The relative impact of macroeconomic and yearling-specific variables in determining thoroughbred yearling price

The Present study is the first to examine the relative importance of macroeconomic and yearling-specific variables on the price of thoroughbred yearlings. Regression results indicated that it is the yearling-specific variables that are more influential in explaining yearling price, yet both types of variables are important. The main explanatory variables are the stud fee of the yearlingan's sire, and the annual gross total dollar purchases of thoroughbred yearlings by foreign investors.