Lottery Players/Stock Traders

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Who Gambles in the Stock Market (2009, background): “1 Electronic copy available at: https://ssrn.com/abstract=1263479 Previous studies have emphasized the potential role of gambling in investment decisions (e.g., Friedman and Savage (1948), Markowitz (1952), Shiller (1989, 2000), Shefrin and Statman (2000), Statman (2002), Barberis and Huang (2008)).”
Gambling Preference and the New Year Effect of Assets with Lottery Features (2012, background): “…that, relative to firms, customers more likely place open buy orders on call than on put options, particularly in January.2 This is consistent with the notion that unsophisticated investors usually bet on calls rather than on puts for upside potentials (Shefrin and Statman 2000; Statman 2002).”
Do Individual Investors Treat Trading as a Fun and Exciting Gambling Activity? Evidence from Repeated Natural Experiments (2015, background): “D), Grinblatt and Keloharju (2001, Introduction), and Statman (2002).”