Inside Information in a Betting Market
AbstractInside information concerning a risky asset is presumed to be beneficial to its holder. Measurement of the impact and benefit of inside information is difficult because its use for financial gain is often illegal. Ideally one would like to investigate and compare two mutually isolated groups, one with and the other without access to inside information. The Australian horse-betting market offers such an opportunity. It is found that even exposure to 'second hand' inside information effects a change in behavior, a rise in payoffs, and adds power and significance to the prediction of race results. Copyright 1995 by Royal Economic Society.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Royal Economic Society in its journal The Economic Journal.
Volume (Year): 105 (1995)
Issue (Month): 431 (July)
Contact details of provider:
Postal: Office of the Secretary-General, School of Economics and Finance, University of St. Andrews, St. Andrews, Fife, KY16 9AL, UK
Phone: +44 1334 462479
Web page: http://www.res.org.uk/
More information through EDIRC
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- John Peirson & Michael A. Smith, 2010. "Symposium Expert Analysis and Insider Information in Horse Race Betting: Regulating Informed Market Behavior," Southern Economic Journal, Southern Economic Association, vol. 76(4), pages 976-992, April.
- Les Coleman & Adi Schnytzer, 2008.
"Shorting the Bear: A Test of Anecdotal Evidence of Insider Trading in Early Stages of the Sub-Prime Market Crisis,"
Journal of Prediction Markets,
University of Buckingham Press, vol. 2(3), pages 61-69, December.
- Les Coleman & Adi Schnytzer, 2011. "Shorting the Bear: A Test of Anecdotal Evidence of Insider Trading in Early Stages of the Sub-Prime Market Crisis," Working Papers 2011-11, Department of Economics, Bar-Ilan University.
- A. Schnytzer & M. Lamers & V. Makropoulou & -, 2009.
"The Impact of Insider Trading on Forecasting in a Bookmakers' Horse Betting Market,"
Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium
09/627, Ghent University, Faculty of Economics and Business Administration.
- Schnytzer, Adi & Lamers, Martien & Makropoulou, Vasiliki, 2010. "The impact of insider trading on forecasting in a bookmakers' horse betting market," International Journal of Forecasting, Elsevier, vol. 26(3), pages 537-542, July.
- Adi Schnytzer & Martien Lamers & Vasiliki Makropoulou, 2009. "The Impact of Insider Trading on Forecasting in a Bookmakers' Horse Betting Market," Working Papers 2009-11, Department of Economics, Bar-Ilan University.
- Adi Schnytzer & Martien Lamers & Vasiliki Makropoulou, 2011. "The Impact of Insider Trading on Forecasting in a Bookmakers' Horse Betting Market," Working Papers 2011-14, Department of Economics, Bar-Ilan University.
- Lessmann, Stefan & Sung, Ming-Chien & Johnson, Johnnie E.V., 2009. "Identifying winners of competitive events: A SVM-based classification model for horserace prediction," European Journal of Operational Research, Elsevier, vol. 196(2), pages 569-577, July.
- Stefan Winter & Martin Kukuk, 2008. "Do horses like vodka and sponging? - On market manipulation and the favourite-longshot bias," Applied Economics, Taylor & Francis Journals, vol. 40(1), pages 75-87.
- Adi Schnytzer & Yuval Shilony, 2002. "On the timing of inside trades in a betting market," The European Journal of Finance, Taylor & Francis Journals, vol. 8(2), pages 176-186, June.
- Koessler, Frédéric & Noussair, Charles & Ziegelmeyer, Anthony, 2012. "Information aggregation and belief elicitation in experimental parimutuel betting markets," Journal of Economic Behavior & Organization, Elsevier, vol. 83(2), pages 195-208.
- Martin Kukuk & Stefan Winter, 2008. "An Alternative Explanation of the Favorite-Longshot Bias," Journal of Gambling Business and Economics, University of Buckingham Press, vol. 2(2), pages 79-96, September.
- FrÃ©dÃ©ric Koessler & Charles Noussair & Anthony Ziegelmeyer, 2007.
"Information Aggregation and Beliefs in Experimental Parimutuel Betting Markets,"
Papers on Strategic Interaction
2005-12, Max Planck Institute of Economics, Strategic Interaction Group.
- Frederic Koessler & Charles Noussair & Anthony Ziegelmeyer, 2007. "Information Aggregation and Beliefs in Experimental Parimutuel Betting Markets," Jena Economic Research Papers 2007-033, Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics.
- Les Coleman, 2007. "Just How Serious is Insider Trading? An Evaluation using Thoroughbred Wagering Markets," Journal of Gambling Business and Economics, University of Buckingham Press, vol. 1(1), pages 31-55, February.
- Frederic Koessler & Ch. Noussair & A. Ziegelmeyer, 2005. "Individual Behavior and Beliefs in Experimental Parimutuel Betting Markets," THEMA Working Papers 2005-08, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley-Blackwell Digital Licensing) or (Christopher F. Baum).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.