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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/155581


    Title: Lottery jackpot winnings and retail trading in the neighborhood
    Authors: 詹育儒
    Chan, Yu-Ju;Bui, Dien Giau;Lin, Chih-Yung;Lin, Tse-Chun
    Contributors: 金融系
    Keywords: Lottery winnings;Regrefulness;Probability weighting;Trading turnover;Retail investors
    Date: 2024-10
    Issue Date: 2025-02-05 16:13:55 (UTC+8)
    Abstract: We use lottery jackpot winnings in a neighborhood as an exogenous shock to investing in stocks. We find that retail investors whose brokerages are near the stores that sell winning tickets buy more stocks than their counterparts after the shock. These purchases lead to lower returns. We use a survey to identify the behavioral factors like regretfulness and probability weighting that are the main drivers of our findings. Moreover, these investors tend to buy more lottery-like stocks, but the shock does not affect their selling decisions. Finally, we perform several falsification tests and robustness checks and find consistent results.
    Relation: Journal of Banking and Finance, Vol.167, 107269
    Data Type: article
    DOI link: https://doi.org/10.1016/j.jbankfin.2024.107269
    DOI: 10.1016/j.jbankfin.2024.107269
    Appears in Collections:[Department of Money and Banking] Periodical Articles

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