Stock market anomalies and baseball cards
研究发现棒球卡市场存在与股票市场类似的异象，如动量效应、价格漂移和IPO长期表现不佳，且这些现象与信息缓慢扩散和卖空限制有关。
Abstract Baseball cards exhibit anomalies that are analogous to those that are documented in financial markets, namely, momentum, price drift in the direction of past fundamental performance, and initial public offering (IPO) underperformance. Momentum is higher among active players than retired players, and among newer sets than older sets. Regarding IPO underperformance, we find that newly issued rookie cards underperform newly issued cards of veteran players, and that newly issued sets underperform older sets. The results are broadly consistent with models of slow information diffusion and short‐selling constraints.