Dogs No Longer Man's Best Friend: A Test of Football Market Efficiency
The outcomes of wagers on underdogs in the National Football League for the 2003-2007 seasons indicated that what had been anomalous behavior no longer existed. The failure of underdogs to beat the spread in profitable or nonrandom fashion supports the argument that competitive markets are efficient and undermines the proposition that behavioral finance can illuminate exploitable betting patterns.
Kochman, L. (2009). Dogs No Longer Man's Best Friend: A Test of Football Market Efficiency. Virginia Economic Journal, 1463-66.