Catalogo Articoli (Spogli Riviste)

OPAC HELP

Titolo:
The incidence of insider trading in betting markets and the Gabriel and Marsden anomaly
Autore:
Cain, M; Law, D; Peel, DA;
Indirizzi:
Univ Salford, Salford M5 4WT, Lancs, England Univ Salford Salford Lancs England M5 4WT Salford M5 4WT, Lancs, England Univ Wales, Swansea, W Glam, Wales Univ Wales Swansea W Glam WalesUniv Wales, Swansea, W Glam, Wales Univ Wales, Cardiff CF1 3NS, S Glam, Wales Univ Wales Cardiff S Glam Wales CF1 3NS s, Cardiff CF1 3NS, S Glam, Wales
Titolo Testata:
MANCHESTER SCHOOL
fascicolo: 2, volume: 69, anno: 2001,
pagine: 197 - 207
SICI:
1463-6786(200103)69:2<197:TIOITI>2.0.ZU;2-U
Fonte:
ISI
Lingua:
ENG
Soggetto:
STATE-CONTINGENT CLAIMS; FAVORITE-LONGSHOT BIAS; TRADERS;
Tipo documento:
Article
Natura:
Periodico
Settore Disciplinare:
Social & Behavioral Sciences
Citazioni:
11
Recensione:
Indirizzi per estratti:
Indirizzo: Cain, M Univ Salford, Salford M5 4WT, Lancs, England Univ Salford SalfordLancs England M5 4WT M5 4WT, Lancs, England
Citazione:
M. Cain et al., "The incidence of insider trading in betting markets and the Gabriel and Marsden anomaly", MANCH SCH, 69(2), 2001, pp. 197-207

Abstract

Estimates of insider trading in the betting on individual races, conditional on the Shin model (Economic Journal, Vol. 103 (1993), pp. 1141-1153), are employed in an analysis of the market anomaly observed by Gabriel and Marsden (Journal of Political Economy, Vol. 98 (1990), pp. 874-885) that Tote payments on winning bets consistently exceed those paid by bookmakers. Use of more appropriate statistical methods suggests that the original anomaly disappears, but that another remains: bookmakers pay more generously than the Tote on winning bets on favourites, but less generously on winning longshot bets. This discrepancy is shown to be associated with the incidence of insider trading in the betting on each race, and it is argued that it cannot be arbitraged away because of the bookmakers' dominant market position.

ASDD Area Sistemi Dipartimentali e Documentali, Università di Bologna, Catalogo delle riviste ed altri periodici
Documento generato il 07/07/20 alle ore 11:24:41