Inside Information in a Betting Market
利用澳大利亚赛马博彩市场，研究内幕信息对交易行为、收益和预测能力的影响，发现即使接触二手内幕信息也会改变行为、提高收益并增强预测准确性。
Inside information concerning a risky asset is presumed to be beneficial to its holder. Measurement of the impact and benefit of inside information is difficult because its use for financial gain is often illegal. Ideally one would like to investigate and compare two mutually isolated groups, one with and the other without access to inside information. The Australian horse betting market offers such an opportunity. It is found that even exposure to `second hand' inside information effects a change in behaviour, a rise in payoffs and adds power and significance to the prediction of race results.