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Applied Economics Letters Volume 6, 1999 - Issue 12
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Original Articles

Place returns between the tote and bookmakers: empirical evidence of a market anomaly

D. Law
,
D. A. Peel
&
M. Cain
Pages 789-792 | Published online: 06 Oct 2010
 
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Abstract

This letter examines the relationship between returns to win and place betting between the tote and bookmakers when explicit allowance is made for the degree of insider trading employing the Shin measure. The results are not readily reconcilable with market efficiency.

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