The Role of Speculative Trade in Market Efficiency: Evidence from a Betting Exchange

CFA Digest
November 2017 | Vol. 47 | No. 11
Source: CFA Institute
Alasdair Brown Fuyu Yang
Stuart Fujiyama, CFA (Reviewer)

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Summary

Examining horserace betting in the United Kingdom, the authors find evidence that speculative trading reduces mispricing and promotes market efficiency.

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