主管:中国科学院
主办:中国优选法统筹法与经济数学研究会
   中国科学院科技战略咨询研究院

Chinese Journal of Management Science ›› 2021, Vol. 29 ›› Issue (11): 224-236.doi: 10.16381/j.cnki.issn1003-207x.2019.1299

• Articles • Previous Articles     Next Articles

Who Gambles in the Market? A Study on Mutual Funds’ Preferences for Lottery-like Stocks

XIANG Cheng, YANG Jun   

  1. School of Economics and Business Administration, Chongqing University, Chongqing 400030, China
  • Received:2019-09-01 Revised:2020-06-04 Online:2021-11-20 Published:2021-11-22
  • Contact: 向诚 E-mail:xiangcheng@cqu.edu.cn

Abstract: Recent studies have shown that investors prefer stocks with lottery features (lottery preferences hereafter), which have relatively low expected returns but a small chance of huge pay-offs. However, most studies in this field focus on individual investors, assuming that institutional investors are rational and professional market participants and do not gamble in the market.

Key words: lottery-like stocks; mutual funds; fund manager characteristics; investor sentiment; skewness

CLC Number: