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The Relationship between Two Indicators of Insider Trading in British Racetrack Betting

Author

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  • Michael Cain
  • David Law
  • David Peel

Abstract

This paper examines whether a measure of insider trading in betting markets derived from the Shin (1993) model is significantly related in samples of horse and greyhound races to an alternative, independently derived, indicator of insider activity suggested by Crafts (1985), namely plunges in the odds offered against a particular competitor on the day of a race. The analysis suggests that there is a significant relationship.

Suggested Citation

  • Michael Cain & David Law & David Peel, 2001. "The Relationship between Two Indicators of Insider Trading in British Racetrack Betting," Economica, London School of Economics and Political Science, vol. 68(269), pages 97-104, February.
    • Handle: RePEc:bla:econom:v:68:y:2001:i:269:p:97-104
    DOI: 10.1111/1468-0335.00235
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    Cited by:

    1. Smith, Michael A. & Paton, David & Williams, Leighton Vaughan, 2009. "Do bookmakers possess superior skills to bettors in predicting outcomes?," Journal of Economic Behavior & Organization, Elsevier, vol. 71(2), pages 539-549, August.
    2. Les Coleman, 2004. "New light on the longshot bias," Applied Economics, Taylor & Francis Journals, vol. 36(4), pages 315-326.
    3. Zhang, Chi & Thijssen, Jacco, 2022. "On sticky bookmaking as a learning device in horse-racing betting markets," Journal of Economic Dynamics and Control, Elsevier, vol. 144(C).
    4. Michael Cain & David Law & David Peel, 2003. "The Favourite‐Longshot Bias, Bookmaker Margins and Insider Trading in a Variety of Betting Markets," Bulletin of Economic Research, Wiley Blackwell, vol. 55(3), pages 263-273, July.

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