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Bree L. Dority, Dayna Larreau and Frank Tenkorang

R eferences 1. American Horse Council (n.d.), National economic impact of the U.S. horse industry , 2. http://www.horsecouncil.org/national-economic-impact-us-horse-industry , [Accessed 10.26.2014] 3. Hansen, C., & Saghaian, S. (2015), “Progeny? Performance? What really matters in a stud fee?” Southern Agricultural Economics Association Annual Meeting . Atlanta, GA. 4. Keeneland Association (n.d.), About Keeneland sales , http://www.keeneland.com/sales/about-keeneland-sales , [Accessed 3.12.15] 5. Keeneland Association (n

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Goran Vlašić and Emanuel Tutek

to Customer Centricity”, Journal of Service Research, 9 (2), 113-24. Teece, D. J. (2010): „Business Models, Business Strategy and Innovation“, Long Range Planning, 43 (2-3): 172-194. Venkatesan, Rajkumar and V. Kumar (2004): “A Customer Lifetime Value Framework for Customer Selection and Resource Allocation Strategy,” Journal of Marketing, 68 (4): 106-125. Vlaskovits Patrick (2011): “Henry Ford, innovation, and Thet ‘Faster Horse’ Quote“, Harvard Business Review, August. Vorhies, Douglas W. and Neil A

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Magnus Henrekson

to pay interest on a loan several years in advance, and the loan was then used to finance investment in assets in which capital gains were taxed at a low or zero rate (zero-coupon bonds, art objects, race horses, long-term [> two years] holdings of listed stock, etc.) As tax and credit market policies had strongly disfavored entrepreneurship and private wealth formation during the entire post-war period, corporate assets were exceptionally undervalued. The companies listed on the Stockholm Stock Exchange had never been valued lower relative to their assets and