MARKET-EFFICIENCY AND THE FAVORITE-LONGSHOT BIAS - THE BASEBALL BETTING MARKET

被引：101

作者：

WOODLAND, LM ^{[1
]}

WOODLAND, BM ^{[1
]}

机构：

[1] EASTERN MICHIGAN UNIV,DEPT ECON,YPSILANTI,MI 48197

来源：

JOURNAL OF FINANCE | 1994年 / 49卷 / 01期

关键词：

D O I：

10.2307/2329144

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper examines the efficiency of the legal gambling market for major league baseball. Weak-form tests of market efficiency within and across odds lines are performed. Surprisingly, the consistently observed favorite-longshot bias in racetrack betting is shown to exist in reverse for baseball bettors. However, these and other deviations from efficiency are shown to be insufficient to allow for profitable betting strategies when commissions are considered.

引用

页码：269 / 279

页数：11

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