Efficient Market Results in an Asian Setting

Kelly Busche
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Kelly Busche: School of Economics, University of Hong Kong, Hong Kong

Chapter 61 in Efficiency of Racetrack Betting Markets, 2008, pp 615-616 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractResearchers concerned with efficiency of racetrack betting seem agreed on the existence of market inefficiency or risk preference among gamblers. However, Busche and Hall (1988) found an anomaly: they analyzed 2,653 races run in Hong Kong from 1981 to 1986, and could not reject a hypothesis of equal average returns across groups of horses. I present evidence that the above result is not unique. I find virtually identical results when I examine a sample of 2,690 new Hong Kong races, pool all 5,343 Hong Kong races (Table 1), or examine 1,738 races run in Japan during 1990 (Table 2)…

Keywords: Racetrack Efficiency; Racetrack Betting Market; Racetrack Betting; Win Market; Finance (search for similar items in EconPapers)
Date: 2008
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