This paper proposes an historical analysis of lottery linked financial assets. We show that these kind of assets are very famous and are able to raise a huge amount of money even when their expected return is relatively low. In some cases, they can be considered as a really cheap source of fund....

The Behavioral Portfolio Theory (BPT) developed by Shefrin and Statman (2000) is often set against Markowitz's (1952) Mean Variance Theory (MVT). In this paper, we compare the asset allocations generated by BPT and MVT without restrictions. Using U.S. stock prices from the CRSP database for the...