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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 -
Kromag04.Pdf
Kromag 04 /:/ Automne-Hiver 2007 edito Duler Après bien des péripéties, le Kromag nouveau est arrivé. Ce qui nous vaut une parution à Noël là où l’on Equipe désespérait de voir arriver ce numéro d’automne (rappelons qu’à cet instant la saison reste d’actualité). Profitons d’emblée de ce hasard du calendrier pour vous souhaiter de bonnes fêtes de fin d’année. Quant à cette nouvelle fournée, aux habituelles rencontres avec des studios et des créatifs de la planète Rédaction et direction vient s’ajouter une rubrique du nom de ZoomArt. Conçue sous forme de portrait dédié à des artistes, qu’ils artistique soient seuls ou en équipe, cette rubrique à géométrie variable aura les atouts de ses défauts : une écriture Stéphane Zissu toujours passionnée pour une parution aléatoire. Bruno Aveillan ouvre le bal avec une oeuvre envoû- Sophie Malinge tante qu’on souhaitait vraiment vous présenter. Le reste de la distribution est à l’avenant : Duler nous livre ses impressions, entre design industriels et opportunités télévisuelles, Ben Morris nous ouvre grand les portes de Fulltank et enfin Umeric innove en nous offrant un Behind the scene des plus instructifs. Maquette Bref, ce numéro sera festif ou ne sera pas... Vos réactions sont donc toujours les bienvenues. Il nous reste Sophie Malinge qu’à vous souhaiter à nouveau d’excellentes fêtes, un bon réveillon et surtout une bonne année si on ne se revoie pas d’ici-là ! [email protected] After many events, new Kromag issue is finally launched. Even if this is a Christmas where one desperate www.kromotion.com to see this issue fall (note that the season is still effective). -
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. -
PATRICK DUROUX, A.F.C. Director of Photography
PATRICK DUROUX, A.F.C. Director of Photography FEATURES THE SCAPEGOAT Nicolas Bary Pathé DIRECTORS & COMMERCIALS - Partial List TOMAS JONSGARDEN Game of Thrones JAN WENTZ Samsung JEAN PIERRE JEUNET Qualcomm BRUNO AVEILLAN Samsung, Asics, Audi, Visa, Peugeot, Peugeot 308, Sephora, Magnum, L’Odyssée de Cartier, L’oreal, Perrier, Peugeot 206 FRANK BUDGEN Levis – International Cannes Lions 2003- Bronze Lion Winner MARTIN WERNER Audi FRÈDÈRIC PLANCHON Hewlett Packard – International Cannes Lions 2003 - Shortlist Saturn – International Cannes Lions 2002 Jaguar – International Cannes Lions 2000 Nissan, Axe, Perrier, HSBC, Orange, Pepsi, Sprite, Volkswagen, Peugeot 307, Miller Light, Peugeot 607, Tetra Pack, American Airlines, Mastercard, Buick, Mercedes, DHL, SSE – International Cannes Lions 2016 - Shortlist CARL ERIK RINSCH Infiniti PETER THWAITES Wrigleys MATTHIEU MANTOVANI Mercedes JOACHIM BLACK Xfinity SEB EDWARDS British Army, Princess Trust SEBASTIAN STRASSER Mercedes Benz S-Class, Sparkasse FREDERIK BOND Philips – International Cannes Lions 1999 NE-O Axe, Golf GTI, Sony Ericsson NACHO GAYAN Volvo, Audi “Stendhal’s Syndrome” RINGAN LEDWIDGE VW Golf “Forever”-International Cannes Lions 2003 – Shortlist Virgin Media REYNALD GRESSET Mass Effect 3 JOHAN CAMITZ Diesel “Family”-International Cannes Lions 1999- Silver Lion Winner Dockers, Orangina Rouge, DSL- Jesus Lives, Cardinal “The Pole” CHRIS PALMER The Times “Banana” & “Bottle”-International Cannes 2003-Silver Lion Winner, Kronenbourg -International Cannes 2003- Shortlist PAUL GORE L’Oreal -
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. -
June 2015 Portfolio
June 2015 Portfolio Tel: 020 7359 1608 [email protected] Discussion and plans began back in April 2014 and we launched TFB a few months later in September, with a tasting of some of the first wines to make it on to our website. Since then we have been on Our Team a fast and exciting journey of discovery. The range has developed considerably and I now feel we have a core of great champagnes to Nick offer something for everyone. Managing Director [email protected] Our business model is to keep our overheads at an absolute min- 07973 654097 imum, so we can bring you great value, especially if you take ad- vantage of tiered pricing. We are also trying to encourage people to Carol try new champagnes, so don’t forget you can mix up the bottles in PR and Marketing Manager a case and if we can help you choose we are just a phone call away. [email protected] 07866 693453 In the last 20 years we have had a couple of vintages in Champagne that are widely acclaimed as outstanding, these being 1996 and Chris 2002, which is why we have sourced as much as we can of these Office Manager now rare finds. The 1996s are increasingly scarce and so are some [email protected] of the 2002’s so we encourage you to cellar some of these before 07957 027337 they are gone or before I drink them! There are many other vintag- es rated a little less than a perfect 100, but just as delicious, check Denis out the website for more detailed vintage information. -
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. -
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. -
Words Without Pictures
WORDS WITHOUT PICTURES NOVEMBER 2007– FEBRUARY 2009 Los Angeles County Museum of Art CONTENTS INTRODUCTION Charlotte Cotton, Alex Klein 1 NOVEMBER 2007 / ESSAY Qualifying Photography as Art, or, Is Photography All It Can Be? Christopher Bedford 4 NOVEMBER 2007 / DISCUSSION FORUM Charlotte Cotton, Arthur Ou, Phillip Prodger, Alex Klein, Nicholas Grider, Ken Abbott, Colin Westerbeck 12 NOVEMBER 2007 / PANEL DISCUSSION Is Photography Really Art? Arthur Ou, Michael Queenland, Mark Wyse 27 JANUARY 2008 / ESSAY Online Photographic Thinking Jason Evans 40 JANUARY 2008 / DISCUSSION FORUM Amir Zaki, Nicholas Grider, David Campany, David Weiner, Lester Pleasant, Penelope Umbrico 48 FEBRUARY 2008 / ESSAY foRm Kevin Moore 62 FEBRUARY 2008 / DISCUSSION FORUM Carter Mull, Charlotte Cotton, Alex Klein 73 MARCH 2008 / ESSAY Too Drunk to Fuck (On the Anxiety of Photography) Mark Wyse 84 MARCH 2008 / DISCUSSION FORUM Bennett Simpson, Charlie White, Ken Abbott 95 MARCH 2008 / PANEL DISCUSSION Too Early Too Late Miranda Lichtenstein, Carter Mull, Amir Zaki 103 APRIL 2008 / ESSAY Remembering and Forgetting Conceptual Art Alex Klein 120 APRIL 2008 / DISCUSSION FORUM Shannon Ebner, Phil Chang 131 APRIL 2008 / PANEL DISCUSSION Remembering and Forgetting Conceptual Art Sarah Charlesworth, John Divola, Shannon Ebner 138 MAY 2008 / ESSAY Who Cares About Books? Darius Himes 156 MAY 2008 / DISCUSSION FORUM Jason Fulford, Siri Kaur, Chris Balaschak 168 CONTENTS JUNE 2008 / ESSAY Minor Threat Charlie White 178 JUNE 2008 / DISCUSSION FORUM William E. Jones, Catherine