Discovering a profitable trading strategy in an apparently efficient market: exploiting the actions of less informed traders in speculative markets
This study explores the extent of mispricing in a market for state contingent claims that is commonly believed to be efficient, the UK horserace betting market. We develop conditional logit models for weekend and weekday markets and show that prices are inefficient at weekends when the presence of a...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
2012-09.
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| Subjects: | |
| Online Access: | Get fulltext |