Cultural celebrations and investor gambling behavior

IF 3.9 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance Pub Date : 2026-03-01 Epub Date: 2026-01-02 DOI:10.1016/j.jbef.2026.101139

John Hua Fan , Mingyi Li , Xinyu Wang

引用次数: 0

Abstract

We document a surge in gambling demand surrounding the Lunar New Year (LNY) period in the Chinese A-share market. Lottery-like stocks significantly outperform non-lottery-like stocks by 4.1 % over the ten trading days following the LNY. These gains gradually diminish over the longer term, consistent with a short-term mispricing effect. This effect is specific to the LNY window and is not observed during other major Chinese holidays or ordinary trading periods. Furthermore, the phenomenon is not driven by state-owned enterprises or Special Treatment (ST) stocks. Overall, our findings suggest that the cultural significance of the Chinese Lunar New Year plays a distinct role in shaping investor gambling demand and asset pricing dynamics.

查看原文本刊更多论文

文化庆典和投资者赌博行为

我们记录了中国a股市场在农历新年（LNY）期间赌博需求的激增。在纽约股市之后的10个交易日中，彩票类股票的表现明显优于非彩票类股票，高出4.1% %。长期来看，这些收益会逐渐减少，这与短期错误定价效应是一致的。这种影响是特定于LNY窗口的，在中国其他主要节日或普通交易时段不存在。此外，这种现象不是由国有企业或特殊待遇（ST）股票驱动的。总体而言，我们的研究结果表明，中国农历新年的文化意义在塑造投资者赌博需求和资产定价动态方面发挥着独特的作用。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Journal of Behavioral and Experimental Finance BUSINESS, FINANCE-

CiteScore

13.20

自引率

6.10%

发文量

审稿时长

69 days

期刊介绍： Behavioral and Experimental Finance represent lenses and approaches through which we can view financial decision-making. The aim of the journal is to publish high quality research in all fields of finance, where such research is carried out with a behavioral perspective and / or is carried out via experimental methods. It is open to but not limited to papers which cover investigations of biases, the role of various neurological markers in financial decision making, national and organizational culture as it impacts financial decision making, sentiment and asset pricing, the design and implementation of experiments to investigate financial decision making and trading, methodological experiments, and natural experiments. Journal of Behavioral and Experimental Finance welcomes full-length and short letter papers in the area of behavioral finance and experimental finance. The focus is on rapid dissemination of high-impact research in these areas.