The Stock Market Capitalization (SMC) of a country, defined as the aggregated market value equity of companies in the respective equity market, is commonly used to measure the widening and deepening of stock market activity. SMC also influences economic growth predictions and public consensus...

We develop a model to explain the differential incidence of the favourite-longshot bias in parallel sectors of the pari-mutuel horserace betting market. Hypotheses are derived from the model and these are tested, using UK data, to explore the origins of the bias. Significant variations in the...

This paper concludes that a market for state-contingent claims (UK horserace betting) displays evidence of pervasive but heterogeneous forms of inefficiency, in significant contrast to earlier investigations. Using hitherto unavailable data, comparison of notional returns implicit in parallel...

This article offers a new perspective on efficiency in betting markets by examining the degree to which finishing order in horse races corresponds to probabilities inherent in odds across different categories of horse race. The application of an exploded logit procedure reveals a significantly...

In this paper, we examine the role played by the holders of privileged information (insiders) in stimulating trading volume which adds explanatory power to a price-based model of returns in a market where the actions of insiders can be isolated - a pari-mutuel betting market. We conduct...

Against a background of extraordinary growth in the popularity of betting and gaming across many countries of the world, there has never been a greater need for a study into gambling's most important factor - its economics.This collection of original contributions drawn from such leading experts...

This short paper offers a critical appraisal of a recent contribution to the debate on efficiency in the particular context of horserace betting markets. A number of specific criticisms are detailed. These include the failure of the authors to capture inefficiency signals which relate to...