Gramm, Marshall; McKinney, C. Nicholas - In: Applied Economics Letters 16 (2009) 4, pp. 369-372
This article is an analysis of the price movements in a speculative market at closing. Specifically, we look at 1644 US horse races and analyse the change in betting pool totals and their suggested probabilities to confirm that late wagers on average come from more informed bettors. Almost 40%...