Game, set and match: the favorite long-shot bias in tennis betting exchanges

Abinzano Guillén, María Isabel; Muga Caperos, Luis Fernando; Santamaría Aquilué, Rafael

Publication:
Game, set and match: the favorite long-shot bias in tennis betting exchanges

dc.contributor.author	Abinzano Guillén, María Isabel
dc.contributor.author	Muga Caperos, Luis Fernando
dc.contributor.author	Santamaría Aquilué, Rafael
dc.contributor.department	Gestión de Empresas	es_ES
dc.contributor.department	Enpresen Kudeaketa	eu
dc.date.accessioned	2015-11-02T11:13:30Z
dc.date.available	2017-11-02T00:00:10Z
dc.date.issued	2016
dc.description	This is an accepted manuscript of an article published by Taylor & Francis in Applied Economics Letters on May 2016, available online: http://dx.doi.org/10.1080/13504851.2015.1093074	en
dc.description.abstract	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.	en
dc.description.sponsorship	This article has received financial support from the Spanish Ministry of Economy and Competitiveness [ECO2012- 35946-C02-01]. Isabel Abinzano particularly acknowledges the financial support of the Andalusian Regional Government [P12-SEJ-1713].	en
dc.embargo.lift	2017-11-02
dc.embargo.terms	2017-11-02
dc.format.mimetype	application/pdf	en
dc.identifier.doi	10.1080/13504851.2015.1093074
dc.identifier.issn	1350-4851 (Print)
dc.identifier.issn	1466-4291 (Electronic)
dc.identifier.uri	https://academica-e.unavarra.es/handle/2454/18748
dc.language.iso	eng	en
dc.publisher	Taylor & Francis	en
dc.relation.ispartof	Applied Economics Letters, 2016, vol. 23, no. 8, 605–608	en
dc.relation.projectID	info:eu-repo/grantAgreement/MINECO//ECO2012-35946-C02-01/ES/	en
dc.relation.publisherversion	https://dx.doi.org/10.1080/13504851.2015.1093074
dc.rights	© 2015 Taylor & Francis	en
dc.rights.accessRights	info:eu-repo/semantics/openAccess
dc.subject	Favorite longshot bias	en
dc.subject	Sports betting exchanges	en
dc.subject	Microstructure	en
dc.subject	Market efficiency	en
dc.title	Game, set and match: the favorite long-shot bias in tennis betting exchanges	en
dc.type	info:eu-repo/semantics/article
dc.type.version	Versión aceptada / Onetsi den bertsioa	es
dc.type.version	info:eu-repo/semantics/acceptedVersion	en
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