This study examines the effect of industry cash flow volatility on the risks of stock price crash by investigating Chinese A-share listed companies from 2005 to 2015. Findings reveal that increases in the degree of volatility in industry cash flow significantly increase the risk of a stock price...

This paper uses the lottery search index to measure public gambling sentiment, and exams the impact of temporal changes in gambling sentiment on trading behaviour, liquidity and yield of lottery stocks. We show that investors view lottery tickets and lottery stocks as alternative investments,...