TAILIEUCHUNG - Who Gambles In The Stock Market?

In the second panel of the table we show the results of a fixed effects regression. Here in addition to the other controls we include fixed effects for each firm and for each year. In this way we minimize any effects of endogeneity: The fixed effects are likely to pick up any covariation that is caused by particular firms or time periods having unusual characteristics. For example, in the early years of our sample executives held many fewer options as a group. If the earlier years of return data exhibit especially high or low return volatility, this could contaminate the regression results | Who Gambles In The Stock Market ALOK KUMAR ABSTRACT This study shows that the propensity to gamble and investment decisions are correlated. At the aggregate level individual investors prefer stocks with lottery features and like lottery demand the demand for lottery-type stocks increases during economic downturns. In the cross-section socioeconomic factors that induce greater expenditure in lotteries are associated with greater investment in lottery-type stocks. Further lottery investment levels are higher in regions with favorable lottery environments. Because lottery-type stocks underperform gambling-related underperformance is greater among low-income investors who excessively overweight lottery-type stocks. These results indicate that state lotteries and lottery-type stocks attract very similar socioeconomic clienteles. THE DESIRE TO GAMBLE IS DEEP-ROOTED in the human psyche. This fascination with games of chance can be traced back at least a few centuries. A complex set of biological psychological religious and socioeconomic factors jointly determines an individual s propensity to gamble . France 1902 Brenner 1983 Walker 1992 . In this study I investigate the extent to which people s overall attitudes toward gambling influence their stock investment decisions. Previous studies have emphasized the potential role of gambling in investment decisions . Friedman and Savage 1948 Markowitz 1952 Shiller 1989 2000 Shefrin and Statman 2000 Statman 2002 Barberis and Huang 2008 . For instance Markowitz Alok Kumar is at the McCombs School of Business University of Texas at Austin. I would like to thank two anonymous referees an anonymous associate editor Lucy Ackert Warren Bailey Brad Barber Nick Bar-beris Robert Battalio Garrick Blalock Markus Brunnermeier Vidhi Chhaochharia Sudheer Chava Lauren Cohen Shane Corwin Josh Coval Henrik Cronqvist Steve Figlewski Margaret Forster Amit Goyal Bing Han Cam Harvey the editor David Hirshleifer Scott Irwin Narasimhan Jegadeesh

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