A strange thing happens in Singapore after the government announces it’s selling highly-coveted land. Executives from developers bidding for the sites hit the golf course together. In what it labels “insider trading,” a landmark study by the National University of Singapore Business School found those firms paid 14% less for land at auction, costing the government hundreds of millions of dollars in lost revenue and dragging down prices of neighboring properties. However, it’s good news for buyers, as lower land costs allow developers to sell new units 8% cheaper than they otherwise would. Using golf records, the ... (full story)