Studies of financial market informational efficiency have proven burdensome in practice,
because it is difficult to pinpoint when news breaks and is known by some or all the …

National sentiment can have major implications for individual consumption and investment
choices but has been researched little by economists. This article studies how national …

There is growing interest among academics and policymakers in the economics of
gambling, which has been stimulated by major regulatory and tax changes in the US, UK …

In sports betting markets, bookmakers may take speculative exposures to the game
outcomes when they can assess the probabilities better than others. We propose a simple …

As the rate of information availability increases, the ability to use web-based technology to
improve forecasting becomes increasingly important. We examine Virtual Globe technology …

The favorite—longshot bias, the tendency of bettors to underbet favorites and overbet
longshots (underdogs), has received considerable attention in the economics and finance …

A sports lottery in Korea presents a unique opportunity for comparing a parimutuel‐type
sports lottery market against a bookmaker market outside the realm of horse racing. Using …

This study explores the extent of mispricing in a market for state contingent claims that is
commonly believed to be efficient, the UK horserace betting market. We develop conditional …

A core question in financial economics is whether markets are informationally efficient ie,
whether asset prices accurately reflect all available information. Although the empirical …

Using a novel dataset, which allows comparisons across heterogeneous sub-groups of pari-
mutuel bettors, we demonstrate significant behaviour and performance distinctions between …