Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/61456
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dc.contributorSchool of Accounting and Financeen_US
dc.creatorChan, YCen_US
dc.creatorChui, ACWen_US
dc.date.accessioned2016-12-19T08:55:57Z-
dc.date.available2016-12-19T08:55:57Z-
dc.identifier.issn1059-0560en_US
dc.identifier.urihttp://hdl.handle.net/10397/61456-
dc.language.isoenen_US
dc.publisherJAIen_US
dc.rights© 2016 Elsevier Inc. All rights reserved.en_US
dc.rights© 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/en_US
dc.rightsThe 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.2016.04.012en_US
dc.subjectCross-sectional stock returnsen_US
dc.subjectLottery-stock premiumen_US
dc.subjectMaximum daily returnsen_US
dc.titleGambling in the Hong Kong Stock Marketen_US
dc.typeJournal/Magazine Articleen_US
dc.identifier.spage204en_US
dc.identifier.epage218en_US
dc.identifier.volume44en_US
dc.identifier.doi10.1016/j.iref.2016.04.012en_US
dcterms.abstractThis 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.en_US
dcterms.accessRightsopen accessen_US
dcterms.bibliographicCitationInternational review of economics and finance, July 2016, v. 44, p. 204-218en_US
dcterms.isPartOfInternational review of economics and financeen_US
dcterms.issued2016-07-
dc.identifier.isiWOS:000378456800014-
dc.identifier.scopus2-s2.0-84966318647-
dc.identifier.ros2016001319-
dc.identifier.rosgroupid2016001301-
dc.description.ros2016-2017 > Academic research: refereed > Publication in refereed journalen_US
dc.description.validate201804_a bcmaen_US
dc.description.oaAccepted Manuscripten_US
dc.identifier.FolderNumberAF-0191-
dc.description.fundingSourceOthersen_US
dc.description.fundingTextHong Kong Polytechnic Universityen_US
dc.description.pubStatusPublisheden_US
dc.identifier.OPUS6641712-
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