SENTIMENT BIAS AND ASSET PRICES: EVIDENCE FROM SPORTS BETTING MARKETS AND SOCIAL MEDIA

被引:36
作者
Feddersen, Arne [1 ]
Humphreys, Brad R. [2 ]
Soebbing, Brian P. [3 ]
机构
[1] Univ Southern Denmark, Dept Environm & Business Econ, Esbjerg, Denmark
[2] West Virginia Univ, Coll Business & Econ, Morgantown, WV 26506 USA
[3] Temple Univ, Sch Tourism & Hospitality Management, Philadelphia, PA 19122 USA
关键词
INVESTOR SENTIMENT; INTERNET;
D O I
10.1111/ecin.12404
中图分类号
F [经济];
学科分类号
02 ;
摘要
Previous research using attendance-based proxies for sentiment bias in sports betting markets confirmed the presence of investor sentiment in these markets. We use data from social media (Facebook Likes) to proxy for sentiment bias and analyze variation in bookmakers' prices investor sentiment. Based on betting data from seven professional sports leagues in Europe and North America, we find evidence that bookmakers increase prices for bets on teams with relatively more Facebook Likes, indicating the presence of price-insensitive investors with sentiment bias. These price changes do not affect informational efficiency in this market. (JEL L81, G14)
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页码:1119 / 1129
页数:11
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