Bain, Roderick; Hausch, Donald; Ziemba, William - In: The European Journal of Finance 12 (2006) 4, pp. 283-301
The Kentucky Derby features top three-year-old thoroughbred horses. Run at [image omitted] miles, it is typically at least 1/8 mile longer than any of the horses has raced before. This extra distance, usually combined with a large field, makes the race a difficult test of stamina for horses...