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Asymmetric participation in China's stamp market: hobbyists and investors

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China's stamp market has expanded rapidly in the last two decades. Stamp trading has become very profitable. Both hobbyists and investors are more interested in newly released stamps. This study shows that the value of newly issued stamps appreciates faster than the value of older issued stamps. This effect is caused by the asymmetric participation in stamp collection between hobbyists and investors.
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Document Type: Research Article

Publication date: 2001-06-20

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