Do retail investors gamble more during lockdown?

IF 1.8 4区经济学 Q2 BUSINESS, FINANCE

International Review of Finance Pub Date : 2024-10-06 DOI:10.1111/irfi.12476

Pantisa Pavabutr, Bin Zhao

引用次数: 0

Abstract

Retail investors are known to favor stocks with lottery-like features and trade too much. Less is known about their intertemporal demand and risk-taking behavior in lottery-type stocks. We use intraday transaction data between September 2019 and June 2020 from the Stock Exchange of Thailand to test how individual's risk attitude changes with respect to decline in their wealth prospects during the COVID-19 lockdown. The behavior of the investors supports a reference dependent preference. Confronted with lowered wealth prospects, retail investors substantially reduce their underweighting in nonlottery stocks while increasing overweighting and turnover frequency in lottery stocks resulting in deteriorating portfolio performance.

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散户投资者在封锁期间是否会加大赌博？

众所周知，散户投资者偏爱具有彩票特征的股票，交易频繁。对于他们在彩票类股票中的跨期需求和冒险行为知之甚少。我们使用泰国证券交易所2019年9月至2020年6月的盘中交易数据，来测试在2019冠状病毒病封锁期间，个人对财富前景下降的风险态度是如何变化的。投资者的行为支持参考依赖偏好。面对财富前景下降，散户大幅减持非彩票类股票，增持彩票类股票，换手频率增加，导致投资组合业绩恶化。

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

International Review of Finance BUSINESS, FINANCE-

CiteScore

3.30

自引率

5.90%

发文量

期刊介绍： The International Review of Finance (IRF) publishes high-quality research on all aspects of financial economics, including traditional areas such as asset pricing, corporate finance, market microstructure, financial intermediation and regulation, financial econometrics, financial engineering and risk management, as well as new areas such as markets and institutions of emerging market economies, especially those in the Asia-Pacific region. In addition, the Letters Section in IRF is a premium outlet of letter-length research in all fields of finance. The length of the articles in the Letters Section is limited to a maximum of eight journal pages.