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Identifying irregularities in a financial market

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  • David Paton
  • Leighton Vaughan Williams

Abstract

This paper shows how an economic approach might be used to provide corroborating evidence to aid investigations into irregularities in price setting in a defined financial market. Evidence on price movements in betting markets is used to suggest an economic framework within which price irregularities might formally be tested. The tests are applied to empirical data on price movements in UK betting markets. For the sample in question, there is no evidence to support allegations of pricing irregularities by individual odds reporters. Those involved in the regulation of betting markets might usefully incorporate this sort of approach into formal investigations of pricing irregularities.

Suggested Citation

  • David Paton & Leighton Vaughan Williams, 2002. "Identifying irregularities in a financial market," Applied Financial Economics, Taylor & Francis Journals, vol. 12(9), pages 633-637.
    • Handle: RePEc:taf:apfiec:v:12:y:2002:i:9:p:633-637
    DOI: 10.1080/09603100010023122
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