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政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/153753

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/153753

Title:	Market States and Lottery Preference: Evidence from Chinese Open-End Funds
Authors:	謝沛霖 Hsieh, Pei-Lin;He, Rongxin
Contributors:	財管系
Keywords:	State-dependent;Lottery preference;Maximum return;Open-end funds;Salience theory;G02;G11;G23
Date:	2023-10
Issue Date:	2024-09-11
Abstract:	Recent studies find that investors prefer funds with lottery-like payoffs. Using a sample of Chinese open-end funds, we show that investors' preference for funds' extreme positive payoffs (MAXs) depend on the state of the market: it is significant for MAXs in an unfavorable market but weak or reversed for those in a favorable market. Such state-dependent preference is irrational because, inconsistent with the flow–MAX relationship, higher MAXs under market downturns are associated with worse performance. We further document support for the salience-theory-based explanation for investors' preference and provide counter-evidence for alternative mechanisms based on rational choice or changes in aggregate flows.
Relation:	Asia-Pacific Journal of Financial Studies, Vol.52, No.5, pp.678-706
Data Type:	article
DOI 連結:	https://doi.org/10.1111/ajfs.12437
DOI:	10.1111/ajfs.12437
Appears in Collections:	[財務管理學系] 期刊論文

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