Skip to main content
×
Home
Information Efficiency in Financial and Betting Markets
  • Get access
    Check if you have access via personal or institutional login
  • Cited by 12
  • Cited by
    This book has been cited by the following publications. This list is generated based on data provided by CrossRef.

    Berkowitz, Jason P. Depken, Craig A. and Gandar, John M. 2017. The Conversion of Money Lines Into Win Probabilities. Journal of Sports Economics, p. 152700251769695.


    Brown, Alasdair 2016. The distribution of information in speculative markets: a natural experiment. The European Journal of Finance, Vol. 22, p. 105.


    Brown, Alasdair and Yang, Fuyu 2016. The Role of Speculative Trade in Market Efficiency: Evidence from a Betting Exchange. Review of Finance, p. rfw027.


    Croxson, Karen and James Reade, J. 2014. Information and Efficiency: Goal Arrival in Soccer Betting. The Economic Journal, Vol. 124, p. 62.


    Bruce, Alistair and Marginson, David 2014. Power, Not Fear: A Collusion-Based Account of Betting Market Inefficiency. International Journal of the Economics of Business, Vol. 21, p. 77.


    Johnstone, D. J. 2012. Log-optimal economic evaluation of probability forecasts. Journal of the Royal Statistical Society: Series A (Statistics in Society), Vol. 175, p. 661.


    Brown, Alasdair 2012. Evidence of in-play insider trading on a UK betting exchange. Applied Economics, Vol. 44, p. 1169.


    Crouch, Geoffrey I. 2011. Destination Competitiveness: An Analysis of Determinant Attributes. Journal of Travel Research, Vol. 50, p. 27.


    Simmons, Joseph P. Nelson, Leif D. Galak, Jeff and Frederick, Shane 2011. Intuitive Biases in Choice versus Estimation: Implications for the Wisdom of Crowds. Journal of Consumer Research, Vol. 38, p. 1.


    Johnson, Johnnie Bruce, Alistair and Yu, Jiejun 2010. The ordinal efficiency of betting markets: an exploded logit approach. Applied Economics, Vol. 42, p. 3703.


    Vlastakis, Nikolaos Dotsis, George and Markellos, Raphael N. 2009. How efficient is the European football betting market? Evidence from arbitrage and trading strategies. Journal of Forecasting, Vol. 28, p. 426.


    Vlastakis, Nikolaos Dotsis, George and Markellos, Raphael N. 2008. Nonlinear modelling of European football scores using support vector machines. Applied Economics, Vol. 40, p. 111.


    ×
  • Export citation
  • Recommend to librarian
  • Recommend this book

    Email your librarian or administrator to recommend adding this book to your organisation's collection.

    Information Efficiency in Financial and Betting Markets
    • Online ISBN: 9780511493614
    • Book DOI: https://doi.org/10.1017/CBO9780511493614
    Please enter your name
    Please enter a valid email address
    Who would you like to send this to? *
    ×
  • Buy the print book

Book description

The degree to which markets incorporate information is one of the most important questions facing economists today. This book provides a fascinating study of the existence and extent of information efficiency in financial markets, with a special focus on betting markets. Betting markets are selected for study because they incorporate features highly appropriate to a study of information efficiency, in particular the fact that each bet has a well-defined end point at which its value becomes certain. Using international examples, this book reviews and analyses the issue of information efficiency in both financial and betting markets. Part I is an extensive survey of the existing literature, while Part II presents a range of readings by leading academics. Insights gained from the book will interest students of financial economics, financial market analysts, mathematicians and statisticians, and all those with a special interest in finance or gambling.

    • Aa
    • Aa
Refine List
Actions for selected content:
Select all | Deselect all
  • View selected items
  • Export citations
  • Download PDF (zip)
  • Send to Kindle
  • Send to Dropbox
  • Send to Google Drive
  • Send content to

    To send content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about sending content to .

    To send content to your Kindle, first ensure no-reply@cambridge.org is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about sending to your Kindle.

    Note you can select to send to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be sent to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

    Find out more about the Kindle Personal Document Service.

    Please be advised that item(s) you selected are not available.
    You are about to send:
    ×

Save Search

You can save your searches here and later view and run them again in "My saved searches".

Please provide a title, maximum of 40 characters.
×
J. S. Abarbanell and V. L. Bernard (1992) ‘Test of Analysts' Over-Reaction/Under-Reaction to Earnings Information as an Explanation for Anomalous Stock Price Behaviour’, Journal of Finance, 47, pp. 1181–1207

S. P. Abeysekera (2001) ‘Efficient Markets Hypothesis and the Emerging Capital Market in Sri Lanka: Evidence from the Colombo Stock Exchange A Note’, Journal of Business Finance & Accounting, 28(1), pp. 249–61

A. Abraham , F. J. Seyyed and S. A. Alsakran (2002) ‘Testing the Random Walk Behaviour and Efficiency of the Gulf Stock Markets’, The Financial Review, 37(3), pp. 469–80

J. Affleck-Graves and R. R. Mendenhall (1992) ‘The Relation Between the Value Line Enigma and Post-Earnings-Announcement Drift’, Journal of Financial Economics, 31, pp. 75–96

P. Aggarwal and P. Rivoli (1989) ‘Seasonal and Day-of-the-Week Effects in Four Emerging Markets’, The Financial Review, 24, pp. 541–50

A. Agrawal and K. Tandon (1994) ‘Anomalies or Illusions? Evidence from Stock Markets in Eighteen Countries’, Journal of International Money and Finance 13, pp. 83–106

Z. Ahmad and S. Hussain (2001) ‘KLSE Long Run Overreaction and the Chinese New Year Effect’, Journal of Business Finance and Accounting, 28(1), (2), pp. 63–105

O. M. Al-Khazali (2001) ‘Does the January Effect Exist in High-Yield Bond Markets?’, Review of Financial Economics, 10, pp. 71–80

P. Alexakis and M. Xanthakis (1995) ‘Day of the Week Effect on the Greek Stock Market’, Applied Financial Economics, 5, pp. 43–50

C. O. Alexander and A. Johnson (1992) ‘Are Foreign Exchange Markets Really Efficient?’, Economics Letters, 40(4), pp. 449–53

H. C. Allen and M. P. Taylor (1990) ‘Charts, Noise and Fundamentals in the London Foreign Exchange Market’, Economic Journal, 100, pp. 49–59

A. Alonso and G. Rubio (1990) ‘Overreaction in the Spanish Equity Market’, Journal of Banking and Finance, 14, pp. 469–81

K. P. Ambachtsheer (1972) ‘Portfolio Theory and the Security Analyst’, Financial Analysts Journal, 28, pp. 53–7

K. P. Ambachtsheer (1974) ‘Profit Potential in an “Almost Efficient” Market’, Journal of Portfolio Management, 1, pp. 84–7

K. P. Ambachtsheer and J. L. Farrell (1979) ‘Can Active Management Add Value?’, Financial Analysts Journal, 35, pp. 39–48

B. W. Ambrose , E. Ancel and M. D. Griffiths (1992) ‘The Fractal Structure of Real Investment Trust Returns: The Search for Evidence of Market Segmentation and Non-linear Dependency’, American Real Estate and Urban Economics Association Journal, 20(1), pp. 25–54

A. Antoniou and P. Holmes (1996) ‘Futures Market Efficiency, the Unbiasedness Hypothesis and Variance-Bounds Tests: the Case of the FTSE 100 Futures Contract’, Bulletin of Economic Research, 48(2), pp. 115–28

M. Arak and D. Taylor (1996) ‘Risk and Return in Trading Closed-End Country Funds: Can Trading Beat Holding Foreign Stocks?’, Quarterly Review of Economics and Finance, 36(2), pp. 219–31

R. A. Ariel (1987) ‘A Monthly Effect in Stock Returns’, Journal of Financial Economics, 18(1), pp. 161–74

R. A. Ariel (1990) ‘High Stock Returns Before Holidays: Existence and Evidence on Possible Causes’, Journal of Finance, 45, pp. 1611–26

P. Asch and R. E. Quandt (1988) ‘Betting Bias in Exotic Bets’, Economic Letters, 28, pp. 215–19

P. Asquith (1983) ‘Merger Bids, Uncertainty and Stock Holder Returns’, Journal of Financial Economics, 11, pp. 51–83

A. B. Atkins and J. A. Sundali (1997) ‘Portfolio Managers Versus the Darts: Evidence from the Wall Street Journal's Dartboard Column’, Applied Economics Letters, October, 4(10), pp. 635–7

O. F. Ayadi and C. S. Pyun (1994) ‘An Application of Variance Ratio Tests to the Korean Securities Market’, Journal of Banking and Finance, 18(4), pp. 643–58

S. G. Badrinath and W. Lewellen (1991) ‘Evidence on Tax-Motivated Securities Trading Behaviour’, Journal of Finance, 46, pp. 369–82

R. Ball (1972) ‘Changes in Accounting Techniques and Stock Prices, Empirical Research in Accounting: Selected Studies’, Journal of Accounting Research, 10, supplement, pp. 1–38

R. Ball and P. Brown (1968) ‘An Empirical Evaluation of Accounting Income Numbers’, Journal of Accounting Research, 6, pp. 159–78

R. Ball and S. P. Kothari (1989) ‘Nonstationary Expected Returns: Implications for Tests of Market Efficiency and Serial Correlation in Returns’, Journal of Financial Economics, 25, pp. 51–74

R. W. Banz (1981) ‘The Relationship Between Return and Market Value of Common Stocks’, Journal of Financial Economics, 9(1), pp. 3–18

B. M. Barber and D. Loeffler (1993) ‘The Dartboard Column: Second-Hand Information and Price Pressure’, Journal of Financial and Quantitative Analysis, 28(2), pp. 273–84

C. B. Barry and S. J. Brown (1984) ‘Differential Information and the Small Firm Effect’, Journal of Financial Economics, 13(3), pp. 283–94

W. J. Baumol and J. Benhabib (1989) ‘Chaos: Significance, Mechanism and Economic Applications’, Journal of Economic Perspectives, 3(1), pp. 77–105

S. E. Beck (1994) ‘Cointegration and Market Efficiency in Commodities Futures Markets’, Applied Economics, 26(3), pp. 249–57

A. Berges , J. J. McConnell and G. G. Schlarbaum (1984) ‘The Turn of the Year in Canada’, Journal of Finance, 39(1), pp. 185–92

V. L. Bernard and J. K. Thomas (1989) ‘Post-Earnings Announcement Drift: Delayed Price Response or Risk Premium?’, Journal of Accounting Research, 27, supplement, pp. 1–36

V. L. Bernard and J. K. Thomas (1990) ‘Evidence that Stock Prices Do Not Fully Reflect the Implications of Current Earnings for Future Earnings’, Journal of Accounting and Economics, 13(4), pp. 305–40

P. L. Bernstein (1985) ‘Does the Stock Market Overreact? Discussion’, Journal of Finance, 40(3), Papers and Proceedings, 43rd Annual Meering, American Finance Association, Dallas, December 28–30 1984, July, pp. 806–8

T. D. Berry and K. M. Howe (1994) ‘Public Information Arrival’, Journal of Finance, 49(4), pp. 1331–46

L. C. Bhandari (1988) ‘Debt/Equity Ratio and Expected Common Stock Returns: Empirical Evidence’, Journal of Finance, 43, pp. 507–28

R. Bhardwaj and L. Brooks (1992) ‘The January Anomaly: Effects of Low Share Price, Transaction Costs and Bid–Ask Bias’, Journal of Finance, 47(2), pp. 553–75

J. H. Bjerring , J. Lakonishok and T. Vermaelen (1983) ‘Stock Market Prices and Financial Analysts’ Recommendations’, Journal of Finance, 38, pp. 187–204

J. M. Bonin and E. A. Moses (1974) ‘Seasonal Variation in Prices of Individual Dow Jones Industrial Stocks’, Journal of Financial and Quantitative Analysis, 9, pp. 963–91

B. Branch (1977) ‘A Tax Loss Trading Rule’, Journal of Business, April, pp. 198–207

W. Brock , J. Lakonishok and B. Baron (1992) ‘Simple Technical Trading Rules and the Stochastic Properties of Stock Returns’, Journal of Finance, 47(5), pp. 1731–64

P. Brockman and D. Michayluk (1998) ‘The Persistent Holiday Effect: Additional Evidence’, Applied Economics Letters, 5, pp. 205–9

K. C. Brown and W. V. Harlow (1988) ‘Market Overreaction: Magnitude and Intensity’, Journal of Portfolio Management, 14, pp. 6–13

K. C. Brown , W. V. Harlow and M. S. Tinic (1988) ‘Risk Aversion, Uncertain Information and Market Efficiency’, Journal of Financial Economics, 22, pp. 355–85

P. Brown and J. W. Kennelly (1972) ‘The Informational Content of Quarterly Earnings: An Extension and Some Further Evidence’, Journal of Business, 45, pp. 403–15

S. J. Brown , W. Goetzmann , R. Ibbotson and S. Ross (1992) ‘Survivorship Bias in Performance Studies’, Review of Financial Studies, 5, pp. 553–80

S. J. Brown and J. B. Warner (1985) ‘Using Daily Stock Returns: The Case of Event Studies’, Journal of Financial Economics, 14, pp. 3–32

W. O. Brown (1999) ‘Inside Information and Public News: R2 and Beyond’, Applied Economics Letters, 6(10), pp. 633–6

J. Brusa , P. Liu and C. Schulman (2000) ‘The Weekend Effect, “Reverse” Weekend Effect, and Firm Size’, Journal of Business Finance and Accounting, 27(5), (6), pp. 555–74

J. Brusa , P. Liu and C. Schulman (2003) ‘The “Reverse” Weekend Effect: The US Market Versus International Markets’, International Review of Financial Analysis, 12(3), pp. 267–86

C. Buguk and B. Brorsen (2003) ‘Testing Weak-Form Market Efficiency: Evidence from the Istanbul Stock Exchange’, International Review of Financial Analysis, 12(5), pp. 579–90

J. Y. Campbell (1987) ‘Stock Returns and the Term Structure’, Journal of Financial Economics, 18, pp. 373–99

J. Y. Campbell and R. Shiller (1988) ‘The Dividend-Price Ratio and Expectations of Future Dividends and Discount Factors’, Review of Financial Studies, 1, pp. 195–228

K. C. Chan (1986) ‘Can Tax-Loss Selling Explain the January Seasonal Effect in Stock Returns?’, Journal of Finance, December, pp. 1115–28

K. C. Chan (1988) ‘On the Contrarian Investment Strategy’, Journal of Business, 61, pp. 147–63

L. K. C. Chan , Y. Hamao and J. Lakonishok (1991) ‘Fundamentals and Stock Returns in Japan’, Journal of Finance, 46, pp. 1739–89

L. K. C. Chan and N. -F. Chen (1991) ‘Structural and Return characteristics of Small and Large Firms’, Journal of Finance, 46, pp. 1467–84

P. R. Chandy , J. W. Peavy and W. Reichenstein (1993) ‘A Note on the Value Line Stock Highlight Effect’, Journal of Financial Research, 16(2), pp. 171–9

G. Charest (1978) ‘Dividend Information, Stock Returns and Market Efficiency – II’, Journal of Financial Economics, 6, pp. 297–330

P. L. Chelley-Steeley (2001) ‘Mean-Reversion in the Short Horizon Returns of UK Portfolios’, Journal of Business Finance and Accounting, 28(1), (2), pp. 107–26

P. L. Chelley-Steeley and E. J. Pentecost (1994) ‘Stock Market Efficiency, the Small Firm Effect and Co-Integration’, Applied Financial Economics, 4, pp. 405–11

C. R. Chen and D. A. Sauer (1997) ‘Is Stock Market Overreaction Persistent Over Time?’, Journal of Business Finance and Accounting, 24(1), pp. 51–66

H. Chen and V. Singal (2003) ‘A December Effect with Tax-Gain Selling?’, Financial Analysts Journal, 59(4), pp. 78–90

H. Chen and V. Singal (2004) ‘All Things Considered, Taxes Drive the January Effect’, Journal of Financial Research, 27(3), pp. 351–72

K. Cheng (2000) ‘A Variance Ratio Test of the Random Walk Hypothesis for Taiwan's Stock Market’, Applied Financial Economics, 10(5), pp. 525–32

K. C. Cheung and J. A. Coutts (1999) ‘The January Effect and Monthly Seasonality in the Hang Seng Index: 1985–97’, Applied Economics Letters, 6(2), pp. 121–3

J. J. Choi (2000) ‘The Value Line Enigma: The Sum of Known Parts?’, Journal of Financial and Quantitative Analysis, 35(3), pp. 485–98

N. Chopra , J. Lakonishok and J. Ritter (1992) ‘Measuring Abnormal Returns: Do Stocks Over-React?’, Journal of Financial Economics, 31, pp. 235–68

T. Choudhry (1994) ‘Stochastic Trends and Stock Prices: An International Inquiry’, Applied Financial Economics, 4(6)

P. K. K. Chu (2003) ‘Study on the Non-Random and Chaotic Behaviour of the Chinese Equities Market’, Review of Pacific Basin Financial Markets and Policies, 6(2), pp. 199–223

A. D. Clare , and S. H. Thomas (1992) ‘International Evidence for the Predictability of Stock and Bond Returns’, Economic Letters, 40, pp. 105–12

A. D. Clare , R. Priestley and S. H. Thomas (1997) ‘Stock Return Predictability or Mismeasured Risk?’, Applied Financial Economics, 7, pp. 679–87

J. H. Cochrane (1988) ‘How Big is the Random Walk in GNP?’, Journal of Political Economy, 96(5), pp. 893–920

J. H. Cochrane (1991) ‘Production-Based Asset Pricing and the Link Between Stock Returns and Economic Fluctuations’, Journal of Finance, 46, pp. 209–38

K. J. Cohen , G. A. Hawawini , S. F. Maier , R. A. Schwartz and D. K. Whitcomb (1980) ‘Implications of Microstructure Theory for Empirical Research on Stock Price Behaviour’, Journal of Finance, 35(2), pp. 249–57

P. L. Colling and S. H. Irwin (1990) ‘The Reaction of Live Hog Future Prices to USDA Hogs and Pigs Reports’, American Journal of Agricultural Economics, 72(1), pp. 84–94

D. Collins (1975) ‘SEC Product-Line Reporting and Market Efficiency’, Journal of Financial Economics, 2, pp. 125–64

J. Conrad and G. Kaul (1988) ‘Time-Variation in Expected Returns’, Journal of Business, 61, 409–25

J. Conrad and G. Kaul (1989) ‘Mean-Reversion in Short Horizon Expected Returns’, Review of Financial Studies, 2, pp. 225–40

J. C. B. Cooper (1982) ‘World Stockmarkets: Some Random Walk Tests’, Applied Economics, pp. 515–31

M. J. Cooper , R. C. Gutierrez and A. Hammed (2004), ‘Market States and Momentum’, Journal of Finance, 59(3), pp. 1345–65

T. Copeland and D. Mayers (1982) ‘The Value Line Enigma (1965–1978): A Case Study of Performance Evaluation Issues’, Journal of Financial Economics, 10, pp. 289–321

B. Cornell (1990) ‘Volume and R2: A First Look’, Journal of Financial Research, 13, pp. 1–6

J. A. Coutts and M. A. Sheikh (2000) ‘The January Effect and Monthly Seasonality in the All Gold Index on the Johannesburg Stock Exchange, 1987–1997’, Applied Economics Letters, 7(8), pp. 489–92

A. Cowles (1933) ‘Can Stock Market Forecasters Forecast?’, Econometrica, 1(4), pp. 309–24

F. Cross (1973) ‘The Behaviour of Stock Prices on Fridays and Mondays’, Financial Analysts Journal, 29(6), pp. 2–69

S. W. Cunningham (1973) ‘The Predictability of British Stock Market Prices’, Applied Statistics, 22(3), pp. 315–31

D. M. Cutler , J. M. Poterba and L. H. Summers (1991) ‘Speculative Dynamics’, Review of Economic Studies, 58, pp. 529–46

M. C. A da Costa (1994) ‘Overreaction in the Brazilian Stock Market’, Journal of Banking and Finance, 18, pp. 633–42

A. Damodaran and C. H. Lin (1993) ‘Insider Trading as a Signal of Private Information’, Review of Financial Studies, 6, pp. 79–120

K. Daniel , D. Hirshleifer and A. Subrahmanyam (1998) ‘Investor Psychology and Security Market Under- and Overreaction’, Journal of Finance, 53(6), pp. 1839–85

W. Bondt and R. Thaler (1985) ‘Does the Stock Market Over-React?’, Journal of Finance, 40(3), pp. 793–805

W. Bondt and R. Thaler (1987) ‘Further Evidence on Investor Over-Reaction and Stock Market Seasonality’, Journal of Finance, July, 42(3), pp. 557–81

J. Long , A. Shleifer , L. H. Summers and R. J. Waldman (1990) ‘Positive Feedback Investment Strategies and Destabilising Rational Speculation’, Journal of Finance, 45, pp. 379–96

S. Detta and M. E. Iskandardatton (1996) ‘Does Insider Trading have Information Content for the Bond Market?’, Journal of Banking and Finance, 20(3), pp. 555–75

P. F. Diamandis and G. P. Kouretas (1995) ‘Cointegration and Market Efficiency: A Time-Series Analysis of the Greek Drachma’, Applied Economics Letters, 1955, 2(8), pp. 271–7

R. N. Dickens and R. M. Shelor (2003) ‘Pros Win! Pros Win! … Or Do They?: An Analysis of the “Dartboard” Contest Using Stochastic Dominance’, Applied Financial Economics, 13(8), pp. 573–9

E. Dimson and P. Fraletti (1986) ‘Brokers Recommendations: The Value of a Telephone Tip’, Economic Journal, 96, pp. 139–59

E. Dimson and P. Marsh (1984) ‘An Analysis of Brokers' and Analysts' Unpublished Forecasts of UK Stock Returns’, Journal of Finance 39(5), pp. 1257–92

E. Dimson and P. Marsh (2001) ‘UK Financial Market Returns, 1955–2000’, Journal of Business, 74(1), pp. 1–30

G. Dissanaike (1997) ‘Do Stock Market Investors Overreact?’, Journal of Business Finance and Accounting, 24(1), pp. 27–49

M. Dubois and P. Louvet (1996) ‘The Day-of-the-Week Effect: The International Evidence’, Journal of Banking and Finance, 20, pp. 1463–84

E. A. Dyl (1977) ‘Capital Gains Taxation and Year-End Stock Market Behaviour’, Journal of Finance, March, pp. 165–75

L. H. Ederington and J. H. Lee (1993) ‘How Markets Process Information: News Releases and Volatility’, Journal of Finance, 48, pp. 1161–91

R. F. Engle and C. W. J. Granger (1987) ‘Cointegration and Error Correction: Representation, Estimation and Testing’, Econometrica, 55, pp. 987–1007

E. F. Fama (1965) ‘The Behaviour of Stock Market Prices’, Journal of Business, 38, pp. 34–105

E. Fama (1991) ‘Efficient Capital Markets, II’, Journal of Finance, 46(5), pp. 1575–1617

E. F. Fama (1998) ‘Market Efficiency, Long-Term Returns and Behavioural Finance’, Journal of Financial Economics, 49, pp. 283–306

E. Fama and M. Blume (1966) ‘Filter Rules and Stock Market Trading Profits’, Journal of Business, 39(1), special supplement, pp. 226–41

E. Fama and K. French (1988a) ‘Permanent and Temporary Components of Stock Prices’, Journal of Political Economy, 96(2), pp. 246–73

E. F. Fama and K. French (1988b) ‘Dividend Yields and Expected Stock Returns’, Journal of Financial Economics, 22(1), pp. 3–25

E. F. Fama and K. French (1989) ‘Business Conditions and Expected Returns on Stocks and Bonds’, Journal of Financial Economics, 25, pp. 23–49

E. F. Fama and J. D. MacBeth (1973) ‘Risk, Return and Equilibrium: Empirical Tests’, Journal of Political Economy, 81(3), pp. 607–36

E. F. Fama and G. W. Schwert (1977) ‘Asset Returns and Inflation’, Journal of Financial Economics, 5, pp. 115–46

E. F. Fama , L. Fisher , M. C. Jensen and R. Roll (1969) ‘The Adjustment of Stock Prices to New Information’, International Economic Review, 10(2), February, pp. 1–21

J. E. Finnerty (1976) ‘Insiders and Market Efficiency’, Journal of Finance, 16 September, pp. 1141–8

M. A. Firth (1976) ‘The Impact of Earnings Announcements on the Behaviour of Similar Type Firms’, Economic Journal, 86, pp. 296–306

L. Fisher (1966) ‘Some New Stock Market Indexes’, Journal of Business, 39, pp. 191–225

W. P. Forbes (1996) ‘Picking Winners? A Survey of the Mean-Reversion and Over-Reaction of Stock Prices Literature’, Journal of Economic Surveys, 10(2), pp. 123–58

G. Foster (1973) ‘Stock Market Reaction to Estimates of Earnings per Share by Company Officials’, Journal of Accounting Research, 11, pp. 25–37

J. Franks R. S. Harris and S. Titamn (1991) ‘The Postmerger Share Price Performance of Acquiring Firms’, Journal of Financial Economics, 29, pp. 81–96

K. R. French (1980) ‘Stock Returns and the Weekend Effect’, Journal of Financial Economics, 8(1), pp. 55–70

K. R. French and R. W. Roll (1986) ‘Stock Return Variances: The Arrival of Information and the Reaction of Traders’, Journal of Financial Economics, 17(1), pp. 5–26

P. Frennberg and B. Hansson (1993) ‘Testing the Random Walk Hypothesis on Swedish Stock Prices: 1919–1990’, Journal of Banking and Finance, 17, pp. 175–91

A. Fung (1999) ‘Overreaction in the Hong Kong Stock Market’, Global Finance Journal, 10(2), pp. 223–30

R. Gencay (1996) ‘Non-linear Prediction of Security Returns with Moving Average Rules’, Journal of Forecasting, 15(3), pp. 165–74

R. Gencay (1998a) ‘Optimisation of Technical Trading Strategies and Profitability in Security Markets’, Economics Letters, 59(2), pp. 249–54

R. Gencay (1998b) ‘The Predictability of Security Returns with Simple Technical Trading Rules’, Journal of Empirical Finance, 5(4), pp. 347–59

R. Gencay (1999) ‘Linear, Non-Linear and Essential Foreign Exchange Prediction with Simple Technical Trading Rules’, Journal of International Economics, 47(1), pp. 91–107

M. R. Gibbons and P. J. Hess (1981) ‘Day of the Week Effects and Asset Returns’, Journal of Business, 54(4), pp. 579–96

C. G. Gilmore (2001) ‘An Examination of Nonlinear Dependence in Exchange Rates, using Recent Methods from Chaos Theory’, Global Finance Journal, 12(1), pp. 139–51

W. Goetzmann and R. Ibbotson (1994) ‘Do Winners Repeat?’, Journal of Portfolio Management, 20, pp. 9–18

C. W. J. Granger (1986) ‘Developments in the Study of Cointegrated Variables’, Oxford Bulletin of Economics and Statistics, 48, pp. 213–28

C. W. J. Granger (1992) ‘Forecasting Stock Market Prices: Lessons for Forecasters’, International Journal of Forecasting, 8(1), pp. 3–13

M. D. Griffiths and R. W. White (1993) ‘Tax-Induced Trading and the Turn-of-the-Year Anomaly: An Intraday Study’, Journal of Finance, 48(2), pp. 575–98

M. Grinblatt and S. Titman (1992) ‘The Persistence of Mutual Fund Performance’, Journal of Finance, 47, pp. 1977–84

A. Y. Gu (2003) ‘The Declining January Effect: Evidence from the US Equity Markets’, Quarterly Review of Economics and Finance, 43(2), pp. 395–404

M. N. Guletkin and N. B. Guletkin (1987) ‘Stock Return Anomalies and the Tests of the APT’, Journal of Finance, 42(5), pp. 1213–24

R. L. Hagerman and R. D. Richmond (1973) ‘Random Walks, Martingales and the OTC’, Journal of Finance, 28, pp. 897–909

L. Harris (1986) ‘A Transaction Data Study of Weekly and Intradaily Patterns in Stock Returns’, Journal of Financial Economics, 16(1), pp. 99–117

C. R. Harvey (1991) ‘The World Price of Covariance Risk’, Journal of Finance, 46, pp. 111–57

C. R. Harvey and R. D. Huang (1991) ‘Volatility in the Foreign Currency Futures Market’, Review of Financial Studies, 4, pp. 543–69

D. Hendricks , J. Patel and R. Zeckhauser (1993) ‘Hot Hands in Mutual Funds’, Journal of Finance, 48, pp. 3–130

D. Hirshleifer and T. Shumway (2003) ‘Good Day Sunshine: Stock Returns and the Weather’, Journal of Finance, 58(3), pp. 1009–32

C. Holloway (1981) ‘A Note on Testing on Aggressive Investment Strategy Using Value Line Ranks’, Journal of Finance, 36, pp. 711–19

D. A. Hsieh (1991) ‘Chaos and Non-Linear Dynamics: Applications to Financial Markets’, Journal of Finance, 46, pp. 1939–77

B. Huang and C. W. Yang (1995) ‘The Fractal Structure in Multinational Stock Returns’, Applied Economics Letters, 2, pp. 67–71

G. Huberman and S. Kandel (1987) ‘Value Line Rank and Firm Size’, Journal of Business, 60, pp. 577–89

D. Hunter (1998) ‘The Performance of Filter Rules on the Jamaican Stock Exchange’, Applied Economics Letters, 5, pp. 297–300

J. F. Jaffe (1974) ‘Special Information and Insider Trading’, Journal of Business, 47, pp. 410–29

J. F. Jaffe and G. Mandelkar (1976) ‘The “Fisher Effect” for Risky Assets: An Empirical Investigation’, Journal of Finance, 31, pp. 447–58

J. F. Jaffe and R. Westerfield (1985) ‘The Week-End Effect in Common Stock Returns: The International Evidence’, Journal of Finance, 40(2), pp. 433–54

N. Jegadeesh (1990) ‘Evidence of Predictable Behaviour of Security Returns’, Journal of Finance, 45, pp. 881–98

N. Jegadeesh and S. Titman (1993) ‘Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency’, Journal of Finance, 48(1), pp. 65–91

M. C. Jensen (1978) ‘Some Anomalous Evidence Regarding Market Efficiency’, Journal of Financial Economics, 6, pp. 95–101

M. C. Jensen and G. A. Bennington (1970) ‘Random Walks and Technical Theories: Some Additional Evidence’, Journal of Finance, 25, pp. 469–82

S. Johansen (1988) ‘Statistical Analysis of Cointegration Vectors’, Journal of Economic Dynamics and Control, 12, pp. 231–54

J. Johnson and S. W. Cheng (2002) ‘Holidays and Trading and Return Patterns of Australian SPI Futures’, Journal of Derivatives, 9(4), pp. 56–67

P. Kadiyala and P. R. Rau (2004) ‘Investor Reaction to Corporate Event Anouncements: Underreaxction or Overreaction?’, Journal of Business, 77(2), pp. 357–86

D. Kahneman and A. Tversky (1973) ‘On the Psychology of Prediction’, Psychological Review, 80, pp. 237–51

R. Kaplan and R. Roll (1972) ‘Investor Evaluation of Accounting Information: Some Empirical Evidence’, Journal of Business, 45, pp. 225–57

S. M. Keane (1991) ‘Paradox in the Current Crisis in Efficient Market Theory’, Journal of Portfolio Management, Winter

D. B. Keim (1983) ‘Size-Related Anomalies and Stock Return Seasonality: Further Empirical Evidence’, Journal of Financial Economics, 12(1), pp. 13–32

Keim, D.B. (1989a) ‘Earnings Yield and Size Effects: Unconditional and Conditional Estimates’, in R. M. C. Guimaraes , B. G. Kingsman and S. J. Taylor , A Reappraisal of the Efficiency of Financial Markets, Berlin: Springer-Verlag

D. B. Keim (1989b) ‘Trading Patterns, Bid–Ask Spreads and Estimated Security Returns: The Case of Common Stocks at Calendar Turning Points’, Journal of Financial Economics, 25, pp. 75–97

D. B. Keim and R. F. Stambaugh (1984) ‘A Further Investigation of the Weekend Effect in Stock Returns’, Journal of Finance, 39(3), pp. 819–40

D. B. Keim and R. F. Stambaugh (1986) ‘Predicting Returns in the Stock and Bond Markets’, Journal of Financial Economics, 17, pp. 357–90

B. Kho (1996) ‘Time-Varying Risk Premia, Volatility, and Technical Trading Rule Profits: Evidence from Foreign Currency Futures Markets’, Journal of Financial Economics, 41(2), pp. 249–90

M. J. Kim , C. R. Nelson and R. Startz (1991) ‘Mean-Reversion in Stock Prices? A Reappraisal of the Empirical Evidence’, Review of Economic Studies, 58, pp. 515–28

M. K. Kim and D. A. Burnie (2002) ‘The Firm Size Effect and the Economic Cycle’, Journal of Financial Research, 25(1), pp. 111–24

A. Kraus and H. Stoll (1972) ‘Price Impacts of Block Trading on the New York Stock Exchange’, Journal of Finance, 27, pp. 569–88

T. Krueger and W. Kennedy (1990) ‘An Examination of the Super Bowl Stock Market Predictor’, Journal of Finance, 45(2), pp. 691–7

J. Lakonishok and M. Levi (1982) ‘Weekend Effects on Stock Returns: A Note’, Journal of Finance, 37(3), pp. 883–9

J. Lakonishok and S. Smidt (1984) ‘Volume and Turn-of-the-Year Behaviour’, Journal of Financial Economics, 13, pp. 435–55

J. Lakonishok and S. Smidt (1988) ‘Are Seasonal Anomalies Real? A Ninety-Year Perspective’, Review of Financial Studies, 1(4), pp. 403–25

J. Lakonishok , A. Shleifer and R. Vishny (1992) ‘The Structure and Performance of the Money Management Industry’, Brookings Papers on Economic Activity, pp. 339–91

R. P. Lamb (1998) ‘An Examination of Market Efficiency Around Hurricanes’, Financial Review, 33(1), pp. 163–72

S. J. Larsen and J. Madura (2001) ‘Overreaction and Underreaction in the Foreign Exchange Market’, Global Finance Journal, 12, pp. 153–77

C. F. Lee and H. Y. Park (1987) ‘Value Line Investment Survey Rank Changes and Bets Coefficients’, Financial Analysts Journal, September–October, pp. 70–2

C. F. Lee , G.-M. Chen and O. M. Rui (2001) ‘Stock Returns and Volatility on China's Stock Markets’, Journal of Financial Research, 24(4), pp. 523–43

C. F. Lee , A. Shleifer and R. Thaler (1990) ‘Closed-End Mutual Funds’, Journal of Economic Perspectives, Fall, pp. 153–164

D. D. Lee , H. Chan , R. W. Faff and P. S. Kalev (2003) ‘Short-Term Contrarian Investing – Is It Profitable? … Yes and No’, Journal of Multinational Financial Management, 13(4/5), pp. 385–404

B. Lehmann (1990) ‘Fads, Martingales and Market Efficiency’, Quarterly Journal of Economics, 105(1), pp. 1–28

D. C. Leonard and D. M. Shull (1996) ‘Investor Sentiment and the Closed-End Fund Evidence: Impact of the January Effect’, Quarterly Review of Economics and Finance, 36(1), pp. 117–26

D. A. Lesmond , M. J. Schill and C. Zhou (2004) ‘The Illusory Nature of Momentum Profits’, Journal of Financial Economics, 71(2), pp. 349–70

R. Levy (1967) ‘Relative Strength as a Criterion for Investment Selection’, Journal of Finance, 22, pp. 595–610

C. M. Lewis and R. J. Rogalski (1997) ‘The Information Content of Value Line Convertible Bond Rankings’, Journal of Portfolio Management, 24(1), pp. 42–52

K. Liano (1992) ‘Macroeconomic Events and Seasonality of Risk and Return’, Applied Financial Economics, 2, pp. 205–9

K. Liano and B. E. Gup (1989) ‘The Day-of-the-Week Effect in Stock Returns over Business Cycles’, Financial Analysts Journal, 45, pp. 74–7

K. Liano , G. C. Huang and B. E. Gup (1993) ‘A Twist on the Monday Effect in Stock Returns: A Note’, Journal of Economics and Business, 45, pp. 61–7

K. Liano and L. R. White (1994) ‘Business Cycles and the Pre-Holiday Effect in Stock Returns’, Applied Financial Economics, 4, pp. 171–4

J. C. Lin and J. S. Howe (1990) ‘Insider Trading in the OTC Market’, Journal of Finance, 45, pp. 1273–84

A. W. Lo (1990a) ‘An Econometric Analysis of Nonsynchronous TradingJournal of Econometrics, 45(1–2), pp. 181–211

A. W. Lo and A. A. MacKinlay (1990b) ‘Data-Snooping Biases in Tests of Financial Asset Pricing Models’, Review of Financial Studies, 3, pp. 431–68

A. W. Lo (1991) ‘Long-Term Memory in Stock Market Prices’, Econometrica, 59, pp. 1279–1313

A. W. Lo and A. C. MacKinlay (1988) ‘Stock Market Prices do not Follow Random Walks: Evidence from a Simple Specification Test’, Review of Financial Studies 1(1), pp. 41–66

S. Lofthouse (1999) ‘Closed-End Fund and Investment Trust Discounts’, Journal of Investing, Spring, 8(1), pp. 27–37

J. H. Lorie and V. Niederhoffer (1968) ‘Predictive and Statistical Properties of Insider Trading’, Journal of Law and Economics, 11, pp. 35–53

L. P. Lukac and B. W. Brorsen (1990) ‘A Comprehensive Test of Futures Market Disequilibrium’, Financial Review, 25(4), pp. 593–622

S. Lustgarten and V. Mande (1995) ‘Financial Analysts' Earnings Forecasts and Insider Trading’, Journal of Accounting and Public Policy, 14(3), pp. 233–61

J. Madura and K. J. Wiant (1995) ‘Information Content of Bank Insider Trading’, Applied Financial Economics, 5, pp. 219–27

B. G. Malkiel (1995) ‘Returns from Investing in Equity Mutual Funds 1971–1991’, Journal of Finance, 50, pp. 549–72

B. Mandelbrot (1963) ‘The Variation of Certain Speculative Prices’, Journal of Business, 36, pp. 394–419

B. Mandelbrot (1975) ‘Limit Theorems on the Self-Normalized Range for Weakly and Strongly Dependent Processes’, Zeitschrift für Wahrscheinlichkeitstheorie verw. Gebiete, 31, pp. 271–85

T. Martikainen and V. Puttonen (1996) ‘Finnish Day-of-the-Week Effects’, Journal of Business Finance and Accounting, 23(7), pp. 1019–32

M. D. McKenzie (2001) ‘Non-Periodic Australian Stock Market Cycles: Evidence from Rescaled Range Analysis’, Economic Record, 77(239), pp. 393–406

G. R. McQueen (1992) ‘Long-Horizon Mean-Reverting Stock Prices Revisited’, Journal of Financial and Quantitative Analysis, 27(1), pp. 1–18

G. E. Metcalf and B. G. Malkiel (1994) ‘The Wall Street Journal Contests: The Experts, the Darts, and the Efficient Market Hypothesis’, Applied Financial Economics, 4, pp. 371–4

M. L. Mitchell and K. Lehn (1990) ‘Do Bad Bidders Become Good Targets?’, Journal of Political Economy, 98, pp. 372–8

M. L. Mitchell and J. H. Mulherin (1994) ‘The Impact of Public Information on the Stock Market’, Journal of Finance, 49, pp. 923–50

R. Mookerjee and Q. Yu (1999) ‘An Empirical Analysis of the Equity Markets in China’, Review of Financial Economics, 8, pp. 41–60

R. F. Mulligan (2000) ‘A Fractal Analysis of Foreign Exchange Markets’, International Advances in Economic Research, 6(1), pp. 33–49

J. C. Mun , G. M. Vasconcellos and R. Kish (1999) ‘Tests of the Contrarian Investment Strategy: Evidence from the French and German Stock Markets’, International Review of Financial Analysis, 8:(3), pp. 215–34

S. Nathan (1996) ‘A Test of the Differential Information Hypothesis Explaining the Small Firm Effect’, Journal of Applied Business Research, 13(1), pp. 115–20

C. R. Nelson (1976) ‘Inflation and Rates of Return on Common Stocks’, Journal of Finance, 31, pp. 471–83

V. Niederhoffer and M. F. M. Osborne (1966) ‘Market Making and Reversal on the Stock Exchange’, Journal of the American Statistical Association, 61, pp. 897–916

M. Pan and Y. A. Liu (1999) ‘Fractional Cointegration, Long Memory, and Exchange Rate Dynamics’, International Review of Economics and Finance, 8, pp. 305–16

A. Pardo and E. Valor (2003) ‘Spanish Stock Returns: Where is the Weather Effect?’, European Financial Management, 9(1), pp. 117–26

J. M. Patel and M. A. Wolfson (1984) ‘The Intraday Speed of Adjustment of Stock Prices to Earnings and Dividend Announcements’, Journal of Financial Economics, 13, pp. 223–52

D. K. Patro and Y. Wu (2004) ‘Predictability of Short-Horizon Returns in International Equity Markets’, Journal of Empirical Finance, 11(4), pp. 553–84

M. H. Pesaran and A. Timmerman (1995) ‘Predictability of Stock Returns: Robustness and Economic Significance’, Journal of Finance, 50(4), pp. 1201–28

M. H. Pesaran and A. Timmerman (2000) ‘A Recursive Modelling Approach to Predicting US Stock Returns’, Economic Journal, 110, pp. 159–91

E. E. Peters (1989) ‘Fractal Structure in the Capital Markets’, Financial Analysts Journal, July–August, pp. 32–7

D. R. Peterson (1995) ‘The Informative Role of the Value Line Investment Survey – Evidence From Stock Highlights’, Journal of Financial and Quantitative Analysis, 30(4), pp. 607–18

R. R. Pettit (1972) ‘Dividend Announcements, Security Performance and Capital Market Efficiency’, Journal of Finance, 27, pp. 993–1007

R. R. Pettit and P. C. Venkatesh (1995) ‘Insider Trading and Long-Run Return Performance’, Financial Management, 24(2), pp. 88–103

J. Pontiff (1995) ‘Closed-End Fund Premia and Returns – Implications for Financial Market Equilibrium’, Journal of Financial Economics, 37(3), pp. 341–70

M. Raj and D. Thurston (1996) ‘Effectiveness of Simple Technical Trading Rules in the Hong Kong Futures Market’, Applied Economics Letters, 3(1), pp. 33–6

M. Ratner and R. P. C. Leal (1999) ‘Tests of Technical Trading Strategies in the Emerging Equity Markets of Latin America and Asia’, Journal of Banking and Finance, 23(12), pp. 1887–1905

M. R. Reinganum (1982) ‘A Direct Test of Roll's Conjecture on the Firm Size Effect’, Journal of Finance, 37(1), pp. 27–35

M. R. Reinganum (1983) ‘The Anomalous Stock Market Behaviour of Small Firms in January: Empirical Tests for Tax-Loss Selling Effects’, Journal of Financial Economics, 12(1), pp. 89–104

H. V. Roberts , (1959) ‘Stock Market “Patterns” and Financial Analysis: Methodological Suggestions’, Journal of Finance, 14(1), pp. 1–10; reprinted in P. H. Cootner (ed.) (1964), The Random Character of Stock Market Prices, Cambridge, MA: MIT Press

R. Rogalski . (1984) ‘New Findings Regarding Day-of-the Week Returns over Trading and Non-Treading Periods: A Note’, Journal of Finance, 39(5), pp. 1603–14

R. J. Rogalski and S. M. Tinic (1986) ‘The January Size Effect: Anomaly or Risk Measurement?’, Financial Analysts Journal, November–December, pp. 63–70

R. Roll (1983) ‘Vas ist das? The Turn-of-the-Year Effect and the Return Premia of Small Firms’, Journal of Portfolio Management, 9(2), pp. 18–28

R. Roll (1986) ‘The Hubris Hypothesis of Corporate Takeovers’, Journal of Business, 59, pp. 197–216

R. Roll (1988) ‘R2’, Journal of Finance, 43, pp. 541–66

B. Rosenberg , K. Reid and R. Lanstein (1985) ‘Persuasive Evidence of Market Inefficiency’, Journal of Portfolio Management, 11, pp. 9–16

M. S. Rozeff (1974) ‘Money and Stock Prices: Market Efficiency and the Lag in Effect of Monetery Policy’, Journal of FInancial Economics, 1, pp. 245–302

M. S. Rozeff (1984) ‘Dividend Yields are Equity Risk Premiums’, Journal of Portfolio Management, 11, pp. 68–75

M. S. Rozeff and W. Kinney (1976) ‘Capital Market Seasonality: The Case of Stock Returns’, Journal of Financial Economics, 3, pp. 374–402

M. S. Rozeff and M. A. Zaman (1988) ‘Market Efficiency and Insider Trading: New Evidence’, Journal of Business, 61, pp. 25–44

R. Sant and M. A. Zaman (1996) ‘Market Reaction to Business Week Inside Wall Street Column – A Self-Fulfilling Prophecy’, Journal of Banking and Finance, 20(4), pp. 617–43

R. A. Savit (1988) ‘When Random is not Random: An Introduction to Chaos in Market Prices’, The Journal of Futures Markets, 8(3), pp. 271–89

O. Schnusenberg and J. Madura (2001), ‘Do US Stock Market Indexes Over-or Underreact?’, Journal of Financial Research, 24(2), pp. 179–204

M. S. Scholes (1972) ‘The Market for Securities: Substitution versus Price Pressure and the Effects of Information on Share Prices’, Journal of Business, 45, pp. 179–211

H. N. Seyhun (1986) ‘Insiders’ Profits, Costs of Trading, and Market Efficiency’, Journal of Financial Economics, 16, pp. 189–212

K. Sivakumar and G. Wagmire (1994) ‘Insider Trading Following Material News Events – Evidence from Earnings’, Financial Management, 23(1), pp. 23–32

G. Smith and H.-J. Ryoo (2003) ‘Variance Ratio Tests of the Random Walk Hypothesis for European Emerging Stock Markets’, European Journal of Finance, 9(3), pp. 290–300

K. L. Smith (2002) 'Government Bond Market Seasonality, Diversification, and Cointegration: International Evidence, Journal of Financial Research, 25(2), pp. 203–21

B. H. Solnik (1973) ‘Note on the Validity of the Random Walk for European Stock Prices’, Journal of Finance, 28, pp. 1151–9

B. H. Solnik and L. Bousquet (1990) ‘Day-of-the-Week Effect on the Paris Bourse’, Journal of Banking and Finance, 14, pp. 461–8

S. E. Stickel (1985) ‘The Effect of Value Line Investment Survey Rank Changes on Common Stock Prices’, Journal of Financial Economics, 14, pp. 121–44

R. Sullivan , A. Timmerman and H. White (1999) ‘Data-Snooping, Technical Trading Rule Performance, and the Bootstrap’, Journal of Finance, 54(8), pp. 1647–91

J. A. Sundali and A. B. Atkins (1994) ‘Expertise in Investment Analysis – Fact or Fiction?’, Organisational Behaviour and Human Decision Processes, 59(2), pp. 223–41

A. Szakmary , W. N. Davidson III and T. V. Schwarz (1999) ‘Filter Tests in Nasdaq Stocks’, The Financial Review, 34(1), pp. 45–70

S. M. Tinic and R. R. West (1984) ‘Risk and Return: January vs the Rest of the Year’, Journal of Financial Economics, 13(4), pp. 561–74

S. M. Tinic and R. R. West (1986) ‘Risk, Return and Equilibrium: A Revisit’, Journal of Political Economy, 94(1), pp. 126–47

S. Tinic , G. Barone-Adesi and R. R. West (1987) ‘Seasonality in Canadian Stock Prices: A Test of the Tax-Loss Selling Hypothesis’, Journal of Financial and Quantitative Analysis, 22, pp. 51–63

W. H. S. Tong (2001) ‘Cointegration, Efficiency and Forecasting in the Currency Market’, Journal of Business Finance and Accounting, 28(1),(2), pp. 127–50

V. Ukpolo (1995) ‘Exchange Rate Market Efficiency – Further Evidence From Cointegration Tests’, Applied Economics Letters, 2(6), pp. 196–8

J. C. Horne and G. G. C. Parker (1967) ‘The Random Walk Theory: An Empirical Test’, Financial Analysts Journal, 23, pp. 87–94

R. C. Vergin and J. McGinnis (1999) ‘Revisiting the Holiday Effect: Is it a Holiday?’, Applied Financial Economics, 9, pp. 477–82

K Wang ., Y. Li and J. Erickson (1997) ‘A New Look at the Monday Effect’, Journal of Finance, 52(5), pp. 2171–86

R. Waud (1970) ‘Public Interpretation of Federal Reserve Discount Rate Changes: Evidence on the Announcement Effect’, Econometrica, 38, pp. 231–50

H. White (2000) ‘A Reality Check for Data Snooping’, Econometrica, 68(5), pp. 1097–1126

J. W. Wilson and C. P. Jones (1993) ‘Comparison of Seasonal Anomalies Across Major Equity Markets: A Note’, Financial Review, 28, pp. 107–15

K. L. Womack (1996) ‘Do Brokerage Analysts' Recommendations Have Investment Value?’, Journal of Finance, 51(1), pp. 137–67

H. Working (1934) ‘A Random Difference Series for Use in the Analysis of Time Series’, Journal of the American Statistical Association, 29, pp. 11–24

J. F. Yates , L. S. McDaniel and E. S. Brown (1991) ‘Probabilistic Forecasts of Stock Prices and Earnings: The Hazards of Nascent Expertise’, Organisational Behaviour and Human Decision Processes, 49, pp. 60–79

P. Zarowin (1989) ‘Does the Stock Market Over-React to Corporate Earnings Information?’, Journal of Finance, 44, pp. 1385–99

T. L. Zivney , W. J. Bertin and K. M. Torabzadeh (1996) ‘Over-Reaction to Takeover Speculation’, Quarterly Review of Economics and Finance, 36(1), pp. 89–115

B. R. Adams , F. W. Rusco and W. D. Walls (2002) ‘Professional Bettors, Odds-Arbitrage Competition, and Betting Market Equilibrium’, Singapore Economic Review, 47(1), pp. 11–127

P. Asch , B. G. Malkiel and Quandt R. E. (1982) ‘Racetrack Betting and Informed Behaviour’, Journal of Financial Economics, 10, pp. 187–94

R. Bird , M. McCrae and J. Beggs (1987) ‘Are Gamblers Really Risk Takers?’, Australian Economic Papers, December, pp. 237–53

A. C. Bruce and J. E. V. Johnson (1992) ‘Toward an Explanation of Betting as a Leisure Pursuit’, Leisure Studies, 11, pp. 201–18

M. Cain , D. Law and D. A. Peel (2002) ‘Skewness as an Explanation of Gambling by Locally Risk Averse Agents’, Applied Economics Letters, 9(15), pp. 1025–8

S. Chadha and R. E. Quandt (1996) ‘Betting Bias and Market Equilibrium in Racetrack Betting’, Applied Financial Economics, 6(3), pp. 287–92

J. B. Long , A. Shleifer , L. H. Summers and R. J. Waldman (1991) ‘The Survival of Noise Traders’, Journal of Business, 64, pp. 1–19

M. J. Dixon and S. G. Coles (1997) ‘Modelling Association Football Scores and Inefficiencies in the Football Betting Market’, Journal of the Royal Statistical Society: Series C (Applied Statistics), 46 (2), pp. 265–80

J. Dowie (1992a) ‘The Ethics of Parimutuel Systems’, Journal of Gambling Studies, 8(4), pp. 371–81

M. P. Filby and L. Harvey (1988) ‘Recreational Betting: Everyday Activity and Strategies’, Leisure Studies, 7, pp. 159–72

M. Friedman and L. J. Savage (1948) ‘The Utility Analysis of Choices Involving Risk’, Journal of Political Economy, August, pp. 279–304

J. M. Gandar , R. A. Zuber and R. S. Johnson (2001) ‘Searching for the Favourite-Longshot Bias Down Under: An Examination of the New Zealand Pari-Mutuel Betting Market’, Applied Economics, 33, pp. 1621–9

J. M. Gandar , R. A. Zuber , R. S. Johnson and W. Dare (2002) ‘Re-Examining the Betting Market on Major League Baseball Games: Is There a Reverse Favourite-Longshot Bias?’, Applied Economics, 34(10), pp. 1309–17

T. Gärling , J. Romanus and M. Selart (1994). ‘Betting at the Race-Track: Does Risk Seeking Increase When Losses Accumulate?’, Perceptual and Motor Skills, 78 1248–50

T. Gilovich (1983) ‘Biased Evaluation and Persistence in Gambling’, Journal of Personality and Social Psychology, 44, 1110–26

T. Gilovich and C. Donglas (1986) ‘Biased Evaluations of Randomly Determined Gambling Outcomes’, Journal of Experimental Social Psychology, 22, pp. 228–41

J. Golec and M. Tamarkin (1995) ‘Do Bettors Prefer Long Shots Because They Are Risk-Lovers or Are They Just Over-Confident?’, Journal of Risk and Uncertainty, 11, pp. 51–64

S. Hamid , A. Prakash and M. Smyser (1996) ‘Marginal Risk Aversion and Preferences in a Betting Market’, Applied Economics, 28, pp. 371–6

D. B. Hausch and W. T. Ziemba (1985) ‘Transaction Costs, Extent of Inefficients, Entries and Multiple Wagers in a Racetrack Betting Model’, Management Science, 31, pp. 381–94

Donald B. Hausch , William T. Ziemba and M. Rubinstein (1981) ‘Efficiency of the Market for Racetrack Betting’, Management Science, 27, pp. 1435–52

R. J. Henery (1985) ‘On the Average Probability of Losing Bets on Horses with Given Starting Price Odds’, Journal of the Royal Statistical Society, 148(4), pp. 342–9

A. E. Hoerl and H. K. Fallin (1974) ‘Reliability of Subjective Evaluations in a High Incentive Situation’, Journal of the Royal Statistical Society A, 137, pp. 227–30

Johnnie E. V. Johnson and Alistair C. Bruce (1993) ‘Gluck's Second Law: An Empirical Investigation of Horse-race Betting in Early and Late Races’, Psychological Reports, 72, pp. 1251–8

D. Kahneman and A. Tversky (1979) ‘Prospect Theory: An Analysis of Decision Under Risk’, Econometrica, 47, pp. 263–91

D. Kahneman and A. Tversky (1984) ‘Choices, Values and Frames’, American Psychologist, 39, pp. 341–50

R. E. Kopelman and B. L. Minkin (1991) ‘Toward a Psychology of Parimutuel Behaviour: Test of Gluck's Laws’, Psychological Reports, 68, pp. 701–2

E. J. Langer (1975) ‘The Illusion of Control’, Journal of Personality and Social Psychology, 32, pp. 311–28

E. J. Langer and J. Roth (1975) ‘The Effect of Sequence Outcome in a Chance Task on the Illusion of Control’, Journal of Personality and Social Psychology, 32, pp. 951–55

A. Letarte , R. Ladouceur and M. Mayrand (1986) ‘Primary and Secondary Illusory Control and Risk Taking in Gambling’, Psychological Reports, 58, pp. 299–302

H. Markowitz (1952) ‘The Utility of Wealth’, Journal of Political Economy, 60, pp. 151–8

W. H. McGlothlin (1956) ‘Stability of Choices Among Uncertain Alternatives’, American Journal of Psychology, 69, pp. 604–19

D. Paton and L. Vaughan Williams (1998) ‘Do Betting Costs Explain Betting Biases?’, Applied Economics Letters, 1998, pp. 333–5

D. Paton and L. Vaughan Williams (2002) ‘Identifying Irregularities in a Financial Market’, Applied Financial Economics, September, 12(9), pp. 633–7

D. Paton , D. Siegel and L. Vaughan Williams (2001) ‘Gambling Taxation: A Comment’, Australian Economic Review, 34(4), pp. 427–40

D. Paton , D. Siegel and L. Vaughan Williams (2002) ‘A Policy Response to the E-Commerce Revolution: The Case of Betting Taxation in the UK’, Economic Journal, 112, pp. 296–314

D. Paton , D. Siegel and L. Vaughan Williams (2004) ‘Taxation and the Demand for Gambling: New Evidence from the UK’, National Tax Journal, 57(4), pp. 847–61

M. G. Preston and P. Baratta (1948) ‘An Experimental Study of the Auction-Value of an Uncertain Outcome’, American Journal of Psychology, 61, pp. 183–93

R. N. Rosett (1971) ‘Weak Experimental Verification of the Expected Utility Hypothesis’, Review of Economic Studies, 38(116), pp. 481–92

P. Slovic (1972) ‘Psychological Study of Human Judgment: Implications for Investment Decision Making’, Journal of Finance, 27, pp. 779–99

V. Smith and J. M. Walker (1993a) ‘Monetary Rewards and Decision Costs’, Economic Inquiry, 31(2), pp. 245–61

V. Smith and J. M. Walker (1993b) ‘Rewards, Experience and Decision Costs in First Price Auctions’, Economic Inquiry, 31(2), pp. 237–44

W. W. Snyder (1978b) ‘Decision-Making with Risk and Uncertainty: The Case of Horse Racing’, American Journal of Psychology, 91(2), pp. 201–9

R. S. Sobel and S. Travis Raines (2003) ‘An Examination of the Empirical Derivatives of the Favourite-Longshot Bias in Racetrack Betting’, Applied Economics, 35(4), pp. 371–85

S. Swidler and R. Shaw (1995) ‘Racetrack Wagering and the Uninformed Bettor: A Study of Market Efficiency’, Quarterly Review of Economics and Finance, 35(3), pp. 305–14

R. Thaler (1985) ‘Mental Accounting and Consumer Choice’, Marketing Science, 4, pp. 199–214

R. H. Thaler and E. Johnson (1990) ‘Gambling with the House Money or Trying to Break Even: The Effects of Prior Outcomes on Risky Choice’, Management Science 36, 643–60

R. Thaler and W. Ziemba (1988) ‘Parimutuel Betting Markets: Racetracks and Lotteries’, Journal of Economic Perspectives, 2, pp. 161–74

R. Tuckwell (1981) ‘Anomalies in the Gambling Market’, Australian Journal of Statistics, pp. 287–95

A. Tversky and D. Kahneman (1974) ‘Judgment Under Uncertainty: Heuristics and Biases’, Science, 185, pp. 1124–31

A. Tversky and D. Kahneman (1981) ‘The Framing of Decisions and the Psychology of Choice’, Science, 211, pp. 453–8

L. Vaughan Williams (2004c) ‘Decision-Making in Betting Markets’, Significance, 1(3), pp. 109–12

W. D. Walls and K. Busche (1996) ‘Betting Volume and Market Efficiency in Hong Kong Race Track Betting’, Applied Economics Letters, 3(12), pp. 783–7

L. M. Woodland and B. M. Woodland (2003) ‘The Reverse Favourite-Longshot Bias and Market Efficiency in Major League Baseball: An Update’, Bulletin of Economic Research, 55(2), pp. 113–22

M. E. Yaari (1965) ‘Convexity in the Theory of Choice Under Risk’, Quarterly Journal of Economics, 79, pp. 278–90

M. M. Ali (1979) ‘Some Evidence on the Efficiency of a Speculative Market’, Econometrica, 47, pp. 387–92

R. N. Bolton and R. G. Chapman (1986) ‘Searching for Positive Returns at the Track: A Multinomial Logit for Handicapping Horse Races’, Management Science, 32, pp. 1040–59

M. Cain , D. Law and D. A. Peel (1999) ‘Estimates of the Degree of Insider Trading in Two Disparate Betting Markets’, Applied Economics Letters, 6(3), pp. 191–3

M. Cain , D. Law and D. A. Peel (2001a) ‘The Relationship between Two Indicators of Insider trading in British Racetrack Betting’, Economica, 68, pp. 97–104

M. Cain , D. Law and D Peel , (2003a) ‘The Favourite-Longshot Bias, Bookmaker Margins and Insider Trading in a Variety of Betting Markets’, Bulletin of Economic Research, 55(3), pp. 263–73

C. Clotfelter and P. J. Cook (1991) ‘Lotteries in the Real World’, Journal of Risk and Uncertainty, 4, pp. 227–32

C. Clotfelter and P. J. Cook (1993) ‘The “Gambler's Fallacy” in Lottery Play’, Management Science, 39(12), pp. 1521–25

S. Figlewski (1979) ‘Subjective Information and Market Efficiency in a Betting Model’, Journal of Political Economy, 87, pp. 75–88

T. J. Goddard and I. Asimakopoulos (2004) ‘Forecasting Football Results and the Efficiency of Fixed-Odds Betting’, Journal of Forecasting, 23(1), pp. 51–66

B. Jullien and B. Salanié (1994) ‘Measuring the Incidence of Insider Trading: A Comment on Shin’, Economic Journal, 104, pp. 1418–19

Kahneman, D. and Tversky, A. (1982) ‘Intuitive Prediction: Biases and Corrective Procedures’, in D. Kahneman , P. Slovic and A. Tversky (eds.), Judgment under Uncertainty: Heuristics and Biases, Cambridge: Cambridge University Press, pp. 414–21

D. Law and D. A. Peel (2002) ‘Insider Trading, Herding Behaviour and Market Plungers in the British Horse-Race Betting Market’, Economica, 69, pp. 327–38

R. L. Losey and J. C. Talbott Jr. (1980) ‘Back on the Track with the Efficient Markets Hypothesis’, Journal of Finance, 35, pp. 1039–43

M. A. Metzger (1985) ‘Biases in Betting: An Application to Laboratory Findings’, Psychological Reports, 56, pp. 883–8

D. Paton and L. Vaughan Williams (2001) ‘Monopoly Rents and Price Fixing in Betting Markets’, Review of Industrial Organization, 19(2), pp. 265–78

D. Paton , L. Vaughan Williams and S. Fraser (1999) ‘Regulating Insider Trading in Betting Markets’, Bulletin of Economic Research, 51(3), pp. 237–41

H. S. Shin (1991) ‘Optimal Betting Odds Against Insider Traders’, Economic Journal, 101, pp. 1179–85

H. S. Shin (1993) ‘Measuring the Incidence of Insider Trading in a Market for State-Contingent Claims’, Economic Journal, 103, pp. 1141–53

W. W. Snyder (1978a) ‘Horse Racing: Testing the Efficient Markets Model’, Journal of Finance, 33(4), pp. 1109–18

D. Terrell (1994) ‘A Test of the Gambler's Fallacy: Evidence From Pari-Mutuel Games’, Journal of Risk and Uncertainty, 8, pp. 309–17

R. Tuckwell (1983) ‘The Thoroughbred Gambling Market: Efficiency, Equity and Related Issues’, Australian Economic Papers, 22, pp. 106–8

L. Vaughan Williams (2000) ‘Can Forecasters Forecast Successfully? Evidence from UK Betting Markets’, Journal of Forecasting, 19(6), pp. 505–14

L. Vaughan Williams and D. Paton (1997b) ‘Does Information Efficiency Require a Perception of Information Inefficiency?’, Applied Economics Letters, 4, pp. 615–17

R. C. Vergin (1977) ‘An Investigation of Decision Rules for Thoroughbred Racehorse Wagering’, Interfaces, 8(1), pp. 34–45

R. A. Zuber , J. M. Gandar and B. D. Bowers (1985) ‘Beating the Spread: Testing the Efficiency of the Gambling Market for National Football League Games’, Journal of Political Economy, 93, pp. 800–6

E. F. Fama (1970) ‘Efficient Capital Markets: A Review of Theory and Empirical Work’, Journal of Finance, 25(2), pp. 383–417

D. Paton and L. Vaughan Williams (2005) ‘Forecasting Outcomes in Spread Betting Markets: Can Bettors Use “Quarbs” to Beat the Book?’, Journal of Forecasting, forthcoming

L. Vaughan Williams (1999) ‘Information Efficiency in Betting Markets’, Bulletin of Economic Research, 51(1), pp. 1–30

M. Weitzman (1965) ‘Utility Analysis and Group Behaviour: An Empirical Study’, Journal of Political Economy, 73(1), pp. 18–26

M. Cain , D. Law and D. Peel (2001b) ‘The Incidence of Insider Trading in Betting Markets and the Gabriel and Marsden Anomaly’, The Manchester School, 69(2), pp. 197–207

H. S. Shin (1992) ‘Prices of State Contingent Claims with Insider Traders, and the Favourite-Longshot Bias’, Economic Journal, 102, pp. 426–35

L. Vaughan Williams and D. Paton (1998). ‘Why are Some Favourite-Longshot Biases Positive and Some Negative?’, Applied Economics, 30, pp. 1505–10

A. C. Bruce and J. E. V. Johnson (2001) ‘Efficiency Characteristics of a Market for State Contingent Claims’, Applied Economics, 33, pp. 1751–4

K. Busche and W. D. Walls (2000) ‘Decision Costs and Betting Market Efficiency’, Rationality and Society, 12(4), pp. 477–92

B. R. Canfield , B. C. Fauman and W. T. Ziemba (1987) ‘Efficient Market Adjustment of Odds Prices to Reflect Track Biases’, Management Science, 33, pp. 1428–39

R. G. Chapman and R. Staelin (1982) ‘Exploiting Rank Ordered Choice Set Data Within the Stochastic Utility Model’, Journal of Marketing Research, 19, pp. 288–301

P. E. Gabriel and J. R. Marsden (1990). ‘An Examination of Market Efficiency in British Racetrack Betting’, Journal of Political Economy, 98(4), pp. 874–85

D. B. Hausch and W. T. Ziemba (1990) ‘Arbitrage Strategies for Cross-Track Betting on Major Horse Races’, Journal of Business, 63, pp. 61–78

J. L. Kelly (1956) ‘A New Interpretation of Information Rate’, Bell System Technical Journal, 35, pp. 917–26

P. L. Watson and R. B. Westin (1975) ‘Transferability of Disaggregated Mode Choice Models’, Regional Science and Urban Economics, 5, pp. 227–49

E. M. White , R. Dattero and B. Flores (1992) ‘Combining Vector Forecasts to Predict Thoroughbred Horse Race Outcomes’, International Journal of Forecasting, 8, pp. 595–611

A. I. Abramowitz (1996) ‘Bill and Al's Excellent Adventure: Forecasting the 1996 Presidential Election’, American Political Quarterly, 24, pp. 434–42

A. I. Abramowitz (2001) ‘The Time for Change Model and the 2000 Election’, American Politics Quarterly, 29, pp. 279–82

Armstrong, J. S. (2001) ‘Combining Forecasts’, in J. S. Aromstrong (ed.), Principles of Forecasting: A Handbook for Researchers and Practitioners, Boston: Kluwer Academic, pp. 417–39

J. Berg and T. Rietz (2003) ‘Prediction Markets as Decision Support Systems’, Information Systems Frontiers, 5(1), pp. 79–93

L. Cameron and M. Crosby (2000) ‘It's the Economy Stupid: Macroeconomics and Federal Elections in Australia’, Economic Record, 76(235), pp. 354–64

J. Campbell (2001) ‘An Evaluation of the Trial-Heat and Economy Forecast of the Presidential Vote in the 2000 Election’, American Politics Research, 29, pp. 289–96

R. Fair (1978) ‘The Effect of Economic Events on Votes for President’, Review of Economics and Statistics, 60(2), pp. 159–73

R. Forsythe , T. Rietz and T. Ross (1999) ‘Wishes, Expectations and Actions: Price Formation in Election Stock Markets’, Journal of Economic Behaviour and Organisation, 39, pp. 83–110

J. Hansen , C. Schmidt and C. Strobel (2004) ‘Manipulation in Political Stock Markets – Preconditions and Evidence’, Applied Economics Letters, 11(7), pp. 459–63

R. D. Hanson (1995) ‘Could Gambling Save Science? Encouraging an Honest Consensus’, Social Epistemology, 9(1), pp. 3–33

D. Hibbs (1982) ‘The Dynamics of Political Support for American Presidents among Occupational and Partisan Groups’, American Journal of Political Science, 26(2), pp. 312–32

D. Hibbs (2000) ‘Bread and Peace Voting in US Presidential Elections’, Public Choice, 104, pp. 149–80

S. Jackman (1995) ‘Some More of All That: A Reply to Charnock’, Australian Journal of Political Science, 30, pp. 347–55

S. Jackman and G. Marks (1994) ‘Forecasting Australian Elections: 1993 and All That’, Australian Journal of Political Science, 29(2), pp. 277–91

G. Kramer (1971) ‘Short-term Fluctuations in US Voting Behaviour, 1896–1964’, American Political Science Review, 65(1), pp. 131–43

S. Levitt (2004) ‘Why Are Gambling Markets Organised So Differently from Financial Markets?’, Economic Journal, 114(495), pp. 223–46

M. S. Lewis-Beck and C. Tien (2001) ‘Election 2000: How Wrong Was the Forecast?’, American Politics Research, 29, pp. 302–6

M. I. Midlarsky (1984) ‘Political Stability of Two-Party and Multiparty Systems: Probabilistic Bases for the Comparison of Party Systems’, American Political Science Review, 78, pp. 929–51

H. Norpoth (1996) ‘Of Time and Candidates. A Forecast for 1996’, American Political Quarterly, 24(4), pp. 443–67

Norpoth, H.(2002) ‘On a Short Leash: Term limits an Economic Voting’, in H. Dorussen and M. Taylor (eds.), The Context of Economic Voting, London: Routledge, pp. 121–36

H. Palmer and G. Whitten (1999) ‘The Electoral Impact of Unexpected Inflation and Economic Growth’, British Journal of Political Science, 29, pp. 623–39

C. Plott and S. Sunder (1988) ‘Rational Expectations and the Aggregation of Diverse Information in Laboratory Security Markets’, Econometrica, 56, pp. 1085–1118

P. W. Rhode and K. S. Strumpf (2004) ‘Historical Presidential Betting Markets’, Journal of Economic Perspectives, 18(2), pp. 127–41

E. Servan-Schreiber , J. Wolfers , D. Pennock and B. Galebach (2004) ‘Prediction Markets: Does Money Matter?Electronic Markets, 14(3)

M. Cain , D. Law and D. Peel (2000) ‘The Favourite-Longshot Bias and Market Efficiency in UK Football Betting’, Scottish Journal of Political Economy, 47, pp. 25–36

R. M. Griffith (1949) ‘Odds Adjustment by American Horse Race Bettors’, American Journal of Psychology, 62, pp. 290–4

R. Quandt (1986) ‘Betting and Equilibrium’, Quarterly Journal of Economics, 101, pp. 201–7

D. Terrell and A. Farmer (1996) ‘Optimal Betting and Efficiency in Parimutuel Betting Markets’, Economic Journal, 106, pp. 846–68

L. Woodland and B. Woodland (1994) ‘Market Efficiency and the Favourite-Longshot Bias: The Baseball Betting Market’, Journal of Finance, 49, pp. 269–79

R. Bird and M. McCrae (1987) ‘Tests of the Efficiency of Racetrack Betting Using Bookmaker Odds’, Management Science, 33, pp. 1552–62

N. F. R. Crafts (1985) ‘Some Evidence of Insider Knowledge in Horse Race Betting in Britain’, Economica, 52, pp. 295–304

R. C. Fair (2002) ‘Events that Shook the Market’, Journal of Business, 75, pp. 713–31

A. J. Kanto , G. Rosenqvist and A. Suvas (1992) ‘On Utility Function Estimation of Racetrack Bettors’, Journal of Economic Psychology, 13, pp. 491–8

L. Vaughan Williams and D. Paton (1997) ‘Why is There a Favourite-Longshot Bias in British Racetrack Betting Markets?’, Economic Journal, 107, pp. 150–8

Mukhtar M. Ali (1977) ‘Probability and Utility Estimates for Racetrack Bettors’, Journal of Political Economy, 85, pp. 803–15

Kelly Busche and Christopher D. Hall (1988) ‘An Exception to the Risk Preference Anomaly’, Journal of Business, 61, pp. 337–46

Joseph Golec and Maurry Tamarkin (1998) ‘Bettors Love Skewness, Not Risk, at the Horse Track’, Journal of Political Economy, 106, pp. 205–25

Rob Feeney and Stephen P. King (2001) ‘Sequential Parimutuel Games’, Economic Letters, 72, pp. 165–73

William J. Hurley and Lawrence C. McDonough (1995b) ‘A Note on Simulating Unbiased Heterogeneous Expectations’, Computers and Mathematics with Applications, 30, pp. 29–32

William J. Hurley and Lawrence C. McDonough (1996) ‘The Favourite-Longshot Bias in Parimutuel Betting: A Clarification of the Explanation that Bettors Like to Bet Longshots’, Economics Letters, 52, pp. 275–8

K. Binmore (1999) ‘Why Experiment in Economics?’, Economic Journal, 109(453), pp. F16–24.

G. Loewenstein (1999) ‘Experimental Economics from the Vantage-Point of Behavioural Economics’, Economic Journal, 109(453), pp. FM23–F34

V. L. Smith (1962) ‘An Experimental Study of Competitive Market Behaviour’, Journal of Political Economy, 70, pp. 111–37

V. L. Smith (1989) ‘Theory, Experiment and Economics’, Journal of Economic Perspectives, 3(1), pp. 151–69

D. A. Harville (1973) ‘Assigning Probabilities to the Outcome of Multi-Entry Competitions’, Journal of the American Statistical Association, 68, pp. 312–16

H. Stern (1990) ‘Models for Distributions on Permutations’, Journal of the American Statistical Association, 85, pp. 558–64

P. Asch and R. E. Quandt (1987) ‘Efficiency and Profitability in Exotic Bets’, Economica, 54, pp. 289–98

M. Rothschild and J. E. Stiglitz (1970) ‘Increasing Risk I: A Definition’, Journal of Economic Theory, 2, pp. 225–43

A. Schnytzer and Y. Shilony (1995) ‘Inside Information in a Betting Market’, Economic Journal, 105, pp. 963–71

L. DeBoer (1990) ‘Lotto Sales Stagnation: Product Maturity or Small Jackpots?’, Growth and Change, Winter, pp. 73–7

D. Forrest , R. Simmons and N. Chesters (2002) ‘Buying a Dream: Alternative Models of Demand for Lotto’, Economic Inquiry, 40(3), pp. 485–96

L. MacLean , W. Ziemba and G. Blazenko (1992) ‘Growth Versus Security in Dynamic Investment Analysis’, Management Science, 38, pp. 1562–85

V. Matheson and K. Grote (2003) ‘Jacking up the Jackpot: Are Lotto Consumers Fooled by Annuity Payments?’, Public Finance Review, 31(5), pp. 550–67

Z. Shapira and I. Venezia (1992) ‘Size and Frequency of Prizes as Determinants of the Demand for Lotteries’, Organisational Behaviour and Human Decision Processes, July, pp. 307–18

C. Avery and J. Chevalier (1999) ‘Identifying Investor Sentiment from Price Paths: The Case of Football Betting’, Journal of Business, 72, pp. 493–521

L. Coleman (2004) ‘New Light on the Longshot Bias’, Applied Economics, 36 pp. 315–26

M. Dixon and P. Pope (2004) ‘The Value of Statistical Forecasts in the UK Association Football Betting Market’, International Journal of Forecasting, 20, pp. 697–711

S. Dobson and J. Goddard (2001) The Economics of Football, Cambridge: Cambridge University Press

D. Forrest and R. Simmons (2002) ‘Outcome Uncertainty and Attendance Demand: The Case of English Soccer’, Journal of the Royal Statistical Society (Series D), The Statistician, 51, pp. 229–41

G. Knowles , K. Sherony and M. Haupert (1992) ‘The Demand for Major League Baseball: A Test of the Uncertainty of Outcome Hypothesis’, American Economist, 36, pp. 72–80

T. Kuypers (2000) ‘Informational Efficiency: An Empirical Study of a Fixed Odds Betting Market’, Applied Economics, 32, pp. 1353–63

D. A. Peel and D. A. Thomas (1988) ‘Outcome Uncertainty and the Demand for Football’, Scottish Journal of Political Economy, 35, pp. 242–9

D. A. Peel and D. A. Thomas (1992) ‘The Demand for Football: Some Evidence on Outcome Uncertainty’, Empirical Economics, 17, pp. 323–31

L. Woodland and B. Woodland (2001) ‘Market Efficiency and Profitable Wagering in the National Hockey League: Can Bettors Score on Longshots?’, Southern Economic Journal, 67, pp. 983–95

A. Zellner (1963) ‘Estimates for Seemingly Unrelated Regression Equation: Some Exact Finite Sample Results’, Journal of the American Statistical Association, 58, pp. 987–92

J. B Keller (1973) ‘A Theory of Competitive Running’, Physics Today, 26, pp. 42–7

A. C. Bruce and J. E. V. Johnson (2000) ‘Investigating the Roots of the Favourite-Longshot Bias: An Analysis of Decision Making by Supply- and Demand-Side Agents in Parallel Betting Markets’, Journal of Behavioural Decision Making, 13, pp. 413–30

K. Busche and W. D. Walls (2001) ‘Breakage and Betting Market Efficiency: Evidence from the Horse Track’, Applied Economics Letters, 8, pp. 601–4

D. Dowie (1976) ‘On the Efficiency and Equity of Betting Markets’, Economica, 43, pp. 139–50

P. E. Gabriel and J. R. Marsden (1991) ‘An Examination of Market Efficiency in British Racetrack Betting: Errata and Corrections’, Journal of Political Economy, 99, pp. 657–9

J. G. MacKinnon and H. White (1985) ‘Some Heteroskedasticity Consistent covariance Matrix Estimators with Improved Finite Sample Properties’, Journal of Econometrics, 29, pp. 305–25

P. F. Pope and D. A. Peel (1989) ‘Information, Prices and Efficiency in a Fixed-Odds Betting Market’, Economica, 56, pp. 323–41

A. Tversky and D. Kahneman (1992) ‘Advances in Prospect Theory: Cumulative Representation of Uncertainty’, Journal of Risk and Uncertainty, 5(4), pp. 297–323

H. White (1980) ‘A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity’, Econometrica, 48, pp. 817–38

C. F. J. Wu (1986) ‘Jackknife, Bootstrap and Other Resampling Methods in Regression Analysis (with Discussion)’, Annals of Statistics, 14, pp. 1261–95

G. Wu and R. Gonzalez (1996) ‘Curvature of the Probability Weighting Function’, Management Science, 42, pp. 1676–88

Yacine Aït-Sahalia , Yubo Wang and Francis Yared (2001) ‘Do Options Markets Correctly Price the Probabilities of Movement of the Underlying Asset?’, Journal of Econometrics, 102, pp. 67–110

Colin Camerer (1998) ‘Can Asset Markets be Manipulated? A Field Experiment with Racetrack Betting’, Journal of Political Economy, 106(3), pp. 457–82

James J. Heckman (1979) ‘Sample Selection Bias as a Specification Error’, Econometrica, 47(1), pp. 153–61

David Pennock , Steve Lawrence , C. Lee Giles and Finn Arup Nielsen (2001) ‘The Real Power of Artificial Markets’, Science, 291, pp. 987–8

Justin Wolfers and Leigh Andrew (2002) ‘Three Tools for Forecasting Federal Elections: Lessons from 2001’, Australian Journal of Political Science, 37(2), pp. 223–40

Justin Wolfers and Eric Zitzewitz (2004) ‘Prediction Markets’, Journal of Economic Perspectives, 18(2), pp. 107–26

Metrics

Full text views

Total number of HTML views: 0
Total number of PDF views: 400 *
Loading metrics...

Book summary page views

Total views: 611 *
Loading metrics...

* Views captured on Cambridge Core between September 2016 - 19th October 2017. This data will be updated every 24 hours.