Information Efficiency in Financial and Betting Markets(ISBN=9780521816038) 下载 pdf 百度网盘 epub 免费 2025 电子版 mobi 在线

The degree to which markets incorporate information is one of

the most important questions facing economists today. This book

provides a fascinating study of the existence and extent of

information efficiency in financial markets, with a special focus

on betting markets. Betting markets are selected for study because

they incorporate features highly appropriate to a study of

information efficiency, in particular the fact that each bet has a

well-defined end point at which its value becomes certain. Using

international examples, this book reviews and analyses the issue of

information efficiency in both financial and betting markets. Part

I is an extensive survey of the existing literature, while Part II

presents a range of readings by leading academics. Insights gained

from the book will interest students of financial economics,

financial market analysts, mathematicians and statisticians, and

all those with a special interest in finance or gambling.

List of figures

List of tables

List of contributors

Introduction

Part I: The Concept of Information Efficiency:

1. Information efficiency in financial markets Leighton Vaughan

Williams

2. Weak form information efficiency in betting markets Leighton

Vaughan Williams

3. Semi-strong and strong form information efficiency in betting

markets Leighton Vaughan Williams

Part II. Selected Readings:

4. An assessment of quasi-arbitrage opportunities in two fixed-odds

horse-race betting markets Michael A. Smith, David Paton and

Leighton Vaughan Williams

5. The presence of favourites and biases in bookmakers' odds

William Collier and John Peirson

6. Searching for semi-strong form inefficiency in the UK racetrack

betting market Ming-Chien Sung, Johnnie E. V. Johnson and Alistair

C. Bruce

7. Models, markets, polls and pundits: a case study of information

efficiency Leighton Vaughan Williams

8. Longshot bias: insights from the betting market on men's

professional tennis David Forrest and Ian McHale

9. Biases and insider trading in exotic bets on thoroughbreds Les

Coleman and Martin McGrath

10. On the improbability of information efficient parimutuel

betting markets in the presence of heterogeneous beliefs William

Hurley and Lawrence McDonough

11. Modelling gambling demand in a laboratory casino: discovering

the importance of individual-specific effects W. David Walls and

Patrick J. Harvey

12. Market efficiency of the 50–30–20–10 horse-racing spread

betting market Paul M. Twomey

13. Insider trading and bias in a market for state-contingent

claims Adi Schnytzer and Yuval Shilony

14. Rationality and efficiency in lotto games Victor A. Matheson

and Kent R. Grote

15. Efficiency of the odds on English professional football matches

David Forrest and Robert Simmons

16. Modelling distance preference in flat racing via average

velocity David Edelman

17. Testing for market efficiency in gambling markets: some

observations and new statistical tests based on a bootstrap method

Ivan A. Paya, David A. Peel, David Law and John Peirson

18. Information (in)efficiency in prediction markets Erik Snowberg,

Justin Wolfers and Eric Zitzewitz

Index.

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编辑推荐

A most extensive survey of the literature on information

efficiency ? Focuses on betting markets as well as financial

markets ? Wide disciplinary appeal - finance, economics, public

policy and mathematics

书籍介绍

This survey of the theory and practice of gambling uses examples from an international range of sports betting markets. Gambling markets offer economists a fascinating case study of how information efficiency operates in a market. Insights gained from gambling interest many: governments (who tax gamblers), financial market analysts (who gamble on the financial markets), and, lastly, mathematicians (who analyze the puzzle of gambling).