Information Efficiency in Financial and Betting Markets (eBook, PDF)

Redaktion: Williams, Leighton Vaughan

• Format: PDF

Produktbeschreibung

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.

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Produktdetails

• Verlag: Cambridge University Press
• Erscheinungstermin: 29. September 2005
• Englisch
• ISBN-13: 9780511126468
• Artikelnr.: 38192937

Autorenporträt

Professor Leighton Vaughan Williams is Professor of Economics and Finance and Director of the Betting Research Unit at Nottingham Business School, Nottingham Trent University.

Inhaltsangabe

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.