Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/61456
PIRA download icon_1.1View/Download Full Text
Title: Gambling in the Hong Kong Stock Market
Authors: Chan, YC 
Chui, ACW 
Issue Date: Jul-2016
Source: International review of economics and finance, July 2016, v. 44, p. 204-218
Abstract: This paper documents the existence of a lottery-stock premium in the Hong Kong stock market as reflected by the finding that stocks with stronger lottery features during the current month have poorer future return in the following month. The lottery-stock premium is weaker for stocks with persistent lottery features and is stronger when the overall stock market is more volatile or has poorer returns. In addition, the strength of lottery features can predict the future upside potential of the stock. Overall, this study indicates that people's gambling attitudes affect stock price movements and speculative investors are trading off between the poorer mean return and the better right-hand tail of the return distribution when they are buying the lottery-like securities.
Keywords: Cross-sectional stock returns
Lottery-stock premium
Maximum daily returns
Publisher: JAI
Journal: International review of economics and finance 
ISSN: 1059-0560
DOI: 10.1016/j.iref.2016.04.012
Rights: © 2016 Elsevier Inc. All rights reserved.
© 2016. This manuscript version is made available under the CC-BY-NC-ND 4.0 license https://creativecommons.org/licenses/by-nc-nd/4.0/
The following publication Chan, Y. C., & Chui, A. C. (2016). Gambling in the Hong Kong stock market. International Review of Economics & Finance, 44, 204-218 is available at https://doi.org/10.1016/j.iref.2016.04.012
Appears in Collections:Journal/Magazine Article

Files in This Item:
File Description SizeFormat 
Chan_Gambling_Hong_Kong.pdfPre-Published version1.3 MBAdobe PDFView/Open
Open Access Information
Status open access
File Version Final Accepted Manuscript
Access
View full-text via PolyU eLinks SFX Query
Show full item record

Page views

110
Last Week
7
Last month
Citations as of Aug 7, 2022

Downloads

8
Citations as of Aug 7, 2022

SCOPUSTM   
Citations

20
Last Week
0
Last month
Citations as of Aug 4, 2022

WEB OF SCIENCETM
Citations

20
Last Week
0
Last month
Citations as of Aug 4, 2022

Google ScholarTM

Check

Altmetric


Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.