{"title":"区分内幕行为和知情行为：来自自然环境的证据","authors":"Tadgh Hegarty","doi":"10.1002/soej.12690","DOIUrl":null,"url":null,"abstract":"Previous literature has established the need to separate insider from expert trading in both financial and betting markets. This type of separation proves difficult to achieve because experts and insiders co‐exist in most market settings. Utilizing novel betting markets in which expert skill bettors are unable to use their expert knowledge, this study uncouples insider from expert betting, and allows more direct measurement of insider trading than in previous empirical tests. Evidence is presented in favor of some predictions from the highly cited Shin model of insider trading. Price setters charge an extra premium in markets with high proportions of insiders when compared to equivalent markets. The insiders accurately predict event outcomes, and their presence exacerbates a well known bias in betting market prices whereby returns on betting favorites is higher than for bets on longshots.","PeriodicalId":1,"journal":{"name":"Accounts of Chemical Research","volume":null,"pages":null},"PeriodicalIF":16.4000,"publicationDate":"2024-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Separating insider and informed behavior: Evidence from a natural setting\",\"authors\":\"Tadgh Hegarty\",\"doi\":\"10.1002/soej.12690\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Previous literature has established the need to separate insider from expert trading in both financial and betting markets. This type of separation proves difficult to achieve because experts and insiders co‐exist in most market settings. Utilizing novel betting markets in which expert skill bettors are unable to use their expert knowledge, this study uncouples insider from expert betting, and allows more direct measurement of insider trading than in previous empirical tests. Evidence is presented in favor of some predictions from the highly cited Shin model of insider trading. Price setters charge an extra premium in markets with high proportions of insiders when compared to equivalent markets. The insiders accurately predict event outcomes, and their presence exacerbates a well known bias in betting market prices whereby returns on betting favorites is higher than for bets on longshots.\",\"PeriodicalId\":1,\"journal\":{\"name\":\"Accounts of Chemical Research\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":16.4000,\"publicationDate\":\"2024-04-03\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Accounts of Chemical Research\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://doi.org/10.1002/soej.12690\",\"RegionNum\":1,\"RegionCategory\":\"化学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"CHEMISTRY, MULTIDISCIPLINARY\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Accounts of Chemical Research","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1002/soej.12690","RegionNum":1,"RegionCategory":"化学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"CHEMISTRY, MULTIDISCIPLINARY","Score":null,"Total":0}
Separating insider and informed behavior: Evidence from a natural setting
Previous literature has established the need to separate insider from expert trading in both financial and betting markets. This type of separation proves difficult to achieve because experts and insiders co‐exist in most market settings. Utilizing novel betting markets in which expert skill bettors are unable to use their expert knowledge, this study uncouples insider from expert betting, and allows more direct measurement of insider trading than in previous empirical tests. Evidence is presented in favor of some predictions from the highly cited Shin model of insider trading. Price setters charge an extra premium in markets with high proportions of insiders when compared to equivalent markets. The insiders accurately predict event outcomes, and their presence exacerbates a well known bias in betting market prices whereby returns on betting favorites is higher than for bets on longshots.
期刊介绍：
Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance.
Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.
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