Betting volume and market efficiency in Hong Kong race track betting

References

• Akaike , H. 1973 . “ Information theory and the extension of the maximum likelihood principle ” . In 2nd International Symposium on Information Theory , Edited by: Petrov , B. and Csaki , F. 267 – 281 . Budapest : Akademiai Kiado .
   Google Scholar
• Ali , M. 1977 . Probability and utility estimates for racetrack betters . Journal of Political Economy , 85 : 803 – 815 .
   Web of Science ®Google Scholar
• Ali , M. 1979 . Some evidence on the efficiency of a speculative market . Econometrica , 47 ( 2 ) : 387 – 392 .
   Web of Science ®Google Scholar
• Ardeni , P. G. 1989 . Does the law of one price really hold for commodity prices? . American Journal of Agricultural Economics , 71 : 661 – 669 .
   Web of Science ®Google Scholar
• Asch , P. and Quandt , R. 1987 . Efficiency and profitability in exotic bets . Economica , 54 : 289 – 298 .
   Web of Science ®Google Scholar
• Asch , P. , Malkiel , B. and Quandt , R. 1982 . Racetrack betting and informed behavior . Journal of Financial Economics , 10 : 187 – 194 .
   Web of Science ®Google Scholar
• Asch , P. , Malkiel , B. and Quandt , R. 1984 . Market efficiency in racetrack betting . Journal of Business , 57
   Google Scholar
• Bossaerts , P. 1988 . Common nonstationary components of asset prices . Journal of Economic Dynamics and Control , 12 : 147 – 364 .
   Google Scholar
• Busche , K. 1994 . “ Efficient market results in an Asian setting ” . In Efficiency in Racetrack Betting Markets , Edited by: Hausch , D. , Lo , V. and Ziemba , W. T. New York : Academic Press .
   Google Scholar
• Busche , K. and Hall , C. D. 1988 . An exception to the risk preference anomaly . Journal of Business , 61 : 337 – 346 .
   Web of Science ®Google Scholar
• Chowdhury , A. R. 1991 . Futures market efficiency: evidence from cointegration tests . Journal of Futures Markets , 11 : 577 – 589 .
   Web of Science ®Google Scholar
• Dickey , D. A. and Fuller , W. A. 1979 . Distribution of the estimators of autoregressive time series with a unit root . Journal of the American Statistical Association , 74 : 427 – 431 .
   Web of Science ®Google Scholar
• Dolbear , F. T. 1993 . Is racetrack betting on exactas efficient? . Economica , 60 : 105 – 111 .
   Google Scholar
• Engle , R. E. and Granger , C. 1987 . Co–integration and error correction: Representation, estimation, and testing . Econometrica , 55 : 251 – 276 .
   Web of Science ®Google Scholar
• Gonzalo , J. 1991 . Five alternative methods of estimating long–run equilibrium relationships . Journal of Econometrics , 60 ( 1/2 ) : 203 – 233 .
   Google Scholar
• Goodwin , R. K. and Schroeder , T. C. 1991 . Cointegralion tests and spatial linkages in regional cattle markets . American Journal of Agricultural Economics , 73 : 452 – 464 .
   Web of Science ®Google Scholar
• Granger , C. 1986 . Developments in the study of cointegrated random variables . Oxford Bulletin of Economics and Statistics , 68 : 213 – 228 .
   Google Scholar
• Harville , D. A. 1973 . Assigning probabilities to the outcomes of multi–entry competitions . Journal of the American Statistical Association , 68 : 312 – 316 .
   Web of Science ®Google Scholar
• Hausch , D. , Lo , V. and Ziemba , W. T. , eds. 1994 . Efficiency in Racetrack Betting Markets , New York : Academic Press .
   Google Scholar
• Hausch , D. and Ziemba , W. 1990 . Arbitrage strategics for crosstrack betting on major horse races . Journal of Business , 63 ( 1 ) : 61 – 78 .
   Web of Science ®Google Scholar
• Hausch , D. , Ziemba , W. and Rubinstein , M. 1981 . Efficiency in the market for racetrack betting . Management Science , 27 : 1435 – 1452 .
   Web of Science ®Google Scholar
• Johansen , S. 1988 . Statistical analysis of cointegrating vectors . Journal of Economic Dynamics and Control , 12 : 231 – 254 .
   Web of Science ®Google Scholar
• Johansen , S. 1991 . Estimation and hypothesis testing of cointegration vectors in Gaussian vector autoregressive models . Econometrica , 59 : 1551 – 1580 .
   Web of Science ®Google Scholar
• LeRoy , S. F. 1989 . Efficient capital markets and martingales . Journal of Economic Literature , 27 ( 4 ) : 1583 – 1621 .
   Web of Science ®Google Scholar
• Ljung , G. and Box , G. 1978 . On a measure of lack of fit in time series models . Biometrika , 67 : 297 – 303 .
   Web of Science ®Google Scholar
• Losey , R. and Talbot , J. C. Jr . 1980 . Back at the track with the efficient markets hypothesis . Journal of Finance , 35 : 1039 – 1043 .
   Web of Science ®Google Scholar
• MacKinnon , J. 1990 . Critical values for cointegration tests , San Diego : University of California . Working paper
   Google Scholar
• Osterwald-Lenum , M. 1992 . A note with quantiles of the asymptotic distribution of the maximum likelihood cointegration rank test statistics . Oxford Bulletin of Economics and Statistics , 54 ( 3 ) : 461 – 471 .
   Web of Science ®Google Scholar
• Schwarz , C. 1978 . Estimating the dimension of a model . Annals of Statistics , 6 : 461 – 464 .
   Web of Science ®Google Scholar
• Snyder , W. W. 1978 . Testing the efficient markets model . Journal of Finance , 33 : 1109 – 1118 .
   Web of Science ®Google Scholar
• Stigler , G. J. and Sherwin , R. A. 1985 . The extent of the market . Journal of Law and Economics , 28 : 555 – 585 .
   Web of Science ®Google Scholar
• Stock , J. 1987 . Asymptotic properties of least squares estimators of cointegrating vectors . Econometrica , 55 : 1035 – 1056 .
   Web of Science ®Google Scholar
• Stock , J. and Watson , M. W. 1988 . Testing for common trends . Journal of the American Statistical Association , 83 : 1097 – 1107 .
   Web of Science ®Google Scholar
• Thaler , R. and Zierrrba , W. T. 1988 . Parimutuel betting markets: racetracks and lotteries . Journal of Economic Perspectives , 2 : 161 – 174 .
   Web of Science ®Google Scholar