Gambling on Momentum in Contests
Author
Suggested Citation
Download full text from publisher
References listed on IDEAS
- Brett Green & Jeffrey Zwiebel, 2018. "The Hot-Hand Fallacy: Cognitive Mistakes or Equilibrium Adjustments? Evidence from Major League Baseball," Management Science, INFORMS, vol. 64(11), pages 5315-5348, November.
- Björn Bartling & Leif Brandes & Daniel Schunk, 2015.
"Expectations as Reference Points: Field Evidence from Professional Soccer,"
Management Science, INFORMS, vol. 61(11), pages 2646-2661, November.
- Bjoern Bartling & Leif Brandes & Daniel Schunk, 2014. "Expectations as Reference Points: Field Evidence from Professional Soccer," Working Papers 1405, Gutenberg School of Management and Economics, Johannes Gutenberg-Universität Mainz, revised 17 Apr 2014.
- Erik Snowberg & Justin Wolfers, 2010.
"Explaining the Favorite-Long Shot Bias: Is it Risk-Love or Misperceptions?,"
Journal of Political Economy, University of Chicago Press, vol. 118(4), pages 723-746, August.
- Erik Snowberg & Justin Wolfers, 2010. "Explaining the Favorite-Longshot Bias: Is it Risk-Love or Misperceptions?," NBER Working Papers 15923, National Bureau of Economic Research, Inc.
- Snowberg, Erik & Wolfers, Justin, 2010. "Explaining the Favorite-Longshot Bias: Is it Risk-Love or Misperceptions?," IZA Discussion Papers 4884, Institute of Labor Economics (IZA).
- Erik Snowberg & Justin Wolfers, 2010. "Explaining the Favorite-Longshot Bias: Is it Risk-Love or Misperceptions?," CESifo Working Paper Series 3029, CESifo.
- Wolfers, Justin & Snowberg, Erik, 2010. "Explaining the Favorite-Longshot Bias: Is it Risk-Love or Misperceptions?," CEPR Discussion Papers 7801, C.E.P.R. Discussion Papers.
- Zakamulin, Valeriy & Giner, Javier, 2022. "Time series momentum in the US stock market: Empirical evidence and theoretical analysis," International Review of Financial Analysis, Elsevier, vol. 82(C).
- Niko Suhonen & Jani Saastamoinen & Mika Linden, 2018. "A dual theory approach to estimating risk preferences in the parimutuel betting market," Empirical Economics, Springer, vol. 54(3), pages 1335-1351, May.
- Andreas Heuer & Oliver Rubner, 2012. "How Does the Past of a Soccer Match Influence Its Future? Concepts and Statistical Analysis," PLOS ONE, Public Library of Science, vol. 7(11), pages 1-7, November.
- Durand, Robert B. & Patterson, Fernando M. & Shank, Corey A., 2021. "Behavioral biases in the NFL gambling market: Overreaction to news and the recency bias," Journal of Behavioral and Experimental Finance, Elsevier, vol. 31(C).
- Bouke Klein Teeselink & Martijn J. van den Assem & Dennie van Dolder, 2023. "Does Losing Lead to Winning? An Empirical Analysis for Four Sports," Management Science, INFORMS, vol. 69(1), pages 513-532, January.
- Rodney J. Paul & Andrew P. Weinbach & Brad Humphreys, 2014. "Bettor Belief in the “Hot Handâ€," Journal of Sports Economics, , vol. 15(6), pages 636-649, December.
- Sina Ehsani & Juhani T. Linnainmaa, 2022. "Factor Momentum and the Momentum Factor," Journal of Finance, American Finance Association, vol. 77(3), pages 1877-1919, June.
- Romain Gauriot & Lionel Page, 2019. "Does Success Breed Success? a Quasi-Experiment on Strategic Momentum in Dynamic Contests," The Economic Journal, Royal Economic Society, vol. 129(624), pages 3107-3136.
- Angelini, Giovanni & De Angelis, Luca, 2019. "Efficiency of online football betting markets," International Journal of Forecasting, Elsevier, vol. 35(2), pages 712-721.
- Tobias J. Moskowitz, 2021. "Asset Pricing and Sports Betting," Journal of Finance, American Finance Association, vol. 76(6), pages 3153-3209, December.
- Rodney J. Paul & Andrew P. Weinbach, 2005. "Bettor Misperceptions in the NBA," Journal of Sports Economics, , vol. 6(4), pages 390-400, November.
- Marius Ötting & Roland Langrock & Christian Deutscher & Vianey Leos‐Barajas, 2020. "The hot hand in professional darts," Journal of the Royal Statistical Society Series A, Royal Statistical Society, vol. 183(2), pages 565-580, February.
- Norton, Hugh & Gray, Steve & Faff, Robert, 2015. "Yes, one-day international cricket ‘in-play’ trading strategies can be profitable!," Journal of Banking & Finance, Elsevier, vol. 61(S2), pages 164-176.
- Choi, Darwin & Hui, Sam K., 2014. "The role of surprise: Understanding overreaction and underreaction to unanticipated events using in-play soccer betting market," Journal of Economic Behavior & Organization, Elsevier, vol. 107(PB), pages 614-629.
- Brown, William O & Sauer, Raymond D, 1993. "Does the Basketball Market Believe in the Hot Hand? Comment," American Economic Review, American Economic Association, vol. 83(5), pages 1377-1386, December.
- Karen Croxson & J. James Reade, 2014.
"Information and Efficiency: Goal Arrival in Soccer Betting,"
Economic Journal, Royal Economic Society, vol. 124(575), pages 62-91, March.
- Karen Croxson & J. James Reade, 2011. "Information and Efficiency: Goal Arrival in Soccer Betting," Discussion Papers 11-01, Department of Economics, University of Birmingham.
- Carhart, Mark M, 1997. "On Persistence in Mutual Fund Performance," Journal of Finance, American Finance Association, vol. 52(1), pages 57-82, March.
- Morgulev, Elia & Azar, Ofer H. & Galily, Yair & Bar-Eli, Michael, 2020. "The role of initial success in competition: An analysis of early lead effects in NBA overtimes," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 89(C).
- Morgulev, Elia & Azar, Ofer H. & Bar-Eli, Michael, 2019. "Does a “comeback” create momentum in overtime? Analysis of NBA tied games," Journal of Economic Psychology, Elsevier, vol. 75(PB).
- J. James Reade & Carl Singleton & Alasdair Brown, 2021.
"Evaluating strange forecasts: The curious case of football match scorelines,"
Scottish Journal of Political Economy, Scottish Economic Society, vol. 68(2), pages 261-285, May.
- J. James Reade & Carl Singleton & Alasdair Brown, 2019. "Evaluating Strange Forecasts: The Curious Case of Football Match Scorelines," Economics Discussion Papers em-dp2019-18, Department of Economics, University of Reading, revised 01 Aug 2020.
- Boshnakov, Georgi & Kharrat, Tarak & McHale, Ian G., 2017. "A bivariate Weibull count model for forecasting association football scores," International Journal of Forecasting, Elsevier, vol. 33(2), pages 458-466.
- Bryson, Alex & Dolton, Peter & Reade, J. James & Schreyer, Dominik & Singleton, Carl, 2021.
"Causal effects of an absent crowd on performances and refereeing decisions during Covid-19,"
Economics Letters, Elsevier, vol. 198(C).
- Alex Bryson & Peter Dolton & J. James Reade & Dominik Schreyer & Carl Singleton, 2020. "Causal effects of an absent crowd on performances and refereeing decisions during Covid-19," Economics Discussion Papers em-dp2020-18, Department of Economics, University of Reading, revised 16 Nov 2020.
- Alex Bryson & Peter Dolton & J. James Reade & Dominik Schreyer & Carl Singleton, 2020. "Causal effects of an absent crowd on performances and refereeing decisions during Covid-19," National Institute of Economic and Social Research (NIESR) Discussion Papers 524, National Institute of Economic and Social Research.
- Fama, Eugene F. & French, Kenneth R., 2012. "Size, value, and momentum in international stock returns," Journal of Financial Economics, Elsevier, vol. 105(3), pages 457-472.
- Angelini, Giovanni & De Angelis, Luca & Singleton, Carl, 2022.
"Informational efficiency and behaviour within in-play prediction markets,"
International Journal of Forecasting, Elsevier, vol. 38(1), pages 282-299.
- Giovanni Angelini & Luca De Angelis & Carl Singleton, 2019. "Informational efficiency and behaviour within in-play prediction markets," Economics Discussion Papers em-dp2019-20, Department of Economics, University of Reading, revised 01 Apr 2021.
- Charles M.C. Lee & Bhaskaran Swaminathan, 2000. "Price Momentum and Trading Volume," Journal of Finance, American Finance Association, vol. 55(5), pages 2017-2069, October.
- Cotton, Christopher S. & McIntyre, Frank & Nordstrom, Ardyn & Price, Joseph, 2019. "Correcting for bias in hot hand analysis: An application to youth golf," Journal of Economic Psychology, Elsevier, vol. 75(PB).
- Kevin Krieger & Justin L. Davis & James Strode, 2021. "Patience is a virtue: exploiting behavior bias in gambling markets," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 45(4), pages 735-750, October.
- Paul Docherty & Steve Easton, 2012. "Market efficiency and continuous information arrival: evidence from prediction markets," Applied Economics, Taylor & Francis Journals, vol. 44(19), pages 2461-2471, July.
- Suhonen, Niko & Saastamoinen, Jani & Kainulainen, Tuomo & Forrest, David, 2018. "Is timing everything in horse betting? Bet amount, timing and bettors’ returns in pari-mutuel wagering markets," Economics Letters, Elsevier, vol. 173(C), pages 97-99.
- A. C. Titman & D. A. Costain & P. G. Ridall & K. Gregory, 2015. "Joint modelling of goals and bookings in association football," Journal of the Royal Statistical Society Series A, Royal Statistical Society, vol. 178(3), pages 659-683, June.
- Huang, Dashan & Li, Jiangyuan & Wang, Liyao & Zhou, Guofu, 2020. "Time series momentum: Is it there?," Journal of Financial Economics, Elsevier, vol. 135(3), pages 774-794.
- Barroso, Pedro & Santa-Clara, Pedro, 2015. "Momentum has its moments," Journal of Financial Economics, Elsevier, vol. 116(1), pages 111-120.
- Camerer, Colin F, 1989. "Does the Basketball Market Believe in the 'Hot Hand'?," American Economic Review, American Economic Association, vol. 79(5), pages 1257-1261, December.
- Stephanie Parsons & Nicholas Rohde, 2015.
"The hot hand fallacy re-examined: new evidence from the English Premier League,"
Applied Economics, Taylor & Francis Journals, vol. 47(4), pages 346-357, January.
- S Parsons & N Rohde, 2013. "The hot hand fallacy re-examined: New evidence from the English Premier League," Discussion Papers in Economics economics:201403, Griffith University, Department of Accounting, Finance and Economics.
- Kim, Abby Y. & Tse, Yiuman & Wald, John K., 2016. "Time series momentum and volatility scaling," Journal of Financial Markets, Elsevier, vol. 30(C), pages 103-124.
- Goto, Shingo & Yamada, Toru, 2023. "What drives biased odds in sports betting markets: Bettors’ irrationality and the role of bookmakers," International Review of Economics & Finance, Elsevier, vol. 86(C), pages 252-270.
- Clifford S. Asness & Tobias J. Moskowitz & Lasse Heje Pedersen, 2013. "Value and Momentum Everywhere," Journal of Finance, American Finance Association, vol. 68(3), pages 929-985, June.
- Bar-Eli, Michael & Krumer, Alex & Morgulev, Elia, 2020. "Ask not what economics can do for sports - Ask what sports can do for economics," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 89(C).
- Joshua B. Miller & Adam Sanjurjo, 2018. "Surprised by the Hot Hand Fallacy? A Truth in the Law of Small Numbers," Econometrica, Econometric Society, vol. 86(6), pages 2019-2047, November.
- Bill M. Woodland & Linda M. Woodland, 2000. "Testing Contrarian Strategies in the National Football League," Journal of Sports Economics, , vol. 1(2), pages 187-193, May.
- Fama, Eugene F, 1970. "Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance, American Finance Association, vol. 25(2), pages 383-417, May.
- Niko Suhonen & Jani Saastamoinen, 2018. "How Do Prior Gains and Losses Affect Subsequent Risk Taking? New Evidence from Individual-Level Horse Race Bets," Management Science, INFORMS, vol. 64(6), pages 2797-2808, June.
- Stijn Baert & Simon Amez, 2018.
"No better moment to score a goal than just before half time? A soccer myth statistically tested,"
PLOS ONE, Public Library of Science, vol. 13(3), pages 1-17, March.
- Baert, Stijn & Amez, Simon, 2016. "No Better Moment to Score a Goal than Just Before Half Time? A Soccer Myth Statistically Tested," IZA Discussion Papers 9980, Institute of Labor Economics (IZA).
- Henrich R Greve & Jo Nesbø & Nils Rudi & Marat Salikhov, 2020. "Are goals scored just before halftime worth more? An old soccer wisdom statistically tested," PLOS ONE, Public Library of Science, vol. 15(10), pages 1-11, October.
- Legge, Stefan & Schmid, Lukas, 2016.
"Media attention and betting markets,"
European Economic Review, Elsevier, vol. 87(C), pages 304-333.
- Legge, Stegan & Schmid, Lukas, 2015. "Media Attention and Betting Markets," Economics Working Paper Series 1521, University of St. Gallen, School of Economics and Political Science.
- Philippe Meier & Raphael Flepp & Maximilian Ruedisser & Egon Franck, 2020. "The Advantage of Scoring Just Before the Half-Time Break—Pure Myth? Quasi-Experimental Evidence From European Football," Journal of Sports Economics, , vol. 21(5), pages 548-565, June.
- Huij, Joop & Derwall, Jeroen, 2008. ""Hot Hands" in bond funds," Journal of Banking & Finance, Elsevier, vol. 32(4), pages 559-572, April.
- Steven D. Levitt, 2004. "Why are gambling markets organised so differently from financial markets?," Economic Journal, Royal Economic Society, vol. 114(495), pages 223-246, April.
- Isabel Abinzano & Luis Muga & Rafael Santamaria, 2017. "Behavioral Biases Never Walk Alone," Journal of Sports Economics, , vol. 18(2), pages 99-125, February.
- Thaler, Richard H & Ziemba, William T, 1988. "Parimutuel Betting Markets: Racetracks and Lotteries," Journal of Economic Perspectives, American Economic Association, vol. 2(2), pages 161-174, Spring.
- Moskowitz, Tobias J. & Ooi, Yao Hua & Pedersen, Lasse Heje, 2012. "Time series momentum," Journal of Financial Economics, Elsevier, vol. 104(2), pages 228-250.
- Chan, Louis K C & Jegadeesh, Narasimhan & Lakonishok, Josef, 1996. "Momentum Strategies," Journal of Finance, American Finance Association, vol. 51(5), pages 1681-1713, December.
- Gauriot, Romain & Page, Lionel, 2018. "Psychological momentum in contests: The case of scoring before half-time in football," Journal of Economic Behavior & Organization, Elsevier, vol. 149(C), pages 137-168.
- Nikolaos Vlastakis & George Dotsis & Raphael N. Markellos, 2009. "How efficient is the European football betting market? Evidence from arbitrage and trading strategies," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 28(5), pages 426-444.
- Novy-Marx, Robert, 2012. "Is momentum really momentum?," Journal of Financial Economics, Elsevier, vol. 103(3), pages 429-453.
- Goddard, John, 2005. "Regression models for forecasting goals and match results in association football," International Journal of Forecasting, Elsevier, vol. 21(2), pages 331-340.
- Romain Gauriot Author e-mail: romain.gauriot@nyu.edu & Lionel Page Author e-mail: lionel.page@uts.edu.au, 2021. "How Market Prices React to Information: Evidence from Binary Options Markets," Working Papers 20200058, New York University Abu Dhabi, Department of Social Science, revised Oct 2021.
- Hvattum, Lars Magnus & Arntzen, Halvard, 2010. "Using ELO ratings for match result prediction in association football," International Journal of Forecasting, Elsevier, vol. 26(3), pages 460-470, July.
- Lionel Page & Robert T. Clemen, 2013. "Do Prediction Markets Produce Well‐Calibrated Probability Forecasts?-super-," Economic Journal, Royal Economic Society, vol. 123(568), pages 491-513, May.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Marius Ötting & Christian Deutscher & Carl Singleton & Luca De Angelis, 2022.
"Gambling on Momentum,"
Economics Discussion Papers
em-dp2022-10, Department of Economics, University of Reading.
- Marius Otting & Christian Deutscher & Carl Singleton & Luca De Angelis, 2022. "Gambling on Momentum," Papers 2211.06052, arXiv.org.
- Goto, Shingo & Yamada, Toru, 2023. "What drives biased odds in sports betting markets: Bettors’ irrationality and the role of bookmakers," International Review of Economics & Finance, Elsevier, vol. 86(C), pages 252-270.
- Kai Fischer & Justus Haucap, 2022. "Home advantage in professional soccer and betting market efficiency: The role of spectator crowds," Kyklos, Wiley Blackwell, vol. 75(2), pages 294-316, May.
- Angelini, Giovanni & De Angelis, Luca & Singleton, Carl, 2022.
"Informational efficiency and behaviour within in-play prediction markets,"
International Journal of Forecasting, Elsevier, vol. 38(1), pages 282-299.
- Giovanni Angelini & Luca De Angelis & Carl Singleton, 2019. "Informational efficiency and behaviour within in-play prediction markets," Economics Discussion Papers em-dp2019-20, Department of Economics, University of Reading, revised 01 Apr 2021.
- Simarjeet Singh & Nidhi Walia, 2022. "Momentum investing: a systematic literature review and bibliometric analysis," Management Review Quarterly, Springer, vol. 72(1), pages 87-113, February.
- Kai Fischer & Justus Haucap, 2020.
"Betting Market Efficiency in the Presence of Unfamiliar Shocks: The Case of Ghost Games during the Covid-19 Pandemic,"
CESifo Working Paper Series
8526, CESifo.
- Fischer, Kai & Haucap, Justus, 2020. "Betting market efficiency in the presence of unfamiliar shocks: The case of ghost games during the COVID-19 pandemic," DICE Discussion Papers 349, Heinrich Heine University Düsseldorf, Düsseldorf Institute for Competition Economics (DICE).
- Luca De Angelis & J. James Reade, 2023. "Home advantage and mispricing in indoor sports’ ghost games: the case of European basketball," Annals of Operations Research, Springer, vol. 325(1), pages 391-418, June.
- Luca De Angelis & J. James Reade, 2022. "Home advantage and mispricing in indoor sports’ ghost games: the case of European basketball," Economics Discussion Papers em-dp2022-01, Department of Economics, University of Reading.
- Adam Zaremba & Jacob Koby Shemer, 2018. "Price-Based Investment Strategies," Springer Books, Springer, number 978-3-319-91530-2, December.
- Jeremy M. Losak & Andrew P. Weinbach & Rodney J. Paul, 2023. "Behavioral Biases in Daily Fantasy Baseball: The Case of the Hot Hand," Journal of Sports Economics, , vol. 24(3), pages 374-401, April.
- Pascal Flurin Meier & Raphael Flepp & Egon Franck, 2021. "Are sports betting markets semistrong efficient? Evidence from the COVID-19 pandemic," Working Papers 387, University of Zurich, Department of Business Administration (IBW).
- Bar-Eli, Michael & Krumer, Alex & Morgulev, Elia, 2020. "Ask not what economics can do for sports - Ask what sports can do for economics," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 89(C).
- Jinook Jeong & Jee Young Kim & Yoon Jae Ro, 2019.
"On the efficiency of racetrack betting market: a new test for the favourite-longshot bias,"
Applied Economics, Taylor & Francis Journals, vol. 51(54), pages 5817-5828, November.
- Jinook Jeong & Jee Young Kim & Yoon Jae Ro, 2017. "On the Efficiency of Racetrack Betting Market: A New Test for the Favorite-Longshot Bias," Working papers 2017rwp-106, Yonsei University, Yonsei Economics Research Institute.
- Shi, Huai-Long & Zhou, Wei-Xing, 2017.
"Time series momentum and contrarian effects in the Chinese stock market,"
Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 483(C), pages 309-318.
- Huai-Long Shi & Wei-Xing Zhou, 2017. "Time series momentum and contrarian effects in the Chinese stock market," Papers 1702.07374, arXiv.org.
- Blanco, Ivan & De Jesus, Miguel & Remesal, Alvaro, 2023. "Overlapping momentum portfolios," Journal of Empirical Finance, Elsevier, vol. 72(C), pages 1-22.
- Li, Zeming & Sakkas, Athanasios & Urquhart, Andrew, 2022. "Intraday time series momentum: Global evidence and links to market characteristics," Journal of Financial Markets, Elsevier, vol. 57(C).
- Martin H. Schmidt, 2017. "Trading strategies based on past returns: evidence from Germany," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 31(2), pages 201-256, May.
- J. James Reade & Carl Singleton & Alasdair Brown, 2021.
"Evaluating strange forecasts: The curious case of football match scorelines,"
Scottish Journal of Political Economy, Scottish Economic Society, vol. 68(2), pages 261-285, May.
- J. James Reade & Carl Singleton & Alasdair Brown, 2019. "Evaluating Strange Forecasts: The Curious Case of Football Match Scorelines," Economics Discussion Papers em-dp2019-18, Department of Economics, University of Reading, revised 01 Aug 2020.
- Papailias, Fotis & Liu, Jiadong & Thomakos, Dimitrios D., 2021.
"Return signal momentum,"
Journal of Banking & Finance, Elsevier, vol. 124(C).
- Papailias, Fotis & Liu, Jiadong & Thomakos, Dimitrios D., 2019. "Return Signal Momentum," QBS Working Paper Series 2019/04, Queen's University Belfast, Queen's Business School.
- J Reade & C Singleton & L Vaughan Williams, 2020.
"Betting Markets for English Premier League Results and Scorelines: Evaluating a Simple Forecasting Model,"
Economic Issues Journal Articles, Economic Issues, vol. 25(1), pages 87-106, March.
- J. James Reade & Carl Singleton & Leighton Vaughan Williams, 2020. "Betting markets for English Premier League results and scorelines: evaluating a forecasting model," Economics Discussion Papers em-dp2020-03, Department of Economics, University of Reading.
More about this item
Keywords
Behavioural bias; Betting markets; Market efficiency; Risk-taking; Hot hand fallacy;All these keywords.
JEL classification:
- G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
- G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets
- L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Restaurants; Recreation; Tourism
- Z2 - Other Special Topics - - Sports Economics
NEP fields
This paper has been announced in the following NEP Reports:- NEP-SPO-2023-07-17 (Sports and Economics)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:rdg:emxxdp:em-dp2023-08. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Alexander Mihailov (email available below). General contact details of provider: https://edirc.repec.org/data/derdguk.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.