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Using betting market volume data for the NFL and NCAA Football, we examine the role of betting volume as it relates to bettor biases, forecast accuracy, and volume-based betting market strategies.  We find that betting volume has a statistically significant effect on the percentage bet on the favorite, but its impact is different between the two levels of football.  Increased betting volume was shown to not have an impact on forecast accuracy in the sports.  Simple betting simulations revealed that underdogs win more than implied by efficiency in low-volume NFL games, but other strategies did not reject market efficiency.

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We examine the relation of board size with market liquidity and adverse selection costs using a sample of Fortune 200 companies. After controlling for firm specifics, equity characteristics, and ratio of insiders, we find a direct relation between board size and equity market liquidity. Our findings indicate that board size is positively and significantly related to dollar depth but has no impact on bid-ask spreads. Furthermore, using the adverse selection component of the bid-ask spread as a proxy for transparency, we find that larger boards reduce information asymmetries, but the ratio of insiders to total board members has no impact on informational asymmetries