Betting market odds for Major League Baseball are used to examine the level of uncertainty of outcome, an ex-ante form of competitive balance. The efficient markets hypothesis cannot be rejected for the years 1990-2006 in Major League Baseball. Therefore, the odds provide an ex-ante measure of...

I examine outcome predictability in the National Football League totals betting market using data from the 1984 through 2004 seasons. Results suggest that while weather is an important determinant of scoring, the market does not accurately incorporate the effects of adverse conditions into...

We test price efficiency in the NFL point spread betting market by examining the relationship between betting line forecast errors and game day temperatures for 5,463 NFL games from 1981 to 2004. Our main contribution to the existing literature is the identification of a mispriced...

This study outlines the evolution of academic literature generated in response to Wolfers' (2006) widespread-point-shaving hypothesis, which put forward that roughly 1% of college basketball games involve gambling-related corruption. Researchers attempted to replicate Wolfers' findings in a...

We examine the relationship between CEO political alignment, compensation, and pay disparity (relative to other high-earning executives) and find that Democratic CEOs accept less pay and a significantly lower pay slice. That is, left-leaning CEOs put their money where their mouth is regarding...

Economic uncertainty disrupts firms' ability to create value. Most related literature examines how various organizational characteristics affect value under extreme conditions – the global financial crisis. However, recent work in quantifying economic uncertainty now makes it possible to take...

We examine 330,857 trades of prediction market contracts, the values of which are based on against-the-spread outcomes of NFL games, and find the presence of a significant reverse favourite-longshot bias. Surprisingly, the timing of this bias is identical to that observed in traditional...

We examine whether point shaving is widespread in NCAA college basketball by comparing bet and game outcomes with those in professional sports. Results suggest that unusual patterns previously suspected to be indicators of point shaving are ubiquitous throughout sports and unlikely to be caused...

This paper examines price efficiency and out-of-sample predictability in the NFL point spread betting market. Our main contribution to the existing literature is the identification of a persistent increase in bias magnitude during the final few weeks of each season. We demonstrate that this...

Prior academic studies find that bets on underdogs persistently win more often than expected in NFL and NCAA football gambling markets. We extend this stream of literature by examining this ‘underdog bias' in the market for Arena Football League (AFL) bets, a setting in which both betting...