3.9 Article

Lottery preference and stock market participation: evidence from China

相关参考文献

注意:仅列出部分参考文献,下载原文获取全部文献信息。
Article Business, Finance

Jump volatility spillover network based measurement of systemic importance of Chinese financial institutions

Xin Yang et al.

Summary: This study constructs jump volatility spillover networks of Chinese financial institutions based on high-frequency data and analyzes SIFIs. The empirical results show that network density reaches its peak during periods of high financial system pressure. Large banks and insurances are usually considered to have systemic importance, and some small financial institutions may also be SIFIs due to their high out-strength and in-strength. Factors affecting out-strength and in-strength vary, but turnover rate, jump volatility, firm size, and growth rate of total assets are common driving factors.

INTERNATIONAL JOURNAL OF FINANCE & ECONOMICS (2023)

Article Business

Measurement of Individual Investor Sentiment and Its Application: Evidence from Chinese Stock Message Board

Chuangxia Huang et al.

Summary: This paper investigates the relationship between individual investor sentiment in Chinese stock message board Guba Eastmoney and market returns and volatility. The authors propose a novel sentiment measurement algorithm called SO-LNPMI and demonstrate that it has higher accuracy and better adaptive property compared to traditional methods. The study finds that negative sentiment is negatively correlated with market returns, while positive sentiment does not have a statistically significant impact on market returns. Additionally, positive (negative) sentiment is negatively (positively) correlated with market volatility. These findings are robust across various tests.

EMERGING MARKETS FINANCE AND TRADE (2022)

Article Business, Finance

Internet and private insurance participation

Zhifeng Liu et al.

Summary: This paper examines the impact of the Internet on private insurance participation using household survey data from China. The results show that the Internet has a significant positive effect on households' private insurance participation, mainly driven by positive information on News Portals. In contrast, information on insurance from BBSs has a deterrent effect. Additionally, trust in the information received online is found to be an essential factor for participating in private insurance.

INTERNATIONAL JOURNAL OF FINANCE & ECONOMICS (2022)

Article Business, Finance

Searching for Gambles: Gambling Sentiment and Stock Market Outcomes

Yao Chen et al.

Summary: The study shows that when overall gambling sentiment is strong, there is an increase in investor demand for lottery stocks, leading to positive short-term abnormal returns. Managers are more likely to split stocks to meet the increased demand for low-priced lottery stocks, and initial public offerings (IPOs) tend to earn higher first day returns in such conditions.

JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS (2021)

Article Economics

Lottery preference and stock market return: Chinese evidence using daily and provincial data

Tingting Zhang et al.

Summary: The study finds a relationship between lottery preference and stock market returns, with high lottery preference leading to short-term positive returns on stocks. However, this effect reverses in the following periods. Additionally, the impact of global lottery preference is more significant, and in regions with stronger lottery preference, the positive effects last longer.

APPLIED ECONOMICS LETTERS (2021)

Article Business, Finance

Relationship between investor sentiment and earnings news in high- and low-sentiment periods

Zhuo Li et al.

Summary: Investor sentiment affects the immediate reaction of stock prices to earnings news, with stock prices showing increased sensitivity to good news during high-sentiment periods and to bad news during low-sentiment periods. The impact of sentiment is more pronounced for young, high volatility, growth, and distressed stocks, while small stocks are not always more exposed to sentiment. Further analysis indicates that short sales can enhance informational efficiency in stock prices' sensitivity to bad earnings news.

INTERNATIONAL JOURNAL OF FINANCE & ECONOMICS (2021)

Article Economics

Household debt and happiness: evidence from the China Household Finance Survey

Zhifeng Liu et al.

APPLIED ECONOMICS LETTERS (2020)

Review Business, Finance

FinTech and household finance: a review of the empirical literature

Sumit Agarwal et al.

CHINA FINANCE REVIEW INTERNATIONAL (2020)

Article Business, Finance

Dynamic impacts of crude oil price on Chinese investor sentiment: Nonlinear causality and time-varying effect

Zhifang He

INTERNATIONAL REVIEW OF ECONOMICS & FINANCE (2020)

Article Business, Finance

Retail investor attention and stock price crash risk: Evidence from China

Fenghua Wen et al.

INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS (2019)

Article Physics, Multidisciplinary

The neighborhood effects of provincial-level stock market participation in China

Zhifeng Liu et al.

PHYSICA A-STATISTICAL MECHANICS AND ITS APPLICATIONS (2018)

Article Management

Trading as Gambling

Anne Jones Dorn et al.

MANAGEMENT SCIENCE (2015)

Article Business, Finance

Social Engagement and Stock Market Participation*

Frederick K. Changwony et al.

REVIEW OF FINANCE (2015)

Article Business, Finance

The Sum of All FEARS Investor Sentiment and Asset Prices

Zhi Da et al.

REVIEW OF FINANCIAL STUDIES (2015)

Article Business, Finance

Death and jackpot: Why do individual investors hold overpriced stocks?

Jennifer Conrad et al.

JOURNAL OF FINANCIAL ECONOMICS (2014)

Article Business, Finance

Financial literacy and its consequences: Evidence from Russia during the financial crisis

Leora Klapper et al.

JOURNAL OF BANKING & FINANCE (2013)

Article Management

Initial Public Offerings as Lotteries: Skewness Preference and First-Day Returns

T. Clifton Green et al.

MANAGEMENT SCIENCE (2012)

Article Business, Finance

Peer performance and stock market entry

Markku Kaustia et al.

JOURNAL OF FINANCIAL ECONOMICS (2012)

Article Business, Finance

IQ and Stock Market Participation

Mark Grinblatt et al.

JOURNAL OF FINANCE (2011)

Article Business, Finance

Trust, Sociability, and Stock Market Participation

Dimitris Georgarakos et al.

REVIEW OF FINANCE (2011)

Article Business, Finance

Who Gambles in the Stock Market?

Alok Kumar

JOURNAL OF FINANCE (2009)

Article Business, Finance

Neighbors matter: Causal community effects and stock market participation

Jeffrey R. Brown et al.

JOURNAL OF FINANCE (2008)

Article Business, Finance

Trusting the stock market

Luigi Guiso et al.

JOURNAL OF FINANCE (2008)

Article Business, Finance

Social interaction and stock-market participation

H Hong et al.

JOURNAL OF FINANCE (2004)