Trading as Gambling
Abstract
This paper offers evidence from three different samples consistent with investors substituting between playing the lottery and gambling in financial markets. In the United States, increases in the jackpots of the multistate lotteries Powerball and Mega Millions are associated with significant reductions in small trade participation in the stock market. California-based discount brokerage clients and German discount brokerage clients are...
Paper Details
Title
Trading as Gambling
Published Date
Oct 1, 2015
Journal
Volume
61
Issue
10
Pages
2376 - 2393
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Notes
History