Abstract
Abstract: NCAA football has a clear classification of “large” (AQ) and “small” (non-AQ) conferences. This setting lends itself to the testing of the “small-firm” effect found in financial markets in the college football betting market. The “small-firm” effect occurs when small cap firms outperform large cap firms; typically attributed to difficulty and costs in finding information on small firms. In college football, AQ-teams win more than implied by efficiency against non-AQ teams. At the same time, AQ teams receive a disproportionate share of bets on these games. The likely rationale behind these findings is the incentives created by the BCS system which leads the point spread to not be a true random variable within this market.
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