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...
Paintings and numbers: an econometric investigation of sales rates, prices, and returns in Latin American art auctions
in Oxford Economic Papers
January 2009; p ublished online June 2008 .
Journal Article. Subjects: Economic Sociology; Economics; Market Structure, Firm Strategy, and Market Performance; Market Structure and Pricing. 10794 words.
This paper uses a unique data set of Latin American paintings auctioned by Sotheby's between 1995 and 2002 to investigate several puzzles from the recent auctions literature. Our results...