| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29543 |
| 来源ID | Working Paper 29543 |
| Attention, Social Interaction, and Investor Attraction to Lottery Stocks | |
| Turan G. Bali; David Hirshleifer; Lin Peng; Yi Tang | |
| 发表日期 | 2021-12-06 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We find that among stocks dominated by retail investors, the lottery anomaly is amplified by high investor attention (proxied by high analyst coverage, salient earnings surprises, or recency of extreme positive returns) and intense social interactions (proxied by Facebook social connectedness or population density near firm headquarters). Such stocks’ lottery features attract greater Google search volume and retail net buying, followed by more negative earnings surprises and lower announcement-period returns. The findings provide insight into the roles of attention and social interaction in securities markets, and support the hypothesis that these forces contribute to investor attraction to lottery stocks. |
| 主题 | Microeconomics ; Economics of Information ; Behavioral Economics ; Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets ; Behavioral Finance |
| URL | https://www.nber.org/papers/w29543 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/587217 |
| 推荐引用方式 GB/T 7714 | Turan G. Bali,David Hirshleifer,Lin Peng,et al. Attention, Social Interaction, and Investor Attraction to Lottery Stocks. 2021. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w29543.pdf（672KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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