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This paper discusses the state of the art in research in racetrack and lottery investment markets. Market efficiency … and fundamental and mispricing information in racetrack and lottery markets as well as other sports betting markets. I co …
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Taking a firm's competitive position into account benefits investors who are better at evaluating this qualitative information. I find that fund managers who overweight companies with market power outperform their peers. Placebo exercises and an exogenous shock to product market competition...
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Werlang, 1992). For holding lottery-like stock, the effect of attention (Sims, 2003) is stronger than that of the discount … rate, which is stronger than that of probability overweighting (Barberis and Huang, 2008). For share of lottery-like stock …
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