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Are online auction markets efficient? An empirical study of market liquidity and abnormal returns
2009
Decision Support Systems
Technological advances have facilitated investment in collectibles through online auction markets, where information regarding product characteristics, current and historical prices, and product availability is available to millions of market participants. However, market inefficiencies may still exist, where prices do not reflect market information and where savvy speculators can profit. Using unit root and variance ratio tests, we examine 8538 rare stamp and 56,997 rare coin auctions to
doi:10.1016/j.dss.2009.05.009
fatcat:c26ydil3jzbuncraagf2qkunsm