Bruce, Alistair; Johnson, Johnnie; Tang, Leilei - In: The European Journal of Finance 17 (2011) 3, pp. 197-216
In this paper, we examine the role played by the holders of privileged information (insiders) in stimulating trading volume which adds explanatory power to a price-based model of returns in a market where the actions of insiders can be isolated - a pari-mutuel betting market. We conduct...