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Article: Betting volume and market efficiency in Hong Kong race track betting

TitleBetting volume and market efficiency in Hong Kong race track betting
Authors
Walls, WDBusche, K
KeywordsHorse racing
Betting
Issue Date1996
PublisherRoutledge. The Journal's web site is located at http://www.tandf.co.uk/journals/routledge/13504851.html
Citation
Applied Economics Letters, 1996, v. 3 n. 12, p. 783-787 How to Cite?
DOI: http://dx.doi.org/10.1080/135048596355592
AbstractThe Harville formula provides an analytical basis for the arbitrage pricing relationship between the odds on 'win' bets and the odds on 'quinella' bets in parimutuel betting markets. This study employs this relationship and high frequency time series data on the evolution of the betting odds from Hong Kong race tracks to test the hypothesis of betting market efficiency and to examine the role of the volume of belting. The non-stationary odds data are analysed using Johansen's maximum likelihood cointegration techniques to test the condition for market efficiency. The volume of betting is found to be a significant determinant of the degree of market efficiency across races but not within races.
Persistent Identifierhttp://hdl.handle.net/10722/222828
ISSN
1350-4851
2023 Impact Factor: 1.2
2023 SCImago Journal Rankings: 0.376

 

DC FieldValueLanguage
dc.contributor.authorWalls, WD-
dc.contributor.authorBusche, K-
dc.date.accessioned2016-02-03T06:14:04Z-
dc.date.available2016-02-03T06:14:04Z-
dc.date.issued1996-
dc.identifier.citationApplied Economics Letters, 1996, v. 3 n. 12, p. 783-787-
dc.identifier.issn1350-4851-
dc.identifier.urihttp://hdl.handle.net/10722/222828-
dc.description.abstractThe Harville formula provides an analytical basis for the arbitrage pricing relationship between the odds on 'win' bets and the odds on 'quinella' bets in parimutuel betting markets. This study employs this relationship and high frequency time series data on the evolution of the betting odds from Hong Kong race tracks to test the hypothesis of betting market efficiency and to examine the role of the volume of belting. The non-stationary odds data are analysed using Johansen's maximum likelihood cointegration techniques to test the condition for market efficiency. The volume of betting is found to be a significant determinant of the degree of market efficiency across races but not within races.-
dc.languageeng-
dc.publisherRoutledge. The Journal's web site is located at http://www.tandf.co.uk/journals/routledge/13504851.html-
dc.relation.ispartofApplied Economics Letters-
dc.rightsPreprint: This is an Author's Original Manuscript of an article published by Taylor & Francis Group in [JOURNAL TITLE] on [date of publication], available online: http://www.tandfonline.com/doi/abs/[Article DOI]. Postprint: This is an Accepted Manuscript of an article published by Taylor & Francis Group in [JOURNAL TITLE] on [date of publication], available online at: http://www.tandfonline.com/doi/abs/[Article DOI]. -
dc.subjectHorse racing-
dc.subjectBetting-
dc.titleBetting volume and market efficiency in Hong Kong race track betting-
dc.typeArticle-
dc.identifier.emailWalls, WD: wdwalls@hku.hk-
dc.identifier.emailBusche, K: kelly@econ3.econ.hku.hk-
dc.identifier.doi10.1080/135048596355592-
dc.identifier.scopuseid_2-s2.0-0002735295-
dc.identifier.hkuros27917-
dc.identifier.volume3-
dc.identifier.issue12-
dc.identifier.spage783-
dc.identifier.epage787-
dc.publisher.placeUnited Kingdom-
dc.identifier.issnl1350-4851-

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