Place returns between the tote and bookmakers: empirical evidence of a market anomaly

Authors
Law, D Peel, DA Cain, M
Citation
D. Law et al., Place returns between the tote and bookmakers: empirical evidence of a market anomaly, APPL ECON L, 6(12), 1999, pp. 789-792
Citations number
9
Categorie Soggetti
Economics
Journal title
APPLIED ECONOMICS LETTERS
ISSN journal
13504851 → ACNP
Volume
6
Issue
12
Year of publication
1999
Pages
789 - 792
Database
ISI
SICI code
1350-4851(199912)6:12<789:PRBTTA>2.0.ZU;2-M
Abstract
This letter examines the relationship between returns to win and place bett ing between the tote and bookmakers when explicit allowance is made for the degree of insider trading employing the Shin measure. The results are not readily reconcilable with market efficiency.