lottery game setup in China. This lottery game is similar to the lotteries in other countries except that there is a cap …

paper investigates characteristics of lottery-type stocks and individuals' gambling preference in China's stock market … features in China's stock market. Further, we find that individual investors exhibit a stronger gambling preference in the bull …Motivated by existing evidence of individual investors' gambling preference in U.S. stock market (Kumar, 2009), this …

and Cook (1989) suggest that hope is a key sentiment underpinning recreational gambling. Chew and Ho (1994) offer the view … lottery sales. We test this hypothesis using data from China and find that air pollution measured by particle concentration …

Considering the strong gambling preference of retail investors in emerging markets and using the data of Chinese A …-share listed companies from 2000 to 2018, this paper constructs an index of investor's gambling preference based on the theory of … explicit preference and develops a factor model to capture the risk premium of gambling by introducing gambling factors. The …