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This paper investigates the elements of fighter performance that lead an MMA bout to be considered the "best" of the night, using data on UFC Fight of the Night bonus award decisions over 15 years of events. Promoter preferences toward particular bout positions on the event card are also examined as well as the influence of crowds due to the exogenous shock of the COVID-19 pandemic. Findings suggest a meaningful difference between performance factors that generate entertainment value relative to those that tend to score points with the judges. They are also supportive of behavioral influences such as recency bias and crowd effects on promoter decision-making. [ABSTRACT FROM AUTHOR]

This paper examines whether sports betting markets are semi-strong form efficient--i.e., whether new information is rapidly and completely incorporated into betting prices. We use news on ghost games in the top European football leagues due to the COVID-19 pandemic as a clean arrival of new public information. Because spectators are absent during ghost games, the home advantage is reduced, and we test whether this information is fully reflected in betting prices. Our results show that bookmakers and betting exchanges systematically overestimated a home team's winning probability during the first period of the ghost games, which suggests that betting markets are, at least temporally, not semi-strong form efficient. Examining different leagues, we find that our main results are driven by the German Bundesliga, which was the first league to resume operations. We exploit a betting strategy that yields a positive net payoff over more than one month. [ABSTRACT FROM AUTHOR]