Just How Serious is Insider Trading? An Evaluation using Thoroughbred Wagering Markets

Les Coleman ()

Journal of Gambling Business and Economics, 2007, vol. 1, issue 1, 31-55

Abstract: This paper quantifies the extent and changes in insider trading in the Melbourne racetrack betting market using a unique, long term dataset. Wagering markets share many of the characteristics of other financial markets, and are simple, with good data and a designated endpoint. Thus they are an excellent natural laboratory to study what is probably happening in qualitatively similar conventional markets. Results of this paper provide statistically significant support for hypotheses supporting the existence and increase in level of insider trading, and suggest that around two percent of betting is by insiders.

Keywords: INSIDER TRADING; STRONG MARKET EFFICIENCY; WAGERING MARKETS (search for similar items in EconPapers)
JEL-codes: L83 (search for similar items in EconPapers)
Date: 2007
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (6)

Downloads: (external link)
http://www.ubplj.org/index.php/jgbe/article/view/508 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:buc:jgbeco:v:1:y:2007:i:1:p:31-55

Ordering information: This journal article can be ordered from
http://www.jgbe.com/index_files/Page492.htm

Access Statistics for this article

Journal of Gambling Business and Economics is currently edited by Leighton Vaughan Williams, Nottingham Business School

More articles in Journal of Gambling Business and Economics from University of Buckingham Press
Bibliographic data for series maintained by Dominic Cortis, University of Malta ().