Trading as Gambling

Published Online:https://doi.org/10.1287/mnsc.2014.1979

References

  • Achen CH (2001) Why lagged dependent variables can suppress the explanatory power of other independent variables. Working paper, University of Michigan, Ann Arbor.Google Scholar
  • Albers N, Hübl L (1997) Gambling market and individual patterns of gambling in Germany. J. Gambling Stud. 13(2):125–144.CrossrefGoogle Scholar
  • Barber B, Odean T (2000) Trading is hazardous to your wealth: The common stock investment performance of individual investors. J. Finance 55(2):773–806.CrossrefGoogle Scholar
  • Barber B, Odean T (2002) Online investors: Do the slow die first? Rev. Financial Stud. 15(2):455–487.CrossrefGoogle Scholar
  • Barber B, Odean T (2008) All that glitters: The effect of attention and news on the buying behavior of individual and institutional investors. Rev. Financial Stud. 21(2):785–818.CrossrefGoogle Scholar
  • Barber BM, Odean T, Zhu N (2009a) Systematic noise. J. Financial Markets 12(4):547–569.CrossrefGoogle Scholar
  • Barber BM, Lee YT, Liu Y-J, Odean T (2009b) Just how much do individual investors lose by trading? Rev. Financial Stud. 22(2):609–632.CrossrefGoogle Scholar
  • Battalio RH, Mendenhall RR (2005) Earnings expectations, investor trade size, and anomalous returns around earnings announcements. J. Financial Econom. 77(2):289–319.CrossrefGoogle Scholar
  • Choe H, Hansch O (2005) Which trades move stock prices? Stealth trading revisited. Working paper, Pennsylvania State University, State College.Google Scholar
  • Chordia T, Roll R, Subrahmanyam A (2011) Recent trends in trading activity and market quality. J. Financial Econom. 101(2):243–263.CrossrefGoogle Scholar
  • Clotfelter CT, Cook PJ (1989) Selling Hope: State Lotteries in America (Harvard University Press, Cambridge, MA).Google Scholar
  • Dennis P, Strickland D (2002) Who blinks in volatile markets, individuals or institutions? J. Finance 57(5):1923–1950.CrossrefGoogle Scholar
  • Dorn D, Sengmueller P (2009) Trading as entertainment? Management Sci. 55(4):591–603.LinkGoogle Scholar
  • Dorn AJ, Dorn D, Sengmueller P (2007) Trading as gambling: Evidence from the U.S. Working paper, Columbia University, New York.Google Scholar
  • Farrell L, Walker I (1999) The welfare effects of lotto: Evidence from the UK. J. Public Econom. 72(1):99–120.CrossrefGoogle Scholar
  • French KR (2008) The cost of active investing. J. Finance 63(4):1537–1573.CrossrefGoogle Scholar
  • Gao X, Lin T-C (2012) Do individual investors trade stocks as gambling? Evidence from repeated natural experiments. Working paper, University of Hong Kong, Hong Kong.Google Scholar
  • Green TC, Hwang B-H (2012) Initial public offerings as lotteries: Skewness preference and first-day returns. Management Sci. 58(2):432–444.LinkGoogle Scholar
  • Green RC, Rydqvist K (1997) The valuation of nonsystematic risks and the pricing of Swedish lottery bonds. Rev. Financial Stud. 10(2):447–480.CrossrefGoogle Scholar
  • Grinblatt M, Keloharju M (2009) Sensation seeking, overconfidence, and trading activity. J. Finance 64(2):549–578.CrossrefGoogle Scholar
  • Guillen MF, Tschloegl AE (2002) Banking on gambling: Banks and lottery-linked deposit accounts. J. Financial Services Res. 21(3):219–231.CrossrefGoogle Scholar
  • Kumar A (2009) Who gambles in the stock market? J. Finance 64(4):1889–1933.CrossrefGoogle Scholar
  • Lakonishok J, Maberly E (1990) The weekend effect: Trading patterns of individual and institutional investors. J. Finance 45(1):231–243.CrossrefGoogle Scholar
  • Lee CMC (1992) Earnings news and small traders: An intraday analysis. J. Accounting Econom. 15(2–3):265–302.CrossrefGoogle Scholar
  • Lee CMC, Radhakrishna B (2000) Inferring investor behavior: Evidence from TORQ data. J. Financial Markets 3(2):83–111.CrossrefGoogle Scholar
  • Odean T (1999) Do investors trade too much? Amer. Econom. Rev. 89(5):1279–1298.CrossrefGoogle Scholar
  • O’Hara M, Yao C, Ye M (2014) What’s not there: Odd lots and market data. J. Finance 69(5):2199–2236.CrossrefGoogle Scholar
  • Oster E (2004) Are all lotteries regressive? Evidence from the Powerball. Natl. Tax J. 57(2):179–187.CrossrefGoogle Scholar
  • Papke LE, Wooldridge JM (1996) Econometric methods for fractional response variables with an application to 401(k) plan participation rates. J. Appl. Econometrics 11(6):619–632.CrossrefGoogle Scholar
  • Pavalko RM (2001) Problem Gambling and Its Treatment (Charles C. Thomas, Springfield, IL).Google Scholar
  • Scott F, Garen J (1994) Probability of purchase, amount of purchase, and the demographic incidence of the lottery tax. J. Public Econom. 54(1):121–143.CrossrefGoogle Scholar
  • Shiller RJ (2005) Irrational Exuberance, 2nd ed. (Princeton University Press, Princeton, NJ).Google Scholar
  • Statman M (2002) Lottery players/stock traders. Financial Analysts J. 58(1):14–21.CrossrefGoogle Scholar
  • Zuckerman M (1994) Behavioral Expressions and Biosocial Bases of Sensation Seeking (Cambridge University Press, Cambridge, UK).Google Scholar
INFORMS site uses cookies to store information on your computer. Some are essential to make our site work; Others help us improve the user experience. By using this site, you consent to the placement of these cookies. Please read our Privacy Statement to learn more.