Background and aims To review the conceptual and empirical relationship between
gambling, investing, and speculation. Methods An analysis of the attributes differentiating …

This paper investigates whether attitudes towards gambling help explain the occurrence of
stock price crashes in China. By using a province's per capita welfare lottery sales as a …

This paper documents a significantly negative cross-sectional relation between left-tail risk
and future returns on individual stocks trading in the US and international countries. We …

The low (high) abnormal returns of stocks with high (low) beta, which we refer to as the beta
anomaly, is one of the most persistent anomalies in empirical asset pricing research. This …

Non-fungible tokens (NFTs) exist today as a component of a broader, ever-evolving financial
environment in which questions of value, ownership, and intention are characterized by their …

This study offers a comprehensive and multidisciplinary review of the research on the
antecedents of investor valuation in the management, accounting, and finance literature …

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 …

This is the first paper that explores lottery-like demand in cryptocurrency markets. Since
recent research provides evidence that cryptocurrency returns appear to be short-memory …

We hypothesize that when investors pay less attention to financial markets, they rationally
allocate relatively more attention to market-level information than to firm-specific information …

Our study sheds new light on the determinants of firms' financial investment behavior from
the perspective of local gambling culture. Using data on Chinese non-financial listed firms …