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    Hidden power of trading activity: the FLB in tennis betting exchanges

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    Fecha
    2017
    Autor
    Abinzano Guillén, María Isabel Upna
    Muga Caperos, Luis Fernando Upna
    Santamaría Aquilué, Rafael Upna
    Versión
    Acceso abierto / Sarbide irekia
    xmlui.dri2xhtml.METS-1.0.item-type
    Artículo / Artikulua
    Versión
    Versión aceptada / Onetsi den bertsioa
    Identificador del proyecto
     
    Impacto
     
     
     
    10.1177/1527002517731875
     
     
     
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    Resumen
    This paper examines the impact of trading activity on the Favourite-Longshot Bias (FLB) in tennis Betting Exchanges, using direct measures such as betting volume, average bet and standard deviation of the odds. According to predictions based on Disagreement Models, odds mispricing is positively associated with trading volume but negatively associated with the presence of institutional bettors. Th ... [++]
    This paper examines the impact of trading activity on the Favourite-Longshot Bias (FLB) in tennis Betting Exchanges, using direct measures such as betting volume, average bet and standard deviation of the odds. According to predictions based on Disagreement Models, odds mispricing is positively associated with trading volume but negatively associated with the presence of institutional bettors. The FLB is also positively related to the degree of uncertainty in the market. The existence of two simultaneous markets (a “main” and an “alternative” market) in this specific sports-betting environment has enabled us to observe that the relative amount of attention given to the favourite versus that given to the long shot is positively associated with the FLB. Finally, information is more rapidly incorporated into the odds in the market that receives more attention from bettors, an effect that is intensified by the arbitrage and hedging that occurs between the two markets. [--]
    Materias
    Betting exchanges, Trading activity, Favourite-longshot bias, Behavioral finance
     
    Editor
    SAGE Publications
    Publicado en
    Journal of Sports Economics. First published date: September-22-2017.
    Departamento
    INARBE - Institute for Advanced Research in Business and Economics
    Versión del editor
    https://doi.org/10.1177/1527002517731875
    URI
    https://hdl.handle.net/2454/25857
    Entidades Financiadoras
    Financial support from the Spanish Ministry of Economy and Competitiveness, Project ECO2016-77631-R and Fundación Caja Navarra FUNCAN-07445 are gratefully acknowledged.
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