Just How Serious is Insider Trading? An Evaluation using Thoroughbred Wagering Markets
AbstractThis paper quantifies the extent and changes in insider trading in the Melbourne racetrack betting market using a unique, long term dataset. Wagering markets share many of the characteristics of other financial markets, and are simple, with good data and a designated endpoint. Thus they are an excellent natural laboratory to study what is probably happening in qualitatively similar conventional markets. Results of this paper provide statistically significant support for hypotheses supporting the existence and increase in level of insider trading, and suggest that around two percent of betting is by insiders.
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Bibliographic InfoArticle provided by University of Buckingham Press in its journal Journal of Gambling Business and Economics.
Volume (Year): 1 (2007)
Issue (Month): 1 (February)
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Find related papers by JEL classification:
- L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Restaurants; Recreation; Tourism
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