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Abinzano Guillén, María Isabel

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Abinzano Guillén

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María Isabel

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Gestión de Empresas

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0000-0002-4658-8677

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7240

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2016 - 201912020 - 20212
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Subject: Market efficiency ×

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Now showing 1 - 3 of 3
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    PublicationOpen Access
    The role of small bettors in price formation in betting exchanges
    (Routledge, 2020) Abinzano Guillén, María Isabel; Muga Caperos, Luis Fernando; Santamaría Aquilué, Rafael; Institute for Advanced Research in Business and Economics - INARBE
    The presence of small bettors in betting exchanges generates mispricing, which can lead to exploitation by informed traders or result in permanent price deviations. This paper shows that mispricing from this source is also dependent upon variables of established relevance such as tournament round, the level of attention to the event, the volume of the betting, and bet type, further confirming these findings by means of cumulative accuracy profile (CAP) curves. It also offers evidence of the relevant role played by the type of device used to place the bet, whereby higher mispricing is observed in live bets placed via a mobile device, which appears to be associated with impulsive betting. This last finding could have practical implications for the regulation of the use of mobile devices to access gambling platforms.
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    PublicationOpen Access
    Sports betting and the Black-Litterman model: a new portfolio-management perspective
    (FiT Publishing, 2021) Abinzano Guillén, María Isabel; Campión Arrastia, María Jesús; Muga Caperos, Luis Fernando; Raventós Pujol, Armajac; Institute for Advanced Research in Business and Economics - INARBE
    This paper transfers and adapts the Black-Litterman portfolio management model and its subsequent generalizations to the characteristics and specificities of assets quoted on sports betting markets. The results show that these assets are suitable for the application of portfolio management models with possible inclusion of investors' opinions. Information based on the variability of market prices and the attention received by NBA teams in Google Trends is successfully used to simulate the opinions expressed by a hypothetical portfolio manager. Furthermore, this makes these assets suitable for inclusion in portfolios in which managers are seeking returns uncorrelated with other assets.
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    PublicationOpen Access
    Game, set and match: the favorite long-shot bias in tennis betting exchanges
    (Taylor & Francis, 2016) Abinzano Guillén, María Isabel; Muga Caperos, Luis Fernando; Santamaría Aquilué, Rafael; Gestión de Empresas; Enpresen Kudeaketa
    We test for the existence of Favorite-Longshot Bias (FLB) in tennis betting exchanges. Despite these being order-driven markets, with no direct participation from bookmakers, we have found very similar results to those obtained by Lahvička (2014) for bookmakers’ betting markets: the bias is stronger in matches between lower ranked players, in later round matches and in high profile tournaments. This suggests that bookmakers’ adjustments to respond to informed betting are not the main driver of FLB. The varying magnitude of the bias across different types of event in the main market also weakens arguments linking FLB to gamblers’ risk preferences, and suggests the need to consider the microstructure features of the market together with the cognitive biases highlighted in the behavioral finance literature.