DO BETTER INFORMED INVESTORS ALWAYS DO BETTER? A BUYBACK PUZZLE
We explore the value of private investment information using data from a singular source: auctions of yearling racehorses. Horse breeders possess superior information about their own horses and have strong financial incentives to buy the best of these back at auction. However, those they repurchase...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Blackwell Publishing Inc.
2018
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| Online Access: | View Fulltext in Publisher |