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A Taste for Equity: Wine Tasting Scores and Stock prices

Economists theorize that a firm's stock price is fundamentally a function of its expected cash flows (a forecast as to the dividend payout or appreciation in the stock price), the company-specific risks (default on debt, bad harvests, etc.), and market risks (inflation pressures, industry earnings problems, FED adjustments), regardless of other factors. This study focuses on a different type of stock "fundamental" that is intrinsically linked to others.

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