haku: @author Marsden, J. R. / yhteensä: 7
viite: 4 / 7
| Tekijä: | Gabriel, P. E. Marsden, J. R. |
| Otsikko: | An examination of market efficiency in British racetrack betting |
| Lehti: | Journal of Political Economy
1990 : AUG, VOL. 98:4, p. 874-885 |
| Asiasana: | MARKETS COMPETITION ECONOMIC EFFICIENCY UNITED KINGDOM RISK |
| Kieli: | eng |
| Tiivistelmä: | The nature of the British racetrack betting market provides a distinctly different opportunity for testing market efficiency. On the basis of data from a single racing season, the returns to two similar forms of bettings are compared: (1) starting price bets placed with bookmakers and (2) pari-mutual tote bets. The analysis indicates that tote returns are consistently higher than starting price returns, even though both betting forms are of similar risk and the payoffs are widely reported. The persistently higher tote returns suggest that the British racetrack betting market does not satisfy the conditions of semistrong efficiency. The results also provide indirect support that the market fails to meet the conditions for strong efficiency. |
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