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A sports lottery in Korea presents a unique opportunity for comparing a parimutuel-type sports lottery market against a bookmaker market outside the realm of horse racing. Using two- and three-game soccer final-score betting in the sports lottery market in Korea, which features matches in the English Premier League, we compare winning payoffs in this parimutuel-type sports lottery against corresponding payoffs from an established bookmaker market in the United Kingdom. We find that for outcomes with relatively high payouts (that is, lower-probability events), winning bets placed in the sports lottery market have greater payoffs than corresponding bets placed in the bookmaker-based market. However, the opposite is true for outcomes with relatively low payouts (that is, higher-probability events). Results suggest that participants in the sports lottery market tend to bet more toward high-probability events than the amount implied by the bookmaker's odds. Results also suggest that the favorite-longshot bias is still present in the bookmaker market, even when there is less threat of privately informed bettors than in horse racing. JEL Classification: G14, L83, 1. Introduction Market mechanisms under which sports betting takes place can be categorized into two major types: a bookmaker system and a parimutuel market system. In a bookmaker-based system, the [...]

To authenticate to the full-text of this article, please visit this link: http://dx.doi.org/10.1111/j.1475-6803.2009.01254.x Byline: Joon Ho Hwang (*), Bill Hu ([dagger]) Keywords: G34 Abstract: Abstract We empirically decompose private benefits into benefits accruing from ownership and benefits accruing from control. We document that private benefits increase slowly with respect to the ownership level but increase rapidly with respect to the blockholder's likelihood of exercising control. The decomposition of private benefits allows us to quantify the magnitude of nonpecuniary private benefits by examining the block premium when the blockholder's likelihood of exercising control is close to zero. We find that the size of nonpecuniary private benefits ranges from 0.61% to 5.92% of the share price, or 18% to 29% of the total private benefits. Author Affiliation: (*)Korea University Business School ([dagger])Arkansas State University

A study was conducted on the prediction of failure strengths and failure modes of pin-loaded laminated composite plates using the penalty finite element method. The findings indicate the importance of geometric parameters and clearance on both the failure strengths and failure modes. Moreover, the present formulation is an efficient approach for predicting the failure characteristics of the pin-loaded laminated composite plate.

A general method is developed of designing distributed modal transducers, especially for use in the active vibration control of structure. For this purpose, a new two-dimensional modal transducer theory has been developed. This theory is based on the finite element model of the structure, which makes it possible to determine spatial gain distribution of the specific modal transducer without restrictions on the geometry and boundary conditions of the structure. Although the optimal gain distribution can be obtained theoretically, there is no practical means of implementing it. Therefore, two design methods of distributed modal transducer are developed, which optimize available parameters of piezoelectric film to approximate optimal gain distribution best. The first method uses multilayered polyvinylidene fluoride (PVDF) films as a single transducer. The electrode pattern, the lamination angle, and the relative poling direction of each PVDF layer are optimized to obtain the desired transducer. In the second method, the whole electrode area on a single PVDF film is divided into several segments, and the gain weight imposed on each segment by interface circuit is optimized. Sensor/actuator systems for the vibration control of cantilever composite plate are designed using the proposed methods. The performance of the designed transducers is verified experimentally. The real-time vibration control of integrated smart structure has been successfully achieved.