Do investors gamble with going-concern firms?

IF 2.1 2区经济学 Q2 BUSINESS, FINANCE

Journal of Financial Markets Pub Date : 2026-01-01 Epub Date: 2025-08-23 DOI:10.1016/j.finmar.2025.101011

Asad Kausar , Alok Kumar , Richard J. Taffler

引用次数: 0

Abstract

We explain why the market underreacts to the certified extreme financial distress signal conveyed by the auditor's going-concern (GC) opinion. We conjecture that GC stocks attract retail investors with gambling proclivities. Splitting our GC sample into lottery-like and non-lottery-like firms, we find that the anomaly is concentrated in lottery-like firms, which underperform by −17 % to −32 % over the following year. A range of analyses confirm retail investors with greater propensity to gamble are more likely to trade lottery-like GC stocks. We conclude that retail investor gambling-motivated trading behavior is a key driver of the going-concern market paradox.

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投资者会和持续经营的公司赌博吗？

我们解释了为什么市场对审计师持续经营（GC）意见所传达的极端财务困境信号反应不足。我们推测GC股票吸引了有赌博倾向的散户投资者。将我们的GC样本分为彩票类公司和非彩票类公司，我们发现异常集中在彩票类公司，这些公司在接下来的一年里表现不佳- 17%至- 32%。一系列分析证实，赌博倾向更强的散户投资者更有可能交易类似彩票的GC股票。我们的结论是，散户投资者赌博动机的交易行为是持续经营市场悖论的关键驱动因素。

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

Journal of Financial Markets BUSINESS, FINANCE-

CiteScore

3.40

自引率

3.60%

发文量

期刊介绍： The Journal of Financial Markets publishes high quality original research on applied and theoretical issues related to securities trading and pricing. Area of coverage includes the analysis and design of trading mechanisms, optimal order placement strategies, the role of information in securities markets, financial intermediation as it relates to securities investments - for example, the structure of brokerage and mutual fund industries, and analyses of short and long run horizon price behaviour. The journal strives to maintain a balance between theoretical and empirical work, and aims to provide prompt and constructive reviews to paper submitters.