Semi-strong form efficiency in the horserace betting market


Sung, Ming-Chien and Johnson, Johnnie (2008) Semi-strong form efficiency in the horserace betting market In, Constantinides, G., Markowitz, H.M., Merton, R.C., Myers, S.C., Samuelson, P.A., Sharpe, W.F., Arrow, Kenneth, Hausch, Donald and Ziemba, W.T. (eds.) Handbook of Sports and Lottery Markets. Amsterdam, NL, Elsevier pp. 275-306. (Handbooks in Finance).

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Description/Abstract

This paper reviews the literature addressing the degree to which abnormal returns can be earned in horse race betting markets using publicly available information, other than odds alone. Consequently, the chapter examiners the extent to which horse race betting markets are semi-strong form efficient. The conclusion to emerge is that horse race betting markets incorporate a significant amount of publicly available information. Bettors appear good at discounting simple, single variable information. However, they do not efficiently discount more complex information. Studies that examine the simultaneous effect of several variables on race outcome demonstrate that bettors often do not react to the subtle relationships that exist between variables.

Item Type: Book Section
ISBNs: 0444507442 (print)
9780444507440 (print)
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ePrint ID: 51340
Date :
Date Event
September 2008Published
Date Deposited: 18 Jun 2008
Last Modified: 16 Apr 2017 18:05
Further Information:Google Scholar
URI: http://eprints.soton.ac.uk/id/eprint/51340

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