawaiian Spiked Tuna “Poki,” hand chopped fresh tuna in a soy marinade with cucumber, scallions, fresh ginger, cilantro and thai chili paste 13 STARTERS New Orleans Firecracker Oysters with apple vinaigrette and cajun remoulade 14 Crock Roasted Prince Edward Island Mussels, pancetta, rosemary, white wine, lemon and garlic 13 Dungeness Crab and Louisiana Crawfi sh Cake, cayenne-cilantro cream, black bean-corn salsa and cilantro-aioli 17 “The Big Easy” Seafood Gumbo shrimp, crab, crawfi sh, andouille sausage, okra and fi lé 14 Prosciutto and Sundried Tomato Wrapped Brie, toasted walnuts and green apple relish with jamaican rum butter 13 Blackened Pork Tenderloin and Sweet Potato Fritter, mango-bbq sauce and heirloom tomato salsa 14 Grilled Diver Sea Scallops and Roasted Sweet Plantains with chipotle-tomatillo ratatouille and cilantro olive oil 16 Grilled Portobello and Goat Cheese Strudel with caramelized onions, green apple and peppered raspberry syrup 14 SALADS Hydroponic Bibb Lettuce and Candied Walnuts with hearts of palm, panfried pancetta and gorgonzola cheese 12 Baby Spinach and Spicy Pecan-Goat Cheese Fritters with warm caramelized onions and walnut vinaigrette 11 Woodcharred Portobello -
Champagne's Best Buy
WINE TRENDS Champagne’s Best Buy: Non-Vintage Bruts by Ed McCarthy and Mary Ewing-Mulligan MW rue Champagne, the unique sparkling wine from the Champagne region in north- T eastern France, will never be inexpensive. It just costs too much to make. But some Champagnes are relatively well-priced and, in view of their quality, can be very good values. These wines are the non- vintage Bruts. The Champagne region is so northerly that its climate is marginal for grape grow- ing. On average, only four or five vintages each decade are warm enough for making vintage Champagne—providing grapes so ripe that they can stand alone without being blended with wines from other years (although the local weather clearly has been warmer than usual since 1989). The Champenois concluded long ago that if they wanted to stay in business, they had to combine wines from several years to com- pensate for all those vintages when the climate is poor. In the 19th century, these so- called “non-vintage” Champagnes were the only type sold. Today, 85 to 90 percent of all Champagne is still non-vintage. Most Champenois find the term “non-vintage” distasteful because they believe that vintage-conscious consumers, especially Americans, might think something is wrong with non-vintage wines. Rémi Krug of Champagne Krug insists on calling his Krug Grande Cuvée a “multi-vintage” Champagne; “non-vintage” is a misnomer, he argues, since there are several vintages in his Champagne. Nonetheless, the cumber- some term “multi-vintage” has not caught on. But you will never see the words “non- vintage” on a non-vintage Champagne, either; what you’ll sometimes see is the word “Classic,” such as in “Deutz Classic Brut.” Champagne producers themselves invariably refer to their non-vintage Bruts as “classic Bruts.” Their rationale for the term is that this type of Champagne was the orig- inal—and for many years the only— type of Champagne produced. -
Wine List Is Constantly Evolving
WELCOME TO THE CAPE CLIFF DINING ROOM LIKE THE WINE TRADE, OUR WINE LIST IS CONSTANTLY EVOLVING. OUR LIST REPRESENTS THE MAJOR GROWING REGIONS FROM ALL OVER THE WORLD, AND ENDEAVORS TO NOT ONLY INCLUDE TOP PRODUCERS, BUT ALSO SMALLER BOUTIQUE WINERIES AND STRIVES TO REPRESENT THE VITICULTURE LANDSCAPE OF CANADA. WITH OPTIMAL CELLARING AND STORAGE CONDITIONS, WE TAKE GREAT PRIDE IN ENSURING AN EXCEPTIONAL WINE EXPERIENCE WHICH EQUALLY COMPLIMENTS YOUR MEAL. CONTENTS 2. BY-GLASS AND HALF BOTTLE 11. CHILE & ARGENTINA RED 3. SPARKLING & CHAMPAGNE 12. AUSTRALIA & NEW ZEALAND RED 4. CANADA & USA WHITE 13. GERMANY, LEBANON & FRANCE RED 5. CHILE, NEW ZEALAND & AUSTRALIA WHITE 14. FRANCE RED 6. ARGENTINA, SOUTH AFRICA, FRANCE WHITE 15. FRANCE & ITALY RED 7. FRANCE & ITALY WHITE 16. ITALY RED 8. GERMANY, SPAIN, PORTUGAL WHITE 17. ITALY, SPAIN & PORTUGAL RED 8. ROSÉ 18. FORTIFIED 9. CANADA & USA RED 19. SWEET & DESSERT WINE 10. USA & SOUTH AFRICA RED Page 1 WINES BY THE GLASS AND HALF BOTTLES SPARKLING BOLLA PROSECCO VENETO, ITALY 6oz $11 JÕST, SELKIE FRIZZANTE NOVA SCOTIA, CANADA 6oz $10 JÕST, SELKIE ROSÉ FRIZZANTE NOVA SCOTIA, CANADA 6oz $10 TAITTINGER BRUT CHAMPAGNE, FRANCE 375 ml $60 WHITES BENJAMIN BRIDGE TIDAL BAY NOVA SCOTIA, CANADA 6oz $10 9oz $15 BLOMIDON TIDAL BAY NOVA SCOTIA, CANADA 6oz $10 9oz $15 GASPEREAU TIDAL BAY NOVA SCOTIA, CANADA 6oz $10 9oz $15 JÕST TIDAL BAY NOVA SCOTIA, CANADA 6oz $10 9oz $15 KUNG FU GIRL RIESLING WASHINGTON, USA 6oz $14 9oz $21 SANTA RITA GRAN HACIENDA SAUVIGNON BLANC MAIPO VALLEY, CHILE 6oz $10 9oz $15 SPY VALLEY SAUVIGNNON BLANC MARLBOROUGH, NEW ZEALAND 375 ml $24 6oz $15 9oz $23 VILLA SAN MARTINO PINOT GRIGIO VENETO, ITALY 375 ml $24 6oz $ 9 9oz $13 WENTE MORNING FOG CHARDONNAY CALIFORNIA, USA 6oz $13 9oz $19 Tidal Bay is Canada’s only appellation for Nova Scotia white wine.