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Int. J. Financial Stud., Volume 1, Issue 4 (December 2013) – 4 articles , Pages 119-182

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219 KiB  
Article
Systematic Positive Expected Returns in the UK Fixed Odds Betting Market: An Analysis of the Fink Tank Predictions
by Babatunde Buraimo, David Peel and Rob Simmons
Int. J. Financial Stud. 2013, 1(4), 168-182; https://doi.org/10.3390/ijfs1040168 - 4 Dec 2013
Cited by 4 | Viewed by 7741
Abstract
We report striking evidence of semi-strong inefficiency in the UK fixed-odds football betting market using a reputable newspaper tipster which offers probabilities of match outcomes rather than simple result indicators. Betting on the Fink Tank probabilities of home wins across 10 bookmakers, when [...] Read more.
We report striking evidence of semi-strong inefficiency in the UK fixed-odds football betting market using a reputable newspaper tipster which offers probabilities of match outcomes rather than simple result indicators. Betting on the Fink Tank probabilities of home wins across 10 bookmakers, when there are positive expected returns, would have generated positive returns in each of the seasons from 2006–07 to 2011–12 for a variety of different betting strategies. These returns could have been enhanced by employing the best odds from a greater number of bookmakers. However, the fact that pure arbitrage bets have existed for years and appear to last for several hours or days suggest they are in practice not exploitable to a magnitude that poses any threat to bookmakers. Full article
(This article belongs to the Special Issue Sports Finance)
337 KiB  
Article
European Markets’ Reactions to Exogenous Shocks: A High Frequency Data Analysis of the 2005 London Bombings
by Christos Kollias, Stephanos Papadamou and Costas Siriopoulos
Int. J. Financial Stud. 2013, 1(4), 154-167; https://doi.org/10.3390/ijfs1040154 - 18 Nov 2013
Cited by 8 | Viewed by 6716
Abstract
Terrorist incidents exert a negative, albeit usually short-lived, impact on markets and equity returns. Given the integration of global financial markets, mega-terrorist events also have a high contagion potential with their shock waves being transmitted across countries and markets. This paper investigates the [...] Read more.
Terrorist incidents exert a negative, albeit usually short-lived, impact on markets and equity returns. Given the integration of global financial markets, mega-terrorist events also have a high contagion potential with their shock waves being transmitted across countries and markets. This paper investigates the cross-market transmission of the London Stock Exchange’s reaction to the terrorist attacks of 2005. It focuses on how this reaction was transmitted to two other major European stock exchanges: Frankfurt and Paris. To this effect, high frequency intraday data are used and multivariate Genralised Autorgressive Conditional Heteroskedasticity (GARCH) models are employed. This type of data help reveal a more accurate picture of markets’ reaction to exogenous shocks, such as a terrorist attack, and thus allow more reliable inferences. Findings reported herein indicate that the volatility of stock market returns is increased in all cases examined. Full article
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268 KiB  
Article
Bank Regulation in Dollarized Economies: The Case of Turkey
by Erick W. Rengifo, Emre Ozsoz, Mustapha A. Akinkunmi and Eduardo Court
Int. J. Financial Stud. 2013, 1(4), 137-153; https://doi.org/10.3390/ijfs1040137 - 13 Nov 2013
Cited by 5 | Viewed by 7560
Abstract
Regulators in emerging markets are increasingly curtailing the practice of foreigncurrency lending. In such a move Turkish regulatory authorities banned foreign currencylending to households in 2009. This paper examines the evolution of financial dollarization inTurkey in the 2002–2009 period by looking the currency [...] Read more.
Regulators in emerging markets are increasingly curtailing the practice of foreigncurrency lending. In such a move Turkish regulatory authorities banned foreign currencylending to households in 2009. This paper examines the evolution of financial dollarization inTurkey in the 2002–2009 period by looking the currency composition of loans and deposits inthe banking system and the macroeconomic developments. We find that the Turkish bankingsystem was unhedged against currency fluctuations and the regulators acted preemptively inbanning the practice. Full article
(This article belongs to the Special Issue The Future of Banking Regulation and Financial Stability)
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226 KiB  
Article
Organizational Mission and Revenue Diversification among Non-profit Sports Clubs
by Pamela Wicker, Svenja Feiler and Christoph Breuer
Int. J. Financial Stud. 2013, 1(4), 119-136; https://doi.org/10.3390/ijfs1040119 - 8 Nov 2013
Cited by 18 | Viewed by 9738
Abstract
The beneficial effects of diversified income portfolios are well documented in previous research on non-profit organizations. This study examines how different types of organizational missions affect the level of revenue diversification of organizations in one industry, a question that was neglected in previous [...] Read more.
The beneficial effects of diversified income portfolios are well documented in previous research on non-profit organizations. This study examines how different types of organizational missions affect the level of revenue diversification of organizations in one industry, a question that was neglected in previous research. Based on contingency theory, it is assumed that different missions are associated with different funding sources. Since missions can be complementary or conflicting, specific attention needs to be paid to the combination of missions. The sport sector is chosen as an empirical setting because non-profit sports clubs can have various missions while their overall purpose is promoting sport. Panel data from a nationwide survey of non-profit sports clubs in Germany are used for the analysis. The regression results show that revenue diversification is significantly determined by organizational mission. Historically, typical mission statements like promoting elite sport, tradition, conviviality, non-sport programs, and youth sport have a positive effect on revenue diversification, while clubs with a commercial orientation and a focus on leisure and health sport have more concentrated revenues. The findings have implications for club management in the sense that some missions are associated with higher financial risk and that the combination of missions should be chosen carefully. Full article
(This article belongs to the Special Issue Sports Finance)
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