Testing Efficiency Across Markets: Evidence from the NCAA Basketball Betting Market
利用NCAA篮球让分博彩市场数据，研究不同信息可得性市场中的价格形成效率差异，发现信息更丰富的市场回归误差方差更小，支持信息差异导致市场效率差异的观点。
This study utilizes the National Collegiate Athletic Association basketball point spread betting market to investigate whether differences in information availability across markets result in different relative efficiencies of price formation within those markets. Using intra‐conference games of various conferences as clearly defined markets, we show that these markets are efficient given the information available in those markets. However, we also show that regression error variances are significantly smaller (greater) for those conferences with greater (lesser) information availability. This evidence supports previous stock market research suggesting that differential fundamental information availability across stock markets results in differential departures from equilibrium values.