in The Review of Financial Studies
April 2016; p ublished online October 2015 .
Journal Article. Subjects: Econometric and Statistical Methods and Methodology: General; Econometric Modelling; Market Structure and Pricing; Economics; Economic Sociology. 13949 words.
This paper shows the importance of correcting for sample selection when investing in illiquid assets that trade endogenously. Using a sample of 32,928 paintings that sold repeatedly between...