TY  - UNPD
A1  - Kormanyos, Emily
A1  - Hanspal, Tobin
A1  - Hackethal, Andreas
T1  - Do gamblers invest in lottery stocks?
T2  - SAFE working paper ; No. 373
N2  - Previous studies document a relationship between gambling activity at the aggregate level and investments in securities with lottery-like features. We combine data on individual gambling consumption with portfolio holdings and trading records to examine whether gambling and trading act as substitutes or complements. We find that gamblers are more likely than the average investor to hold lottery stocks, but significantly less likely than active traders who do not gamble. Our results suggest that gambling behavior across domains is less relevant compared to other portfolio characteristics that predict investing in high-risk and high-skew securities, and that gambling on and off the stock market act as substitutes to satisfy the same need, e.g., sensation seeking.
T3  - SAFE working paper - 373 
KW  - Gambling
KW  - Retail investors
KW  - Lottery stocks
KW  - betting
KW  - risk preference
KW  - stock market investment
Y1  - 2022
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/70114
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-701141
UR  - https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4307554
N1  - JEL-Klassifikation:
G5 Household Finance / G50 General
G4 Behavioral Finance / G40 General
PB  - SAFE
CY  - Frankfurt am Main
ER  -