Who Gambles in the Stock Market

By Alok Kumar. 2009

1,567 citations recorded by the source corpus.

Subfields: Clinical Psychology, Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/96a6abb59e3fd8bd8c6ab9ae410c9b5a0a088a55

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Citations in the corpus

Who Are the Value and Growth Investors (2017, neutral): “The dynamics of investment styles chosen by retail investors have also been related to certain types of news and past experience (Kumar 2009, Campbell, Ramadorai, and Ranish 2014).”
Gambling and Comovement (2013, neutral): “…etc.) that influence investment decisions and are also correlated with local religious composition. niversity Press 88 Journal of Financial and Quantitative Analysis of the average investor holding the stock are similar to the characteristics of lottery investors identified in Kumar (2009b).”
The Idiosyncratic Volatility Puzzle: Time Trend or Speculative Episodes? (2010, neutral): “12 Kumar (2009) finds that retail investors significantly overweight low-priced stocks in their portfolios, relative to expected stock holdings if investors were to randomly choose portfolios according to market capitalization weights.”
What Matters to Individual Investors? Evidence from the Horse's Mouth (2018, neutral): “A large body of empirical literature has found that Catholics are less risk averse than Protestants (Barsky et al. (1997), Hilary and Hui (2009), Kumar (2009), Kumar, Page, and Spalt (2011), Shu, Sulaeman, and Yeung (2012), Schneider and Spalt (2016, 2017), Benjamin, Choi, and Fisher (2016)).”
Do Individual Investors Treat Trading as a Fun and Exciting Gambling Activity? Evidence from Repeated Natural Experiments (2015, background): “Kumar (2009) connects the propensity to gamble with investment decision making and shows that state lotteries and lottery-type stocks attract similar socioeconomic clienteles.”
The Genetics of Investment Biases (2014, methodology): “Skewness preference: Investors often exhibit a preference for positive skewness, i.e., lottery-type investments (e.g., Kumar, 2009).”
Risk Tolerance and Entrepreneurship (2013, background): “Kumar (2009) argues that a fraction of individual investors has a preference for gambling, i.e., are risk lovers.”
Option trading and individual investor performance (2009, neutral): “subsample analysis shows that investors lower their exposure to the market, momentum and the IT factors but increase their exposure to the size and value factors in the second subperiod, in line with Kumar’s (2006) finding that individual investors exhibit time-varying style preferences.”
Household Portfolio Underdiversification and Probability Weighting: Evidence from the Field (2018, positive): “Moreover, our paper contributes to the empirical literature showing many households hold underdiversified portfolios4 and prefer stocks with lottery like features (e.g., Kumar, 2009).”
Do Strict Capital Requirements Raise the Cost of Capital? Bank Regulation, Capital Structure and the Low Risk Anomaly (2015, background): “Individual investors may have an overconfidence- or lottery-based preference for volatile or skewed investments (Cornell 2008; Kumar 2009; Bali, Cakici, and Whitelaw 2011; Barberis and Huang 2008).”