Culture imprint and gambling preference: Evidence from individual investors' trading in the Chinese stock market

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review Pub Date : 2024-04-18 DOI:10.1016/j.ememar.2024.101136

Jing Hao , Ziqiao Wang , Xiaotao Zhang , Feng He , Xuehong Chen

引用次数: 0

Abstract

Using the stock transaction records of individual investors from a large brokerage firm in China, we explore the impact of Confucian culture on the gambling preferences of individual investors. After a series of tests, we find a significant negative relationship between Confucianism and the lottery-type stock preference of individual investors, indicating that Confucian culture inhibits gambling preferences in stock investment. This effect is more pronounced for female investors, middle-aged investors and investors in regions with higher gambling sentiment. Investor risk preference mediates the relationship between Confucian culture and lottery-type stock preference.

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文化印记与赌博偏好：来自中国股市个人投资者交易的证据

我们利用中国一家大型券商的个人投资者股票交易记录，探讨了儒家文化对个人投资者赌博偏好的影响。经过一系列检验，我们发现儒家文化与个人投资者的彩票型股票偏好之间存在显著的负相关关系，表明儒家文化抑制了股票投资中的赌博偏好。这一效应对女性投资者、中年投资者和赌博情绪较高地区的投资者更为明显。投资者的风险偏好是儒家文化与彩票型股票偏好之间关系的中介。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Emerging Markets Review Multiple-

CiteScore

7.10

自引率

4.20%

发文量

审稿时长

100 days

期刊介绍： The intent of the editors is to consolidate Emerging Markets Review as the premier vehicle for publishing high impact empirical and theoretical studies in emerging markets finance. Preference will be given to comparative studies that take global and regional perspectives, detailed single country studies that address critical policy issues and have significant global and regional implications, and papers that address the interactions of national and international financial architecture. We especially welcome papers that take institutional as well as financial perspectives.