The behavior of institutional investors often deviates from established personal or social norms, which may reflect either an informational advantage or psychological bias. In this paper, we investigate the incentives of Chinese mutual funds holding lottery-type stocks, which are characterized...

The behavior of institutional investors often deviates from established personal or social norms; this deviation may reflect either an informational advantage or a psychological bias. In this paper, we investigate the reasons Chinese mutual funds hold lottery-type stocks, which are characterized...