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Testing Efficiency Across Markets: Evidence from the NCAA Basketball Betting Market

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Author Info

  • L. Lee Colquitt

    (Auburn University, Alabama, USA)

  • Norman H. Godwin

    (Auburn University, Alabama, USA)

  • Steven B. Caudill

    (Auburn University, Alabama, USA)

Abstract

This study utilizes the National Collegiate Athletic Association basketball point spread betting market to investigate whether differences in information availability across markets result in different relative efficiencies of price formation within those markets. Using intra-conference games of various conferences as clearly defined markets, we show that these markets are efficient given the information available in those markets. However, we also show that regression error variances are significantly smaller (greater) for those conferences with greater (lesser) information availability. This evidence supports previous stock market research suggesting that differential fundamental information availability across stock markets results in differential departures from equilibrium values. Copyright Blackwell Publishers Ltd 2001.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Journal of Business Finance & Accounting.

Volume (Year): 28 (2001-01)
Issue (Month): 1-2 ()
Pages: 231-248

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Handle: RePEc:bla:jbfnac:v:28:y:2001-01:i:1-2:p:231-248

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0306-686X

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Cited by:
  1. Krieger, Kevin & Fodor, Andy, 2013. "Price movements and the prevalence of informed traders: The case of line movement in college basketball," Journal of Economics and Business, Elsevier, vol. 68(C), pages 70-82.
  2. Colquitt, L. Lee & Godwin, Norman H. & Swidler, Steve, 2004. "Betting on long shots in NCAA basketball games and implications for skew loving behavior," Finance Research Letters, Elsevier, vol. 1(2), pages 119-126, June.

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