Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: http://hdl.handle.net/10419/149620
Autoren: 
Kräussl, Roman
Mirgorodskaya, Elizaveta
Datum: 
2016
Schriftenreihe/Nr.: 
CFS Working Paper Series No. 564
Zusammenfassung: 
We investigate the effect of overreaction in the fine art market. Using a unique sample of auction prices of modern prints, we define an overvalued (undervalued) print as a print that was bought for a price above (below) its high (low) auction pricing estimate. Based on the overreaction hypothesis, we predict that overvalued (undervalued) prints generate a negative (positive) excess return at a subsequent sale. Our empirical findings confirm our expectations. We report that prints that were bought for a price 10 percent above (below) its high (low) pricing estimate generate a positive (negative) excess return of 12 percent (17 percent) after controlling for the general price movement on the prints market. The price correction for overvalued (undervalued) prints is more pronounced during recessions (expansions).
Schlagwörter: 
overreaction
winner's curse
pricing estimates
repeat sale
auction
art market
JEL: 
E32
G11
G14
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
734.92 kB





Publikationen in EconStor sind urheberrechtlich geschützt.