The disposition effect describes the tendency of investors to sell assets that have increased in value since purchase, and hold those that have not. We analyse the introduction of betting market `Cash-Outs', which provide a continual update - and therefore increase the salience - of bettors'...

Prediction markets have proved excellent tools for forecasting, outperforming experts and polls in many settings. But do larger markets, with wider participation, perform better than smaller markets? In this paper we analyse a series of repeated natural experiments in sports betting. The Queen's...

Recent evidence suggests that the fastest algorithmic traders in financial markets profit at the expense of slower traders. One solution gaining traction is a 'speed-bump', which introduces a delay between the time in which an order is submitted, and when it is processed. We analyse the speed...

A common finding in laboratory studies is that subjects anchor on irrelevant initial cues when valuing assets. We run a field experiment to examine whether this heuristic can be exploited to manipulate prices in real markets. We provide early quotes in a series of horse race betting markets, and...

We conduct a field experiment to see if market liquidity has a causal effect on price efficiency and, if so, why. We randomly provide liquidity in certain horse race betting markets, and not in others. We find that prices in treated markets are indeed more efficient than prices in control...

Prices play a key informational role in markets by revealing the private information of a diverse set of participants. But can professional traders accurately decipher these price signals? Can these professionals separate out the signal (the information on fundamentals) from the noise (erroneous...

We collect data on 75 million GBP of tennis bets over a 6 year period to analyse whether participants in high-stakes environments recognise simple framing differences. The structure of this market means that we can place the same bet at the same time in two different ways. These two isomorphic...

The U.S. shale revolution, using new technologies to extract crude oil, has led to new dynamics in the supply side of the global oil market. We ask whether the shale revolution has dampened the role of geopolitical risk in oil price volatility. We extend a reduced form Structural Break Threshold...

Bayesian inference is developed and applied for an extended Nelson–Siegel term structure model capturing interest rate risk. The so-called Stochastic Volatility Nelson–Siegel (SVNS) model allows for stochastic volatility in the underlying yield factors. A Markov chain Monte Carlo (MCMC)...