A study that tested the neglected-firm effect in the football-betting market for the 1985-1995 period was replicated for the 1996-2002 seasons. Wins-to-bets ratios were again compiled for the college teams rated "most-neglected" and "least-neglected"; however, schools so designated in the earlier investigation were re-evaluated and, where necessary, replaced to ensure that neglect -- and not specific teams -- functioned as the explanatory variable. Results suggest that neglected teams are not an exception to the efficient market hypothesis (EMH).
Ladd Kochman and Randy Goodwin. "Football Betting And The Neglected-Firm Effect Revisited: A Note." New York Economic Review. vol. 35, Fall 2004, p. 64-68
BibTeX entry download