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    The role of small bettors in price formation in betting exchanges

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    2021-07-24
    Date
    2020
    Author
    Abinzano Guillén, María Isabel Upna
    Muga Caperos, Luis Fernando Upna
    Santamaría Aquilué, Rafael Upna
    Version
    Acceso embargado / Sarbidea bahitua dago
    Type
    Artículo / Artikulua
    Version
    Versión aceptada / Onetsi den bertsioa
    Project Identifier
    ES/1PE/ECO2016-77631-R 
    Impact
     
     
     
    10.1080/00036846.2020.1717427
     
     
     
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    Abstract
    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 the ... [++]
    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. [--]
    Subject
    Betting exchanges, Market efficiency, Noise bettors, Behavioural finance
     
    Publisher
    Routledge
    Published in
    Applied Economics, 2020
    Departament
    Universidad Pública de Navarra / Nafarroako Unibertsitate Publikoa. Inarbe - Institute for Advanced Research in Business and Economics
    Publisher version
    https://doi.org/10.1080/00036846.2020.1717427
    URI
    https://hdl.handle.net/2454/36997
    Sponsorship
    This work was supported by the Fundación Caja Navarra [FUNCAN-07445]; Ministerio de Economía y Competitividad [ECO2016-77631-R].
    Appears in Collections
    • Artículos de revista INARBE - INARBE aldizkari artikuluak [60]
    • Artículos de revista - Aldizkari artikuluak [3026]
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