文章基本信息

标题：Do Investors Buy Lotteries in China’s Stock Market?
本地全文：下载
作者：Yu Liang ; Weiqiang Zhang
期刊名称：Journal of Applied Finance and Banking
印刷版ISSN：1792-6580
电子版ISSN：1792-6599
出版年度：2016
卷号：6
期号：5
出版社：Scienpress Ltd
摘要： Motivated by existing evidence of individual investors’ gambling preference in U.S. stock market (Kumar, 2009), this paper investigates characteristics of lottery-type stocks and individuals’ gambling preference in China’s stock market. Based on the practice situation of China’s stock market, this paper improves existing classification method and defines the lottery-type stocks as stocks with high MAX, high turnover rate, and low price. We show some unique characteristics of lottery-type stocks in China’s stock market. The distribution of lottery-type stocks in different industries is unbalanced, and the “lottery” feature is not permanent. The empirical results indicate that individual investors overweight stocks with lottery features in China’s stock market. Further, we find that individual investors exhibit a stronger gambling preference in the bull market.