Information and accuracy in pricing: Evidence from the NCAA men's basketball betting market

被引：7
|
作者：
Berkowitz, Jason P. [1 ]
Depken, Craig A., II [2 ]
Gandar, John M. [3 ]
机构：
[1] St Johns Univ, Dept Econ & Finance, Tobin Coll Business, Queens, NY 11439 USA
[2] Univ N Carolina, Dept Econ, Belk Coll Business, Charlotte, NC 28223 USA
[3] Univ N Carolina, Dept Finance, Belk Coll Business, Charlotte, NC 28223 USA
来源：
JOURNAL OF FINANCIAL MARKETS | 2015年 / 25卷
关键词：
Efficient market hypothesis; Market efficiency; Security price; Betting market; GAMBLING MARKETS; STOCK-PRICES; TESTING EFFICIENCY; EMPIRICAL-ANALYSIS; FINANCIAL-MARKETS; CORPORATE-CONTROL; INFORMED TRADERS; OPTION VOLUME; EQUILIBRIUM; SECURITY;
D O I：
10.1016/j.finmar.2015.06.003
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
In this paper, we test whether accuracy in the wagering markets for NCAA Division I men's basketball improves when there are more betting lines available for a given game. The empirical evidence indicates that when the money line is offered, it has no impact on the accuracy of the sides line as it is a redundant security, but the offering of the totals line impacts the accuracy of the sides line. We interpret this as evidence that the totals line provides additional information to uninformed bettors that improves the accuracy of the sides line in its role as a price. (C) 2015 Elsevier B.V. All rights reserved.
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页码：16 / 32
页数：17
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