Information Efficiency In Financial And Betting Markets

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Information Efficiency in Financial and Betting Markets

Author : Leighton Vaughan Williams
Publisher : Cambridge University Press
ISBN 13 : 1139445405
Total Pages : 412 pages
Book Rating : 4.1/5 (394 download)

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Book Synopsis Information Efficiency in Financial and Betting Markets by : Leighton Vaughan Williams

Download or read book Information Efficiency in Financial and Betting Markets written by Leighton Vaughan Williams and published by Cambridge University Press. This book was released on 2005-09-29 with total page 412 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Information Efficiency in Financial and Betting Markets

Author : Leighton Vaughan Williams
Publisher :
ISBN 13 : 9780511127632
Total Pages : 392 pages
Book Rating : 4.1/5 (276 download)

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Book Synopsis Information Efficiency in Financial and Betting Markets by : Leighton Vaughan Williams

Download or read book Information Efficiency in Financial and Betting Markets written by Leighton Vaughan Williams and published by . This book was released on 2005 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Efficiency of Racetrack Betting Markets

Author : Donald B. Hausch
Publisher : World Scientific
ISBN 13 : 9812819193
Total Pages : 679 pages
Book Rating : 4.8/5 (128 download)

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Book Synopsis Efficiency of Racetrack Betting Markets by : Donald B. Hausch

Download or read book Efficiency of Racetrack Betting Markets written by Donald B. Hausch and published by World Scientific. This book was released on 2008 with total page 679 pages. Available in PDF, EPUB and Kindle. Book excerpt: A reprint of one of the classic volumes on racetrack efficiency, this book is the only one in its field that deals with the racetrack betting market in-depth, containing all the important historical papers on racetrack efficiency. As evidenced by the collection of articles, the understanding of racetrack betting is clearly drawn from, and has correspondingly returned something to, all the fields of psychology, economics, finance, statistics, mathematics and management science.

Handbook of Sports and Lottery Markets

Author : Donald B. Hausch
Publisher : Elsevier
ISBN 13 : 9780080559957
Total Pages : 560 pages
Book Rating : 4.5/5 (599 download)

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Book Synopsis Handbook of Sports and Lottery Markets by : Donald B. Hausch

Download or read book Handbook of Sports and Lottery Markets written by Donald B. Hausch and published by Elsevier. This book was released on 2011-08-11 with total page 560 pages. Available in PDF, EPUB and Kindle. Book excerpt: Its basic empirical research and investigation of pure theories of investment in the sports and lottery markets make this volume a winner. These markets are simpler to study than traditional financial markets, and their expected values and outcomes are uncomplicated. By means of new overviews of scholarship on the industry side of racetrack and other betting markets to betting exchanges and market efficiencies, contributors consider a variety of sports in countries around the world. The result is not only superior information about market forecasting, but macro- and micro-analyses that are relevant to other markets. * Easily studied sports markets reveal features relevant for more complex traditional financial markets * Significant coverage of sports from racing to jai alai * New studies of betting exchanges and Internet wagering markets

Alphanomics

Author : Charles Lee
Publisher : Now Publishers
ISBN 13 : 9781601988928
Total Pages : 212 pages
Book Rating : 4.9/5 (889 download)

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Book Synopsis Alphanomics by : Charles Lee

Download or read book Alphanomics written by Charles Lee and published by Now Publishers. This book was released on 2015-12-16 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: Alphanomics: The Informational Underpinnings of Market Efficiency is intended to be a compact introduction to academic research on market efficiency, behavioral finance, and fundamental analysis and is dedicated to the kind of decision-driven and prospectively-focused research that is much needed in a market constantly seeking to become more efficient. The authors refer to this type of research as Alphanomics, the informational economics behind market efficiency. Alpha refers to the abnormal returns, which provide the incentive for some subpopulation of investors to engage in information acquisition and costly arbitrage activities. Nomics refers to the economics of alpha extraction, which encompasses the costs and incentives of informational arbitrage as a sustainable business proposition. Some of the questions that are addressed include: why do we believe markets are efficient?; what problems have this belief engendered?; what factors can impede and/or facilitate market efficiency?; what roles do investor sentiment and costly arbitrage play in determining an equilibrium level of informational efficiency?; what is the essence of value investing?; how is it related to fundamental analysis (the study of historical financial data)?; and how might we distinguish between risk and mispricing based explanations for predictability patterns in returns? The first two sections review the evolution of academic thinking on market efficiency and introduce the noise trader model as a rational alternative. Section 3 surveys the literature on investor sentiment and its role as a source of both risks and returns. Section 4 discusses the role of fundamental analysis in value investing. Section 5 reviews the literature on limits to arbitrage, and section 6 discusses research methodology issues associated with the need to distinguish mispricing from risk.

The Economics of Sports Betting

Author : Plácido Rodríguez
Publisher : Edward Elgar Publishing
ISBN 13 : 1785364553
Total Pages : pages
Book Rating : 4.7/5 (853 download)

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Book Synopsis The Economics of Sports Betting by : Plácido Rodríguez

Download or read book The Economics of Sports Betting written by Plácido Rodríguez and published by Edward Elgar Publishing. This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This unique book delves into a number of intriguing issues and addresses several pertinent questions including, should gambling markets be privatized? Is the ‘hot hand’ hypothesis real or a myth? Are the ‘many’ smarter than the ‘few’ in estimating betting odds? How are prices set in fixed odds betting markets? The book also explores the informational efficiency of betting markets and the prevalence of corruption and illegal betting in sports.

Financial Trading and Investing

Author : John L. Teall
Publisher : Academic Press
ISBN 13 : 0128111178
Total Pages : 522 pages
Book Rating : 4.1/5 (281 download)

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Book Synopsis Financial Trading and Investing by : John L. Teall

Download or read book Financial Trading and Investing written by John L. Teall and published by Academic Press. This book was released on 2018-03-21 with total page 522 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial Trading and Investing, Second Edition, delivers the most current information on trading and market microstructure for undergraduate and master’s students. Without demanding a background in econometrics, it explores alternative markets and highlights recent regulatory developments, implementations, institutions and debates. New explanations of controversial trading tactics (and blunders), such as high-frequency trading, dark liquidity pools, fat fingers, insider trading, and flash orders emphasize links between the history of financial regulation and events in financial markets. New sections on valuation and hedging techniques, particularly with respect to fixed income and derivatives markets, accompany updated regulatory information. In addition, new case studies and additional exercises are included on a website that has been revised, expanded and updated. Combining theory and application, the book provides the only up-to-date, practical beginner's introduction to today's investment tools and markets. Concentrates on trading, trading institutions, markets and the institutions that facilitate and regulate trading activities Introduces foundational topics relating to trading and securities markets, including auctions, market microstructure, the roles of information and inventories, behavioral finance, market efficiency, risk, arbitrage, trading technology, trading regulation and ECNs Covers market and technology advances and innovations, such as execution algo trading, Designated Market Makers (DMMs), Supplemental Liquidity Providers (SLPs), and the Super Display Book system (SDBK)

Prediction Markets

Author : Leighton Vaughan Williams
Publisher : Routledge
ISBN 13 : 113671569X
Total Pages : 289 pages
Book Rating : 4.1/5 (367 download)

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Book Synopsis Prediction Markets by : Leighton Vaughan Williams

Download or read book Prediction Markets written by Leighton Vaughan Williams and published by Routledge. This book was released on 2011-06-16 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: How does one effectively aggregate disparate pieces of information that are spread among many different individuals? In other words, how does one best access the ‘wisdom of the crowd’? Prediction markets, which are essentially speculative markets created for the purpose of aggregating information and making predictions, offer the answer to this question. The effective use of these markets has the potential not only to help forecast future events on a national and international level, but also to assist companies, for example, in providing improved estimates of the potential market size for a new product idea or the launch date of new products and services. The markets have already been used to forecast uncertain outcomes ranging from influenza to the spread of infectious diseases, to the demand for hospital services, to the box office success of movies, climate change, vote shares and election outcomes, to the probability of meeting project deadlines. The insights gained also have many potentially valuable applications for public policy more generally. These markets offer substantial promise as a tool of information aggregation as well as forecasting, whether alone or as a supplement to other mechanisms like opinion surveys, group deliberations, panels of experts and focus groups. Moreover, they can be applied at a macroeconomic and microeconomic level to yield information that is valuable for government and commercial policy-makers and which can be used for a number of social purposes. This volume of original readings, contributed by many of the leading experts in the field, marks a significant addition to the base of knowledge about this fascinating subject area. The book should be of interest to anyone looking at monetary economics, economic forecasting and microeconomics.

Efficiency of Racetrack Betting Markets

Author :
Publisher :
ISBN 13 : 9814470643
Total Pages : pages
Book Rating : 4.8/5 (144 download)

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Book Synopsis Efficiency of Racetrack Betting Markets by :

Download or read book Efficiency of Racetrack Betting Markets written by and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Forecasting Expected Returns in the Financial Markets

Author : Stephen Satchell
Publisher : Elsevier
ISBN 13 : 0080550673
Total Pages : 299 pages
Book Rating : 4.0/5 (85 download)

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Book Synopsis Forecasting Expected Returns in the Financial Markets by : Stephen Satchell

Download or read book Forecasting Expected Returns in the Financial Markets written by Stephen Satchell and published by Elsevier. This book was released on 2011-04-08 with total page 299 pages. Available in PDF, EPUB and Kindle. Book excerpt: Forecasting returns is as important as forecasting volatility in multiple areas of finance. This topic, essential to practitioners, is also studied by academics. In this new book, Dr Stephen Satchell brings together a collection of leading thinkers and practitioners from around the world who address this complex problem using the latest quantitative techniques. *Forecasting expected returns is an essential aspect of finance and highly technical *The first collection of papers to present new and developing techniques *International authors present both academic and practitioner perspectives

The Oxford Handbook of the Economics of Gambling

Author : Leighton Vaughan Williams
Publisher : Oxford University Press
ISBN 13 : 0199797919
Total Pages : 740 pages
Book Rating : 4.1/5 (997 download)

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Book Synopsis The Oxford Handbook of the Economics of Gambling by : Leighton Vaughan Williams

Download or read book The Oxford Handbook of the Economics of Gambling written by Leighton Vaughan Williams and published by Oxford University Press. This book was released on 2013 with total page 740 pages. Available in PDF, EPUB and Kindle. Book excerpt: This handbook is a definitive source of path-breaking research on the economics of gambling. It is divided into sections on casinos, sports betting, horserace betting, betting strategy motivation, behaviour and decision-making in betting markets prediction markets and political betting, and lotteries and gambling machines.

Scorecasting

Author : Tobias Moskowitz
Publisher : Crown
ISBN 13 : 0307591808
Total Pages : 290 pages
Book Rating : 4.3/5 (75 download)

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Book Synopsis Scorecasting by : Tobias Moskowitz

Download or read book Scorecasting written by Tobias Moskowitz and published by Crown. This book was released on 2012-01-17 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Scorecasting, University of Chicago behavioral economist Tobias Moskowitz teams up with veteran Sports Illustrated writer L. Jon Wertheim to overturn some of the most cherished truisms of sports, and reveal the hidden forces that shape how basketball, baseball, football, and hockey games are played, won and lost. Drawing from Moskowitz's original research, as well as studies from fellow economists such as bestselling author Richard Thaler, the authors look at: the influence home-field advantage has on the outcomes of games in all sports and why it exists; the surprising truth about the universally accepted axiom that defense wins championships; the subtle biases that umpires exhibit in calling balls and strikes in key situations; the unintended consequences of referees' tendencies in every sport to "swallow the whistle," and more. Among the insights that Scorecasting reveals: • Why Tiger Woods is prone to the same mistake in high-pressure putting situations that you and I are • Why professional teams routinely overvalue draft picks • The myth of momentum or the "hot hand" in sports, and why so many fans, coaches, and broadcasters fervently subscribe to it • Why NFL coaches rarely go for a first down on fourth-down situations--even when their reluctance to do so reduces their chances of winning. In an engaging narrative that takes us from the putting greens of Augusta to the grid iron of a small parochial high school in Arkansas, Scorecasting will forever change how you view the game, whatever your favorite sport might be.

Economics of Betting Markets

Author : David Peel
Publisher : Routledge
ISBN 13 : 131798823X
Total Pages : 130 pages
Book Rating : 4.3/5 (179 download)

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Book Synopsis Economics of Betting Markets by : David Peel

Download or read book Economics of Betting Markets written by David Peel and published by Routledge. This book was released on 2013-09-13 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the last few decades, commercial gambling has increased substantially throughout the Western world. More people than ever before have access to sources of legalised gambling, leading to bumper revenues for the institutions involved. Naturally enough, this has led to an increased interest in the area of the economics of betting. This book addresses the issues raised by the continued growth of the gambling sector. How can we model the behaviour of people who seemingly act irrationally? What are the implications of different tax policies with regard to gambling? Are casinos capable of taking money away from state-run lotteries and the causes they fund? Can bookmakers’ odds be influenced in such a way as to make the gambling market inefficient? The authors in this volume provide insights based on data from many different countries, including England, the USA, Australia, Spain and Cyprus. This volume brings together work which addresses the economic impact of the huge growth of commercial gambling in the Western world, as well as trying to model the cognitive processes which can explain why individuals are prepared to behave in such apparently irrational ways. This book was published as a special issue of Applied Economics. The academic editor of this journal is Mark P. Taylor.

Efficiently Inefficient

Author : Lasse Heje Pedersen
Publisher : Princeton University Press
ISBN 13 : 0691196095
Total Pages : 368 pages
Book Rating : 4.6/5 (911 download)

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Book Synopsis Efficiently Inefficient by : Lasse Heje Pedersen

Download or read book Efficiently Inefficient written by Lasse Heje Pedersen and published by Princeton University Press. This book was released on 2019-09-17 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: Efficiently Inefficient describes the key trading strategies used by hedge funds and demystifies the secret world of active investing. Leading financial economist Lasse Heje Pedersen combines the latest research with real-world examples and interviews with top hedge fund managers to show how certain trading strategies make money--and why they sometimes don't. Pedersen views markets as neither perfectly efficient nor completely inefficient. Rather, they are inefficient enough that money managers can be compensated for their costs through the profits of their trading strategies and efficient enough that the profits after costs do not encourage additional active investing. Understanding how to trade in this efficiently inefficient market provides a new, engaging way to learn finance. Pedersen analyzes how the market price of stocks and bonds can differ from the model price, leading to new perspectives on the relationship between trading results and finance theory. He explores several different areas in depth--fundamental tools for investment management, equity strategies, macro strategies, and arbitrage strategies--and he looks at such diverse topics as portfolio choice, risk management, equity valuation, and yield curve logic. The book's strategies are illuminated further by interviews with leading hedge fund managers: Lee Ainslie, Cliff Asness, Jim Chanos, Ken Griffin, David Harding, John Paulson, Myron Scholes, and George Soros.

A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing (Ninth Edition)

Author : Burton G. Malkiel
Publisher : W. W. Norton & Company
ISBN 13 : 0393330338
Total Pages : 454 pages
Book Rating : 4.3/5 (933 download)

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Book Synopsis A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing (Ninth Edition) by : Burton G. Malkiel

Download or read book A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing (Ninth Edition) written by Burton G. Malkiel and published by W. W. Norton & Company. This book was released on 2007-12-17 with total page 454 pages. Available in PDF, EPUB and Kindle. Book excerpt: Updated with a new chapter that draws on behavioral finance, the field that studies the psychology of investment decisions, the bestselling guide to investing evaluates the full range of financial opportunities.

Financial Management from an Emerging Market Perspective

Author : Soner Gokten
Publisher : BoD – Books on Demand
ISBN 13 : 9535137360
Total Pages : 334 pages
Book Rating : 4.5/5 (351 download)

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Book Synopsis Financial Management from an Emerging Market Perspective by : Soner Gokten

Download or read book Financial Management from an Emerging Market Perspective written by Soner Gokten and published by BoD – Books on Demand. This book was released on 2018-01-17 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt: One of the main reasons to name this book as Financial Management from an Emerging Market Perspective is to show the main differences of financial theory and practice in emerging markets other than the developed ones. Our many years of learning, teaching, and consulting experience have taught us that the theory of finance differs in developed and emerging markets. It is a well-known fact that emerging markets do not always share the same financial management problems with the developed ones. This book intends to show these differences, which could be traced to several characteristics unique to emerging markets, and these unique characteristics could generate a different view of finance theory in a different manner. As a consequence, different financial decisions, arrangements, institutions, and practices may evolve in emerging markets over time. The purpose of this book is to provide practitioners and academicians with a working knowledge of the different financial management applications and their use in an emerging market setting. Six main topics regarding the financial management applications in emerging markets are covered, and the context of these topics are "Capital Structure," "Market Efficiency and Market Models," "Merger and Acquisitions and Corporate Governance," "Working Capital Management," "Financial Economics and Digital Currency," and "Real Estate and Health Finance."

Probability, Choice, and Reason

Author : Leighton Vaughan Williams
Publisher : CRC Press
ISBN 13 : 1000458946
Total Pages : 180 pages
Book Rating : 4.0/5 (4 download)

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Book Synopsis Probability, Choice, and Reason by : Leighton Vaughan Williams

Download or read book Probability, Choice, and Reason written by Leighton Vaughan Williams and published by CRC Press. This book was released on 2021-09-16 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: Much of our thinking is flawed because it is based on faulty intuition. By using the framework and tools of probability and statistics, we can overcome this to provide solutions to many real-world problems and paradoxes. We show how to do this, and find answers that are frequently very contrary to what we might expect. Along the way, we venture into diverse realms and thought experiments which challenge the way that we see the world. Features: An insightful and engaging discussion of some of the key ideas of probabilistic and statistical thinking Many classic and novel problems, paradoxes, and puzzles An exploration of some of the big questions involving the use of choice and reason in an uncertain world The application of probability, statistics, and Bayesian methods to a wide range of subjects, including economics, finance, law, and medicine Exercises, references, and links for those wishing to cross-reference or to probe further Solutions to exercises at the end of the book This book should serve as an invaluable and fascinating resource for university, college, and high school students who wish to extend their reading, as well as for teachers and lecturers who want to liven up their courses while retaining academic rigour. It will also appeal to anyone who wishes to develop skills with numbers or has an interest in the many statistical and other paradoxes that permeate our lives. Indeed, anyone studying the sciences, social sciences, or humanities on a formal or informal basis will enjoy and benefit from this book.