To bet or not to bet: a reality check for tennis betting market efficiency

We present evidence that the tennis betting market appears to be much more efficient than suggested by previous studies. More specifically, we study the market efficiency by studying the forecasting performance of a diversified set of 40 betting rules in two ways: by searching for the existence of a return differential between betting rules and by analysing the profitability of betting rules. Even though individual tests provide evidence that, within our universe of betting rules, positive returns can be achieved, when data-snooping bias is taken into account, the evidence diminishes. Subsequently, we also find very little evidence of return differentials between betting rules. These results cast doubts on previous research as they suggest that when the potential detrimental effects of data-dreading are taken into account, betting markets in general might not, ultimately, be so inefficient.     

A Procedure for Negotiating Pollution Reduction under Information Asymmetry. Surface Water Quality Case

This paper considers an alternative approachto surface water quality management whensociety is faced with the need to reduce waterpollution in a region with a complicatedregulatory environment. The paper is focusedon a specific kind of negotiation betweenpolluters and an authority, leading toresolution of the problem when there is theinformation asymmetry between the authorityand the polluters, i.e., the true pollutionabatement costs are known to the pollutersonly. This paper reports a laboratory experimentalcase prepared at the Department ofEnvironmental Economics, the University ofEconomics in Prague. The comparison withtheoretical computed first-best results underconditions of full information is included.Political and economic aspects of thesuggested approach are also discussed.     

The US Current Account Deficit: Stocktaking and Remedies

In 2004, the US current account deficit widened to US $668.1 billion and 5.7 per cent of gross domestic product (GDP). These numbers, unprecedented both in absolute and relative terms, have led many observers to doubt the stability of the status quo. To avoid a major crisis resulting from a disorderly adjustment, questions must be answered concerning appropriate policy initiatives to ensure a more benign correction of external imbalances.      

Exploring relationships between customer-based brand equity and its drivers and consequences in the hotel context. An impact-asymmetry assessment

The development of customer-based brand equity plays a critical role in tourism. This paper attempts to study which variables contribute to brand equity creation and to examine whether brand loyalty can be considered as a consequence of brand equity in the hotel context. In addition, it seeks to provide more detailed insights into possible asymmetric effects among customer-based brand equity and its drivers and consequences. Four constructs are found to influence significantly brand equity: two perceptual (image and perceived quality) and two relational variables (trust and affective commitment). Additionally, both behavioural and attitudinal components of loyalty are confirmed as brand equity outcomes. The impact-asymmetry analysis reveals that perceived quality does not play a significant role in explaining brand equity, while awareness and trust emerge to have a significant negatively asymmetric impact. The paper is novel as the proposed model includes two new variables that are deemed critical to hospitality research, that is, trust and affective commitment. The relationship structure of the model is new to the literature as loyalty is conceptualized as a consequence of brand equity, thus confirming theoretical assumptions with limited empirical evidence. Finally, it is the first study that examines asymmetric impacts of customer-based brand equity drivers.     

What drives intermediation costs? A case of tennis betting market

We demonstrate that there is a considerable variation in bookmaker margins across matches, time and bookmakers. Our results imply that using match, tournament and players’ characteristics explains the variations in margins hence, they can be helpful in managing intermediation cost in a market of state-contingent assets: fixed-odds betting markets. We also provide evidence that bookmakers protect themselves by increasing odds on the favourite player, thus attracting more bettors to the favourite player, while deterring bettors from betting on the underdog by reducing the odds. By that process, bookmakers are possibly sacrificing a portion of their margin.     

Predictive Systems: Living with Imperfect Predictors

We develop a framework for estimating expected returns—a  predictive system —that allows predictors to be imperfectly correlated with the conditional expected return. When predictors are imperfect, the estimated expected return depends on past returns in a manner that hinges on the correlation between unexpected returns and innovations in expected returns. We find empirically that prior beliefs about this correlation, which is most likely negative, substantially affect estimates of expected returns as well as various inferences about predictability, including assessments of a predictor's usefulness. Compared to standard predictive regressions, predictive systems deliver different expected returns with higher estimated precision.     

Approaches to Real Estate Taxation in the Czech Republic and the EU Countries

International Advances in Economic Research - Real estate taxes are not harmonized in the European Union. Individual states use different approaches when designing such taxes and the percentage of...     

Being hybrid: a conceptual update of consumer self and consumption due to online/offline hybridity

ABSTRACT

Emergent mobile technologies are dramatically and rapidly changing not only the way we consume but also the way we live. In theory, it is becoming harder and harder to keep pace with the changes already embodied in practice. First, this paper aims to reduce the gap between theory and practice by introducing online/offline hybridity both as a new kind of hybridity and a universal contemporary human condition. Second, it presents the concept of hybrid space as a new frame of reference, as an overarching conception of our everyday. Third, it proposes the necessary micro-level updates regarding consumer self and consumption due to these changes in perspective. Fourth, it concludes by introducing privatescapes as a new global flow of shared private content with a significant impact on consumer behaviour.