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Using a unique hand collected dataset which comprises the 2009 balance sheets of all Italian listed REITs, we test whether NAV discount can be explained by expert assessor over-estimations. Our results suggest that expert assessors make conservative assessments of NAV values, thus they are not...
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forming posteriors with one exception: when assessing the credibility of experts, they "double-dip" the data and use already …
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correct human experts' systematic biases in expectations formation - and identify ex ante situations in which such biases are …
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