Trading as Gambling
Trading as Gambling
复制标题
DOI：
10.2139/ssrn.2160996
复制
发表时间：
2012-10
期刊：
影响因子：
--
通讯作者：
A. Dorn;Daniel Dorn;Paul Sengmueller
中科院分区：
文献类型：
--
作者：
A. Dorn;Daniel Dorn;Paul Sengmueller
本文从三个不同的样本中提供了与投资者在金融市场中玩彩票和赌博之间进行替代相一致的证据。在美国，多州彩票“强力球”（Powerball）和“超级百万”（Mega Millions）头奖的增加与股市小额交易参与的显著减少有关。加州折扣经纪客户和德国折扣经纪客户在加州和德国彩票奖金较大的几周内进行交易的可能性明显降低。彩票奖金的变化会影响更像彩票的证券（如个股和期权）的投机交易，但不会影响债券和共同基金的交易。可能与长期储蓄动机有关的交易，如退休账户交易，也不会对彩票头奖做出反应。交易活动和头奖之间的负相关关系对于那些更有可能玩彩票的人来说更强。这篇论文被财经的布拉德·巴伯接受了。
This paper offers evidence from three different samples consistent with investors substituting between playing the lottery and gambling in financial markets. In the United States, increases in the jackpots of the multistate lotteries Powerball and Mega Millions are associated with significant reductions in small trade participation in the stock market. California-based discount brokerage clients and German discount brokerage clients are significantly less likely to trade during weeks with larger lottery prizes in the California and German lotteries, respectively. Variation in lottery prizes affects speculative trading in more lottery-like securities such as individual stocks and options, but not trading in bonds and mutual funds. Trading that is likely associated with long-term savings motives, such as trading in retirement accounts, does not respond to lottery jackpots, either. The negative relation between trading activity and jackpots is stronger for individuals who are more likely to play the lottery. This paper was accepted by Brad Barber, finance.