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

被引：4

作者：

Hao, Jing ^{[1
]}

Wang, Ziqiao ^{[2
]}

Zhang, Xiaotao ^{[2
]}

He, Feng ^{[3
]}

Chen, Xuehong ^{[2
]}

机构：

[1] Capital Univ Econ & Business, Sch Accounting, Beijing, Peoples R China

[2] Tianjin Univ, Coll Management & Econ, Tianjin, Peoples R China

[3] Capital Univ Econ & Business, Sch Finance, Beijing, Peoples R China

来源：

EMERGING MARKETS REVIEW | 2024年 / 60卷

基金：

中国国家自然科学基金;

关键词：

Individual investors; Culture; Confucianism; Gambling preference; RELIGIOUS BELIEFS; CONFUCIANISM; RISK; ATTITUDES; ETHICS; RETURN;

D O I：

10.1016/j.ememar.2024.101136

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

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.

引用

页数：22

共 73 条

[1] Abbott D., 1993, J GAMBL STUD, V9, P247, DOI [10.1007/BF01015921, DOI 10.1007/BF01015921]
[2] Religion, gambling attitudes and corporate innovation
Adhikari, Binay Kumar
Agrawal, Anup
[J]. JOURNAL OF CORPORATE FINANCE, 2016, 37 : 229 - 248
[3] Albaity M., 2012, International Business Research, V5, P65, DOI [10.5539/ibr.v5n11p65, DOI 10.5539/IBR.V5N11P65]
[4] RISK AND REQUIRED RETURN ON EQUITY
ARDITTI, FD
[J]. JOURNAL OF FINANCE, 1967, 22 (01) : 19 - 36
[5] Elite Recruitment and Political Stability: The Impact of the Abolition of China's Civil Service Exam
Bai, Ying
Jia, Ruixue
[J]. ECONOMETRICA, 2016, 84 (02) : 677 - 733
[6] Bali T.G., 2021, Working paper, DOI [10.3386/w29543, DOI 10.3386/W29543]
[7] Stocks as Lotteries: The Implications of Probability Weighting for Security Prices
Barberis, Nicholas
Huang, Ming
[J]. AMERICAN ECONOMIC REVIEW, 2008, 98 (05) : 2066 - 2100
[8] Preference parameters and behavioral heterogeneity: An experimental approach in the health and retirement study
Barsky, RB
Juster, FT
Kimball, MS
Shapiro, MD
[J]. QUARTERLY JOURNAL OF ECONOMICS, 1997, 112 (02) : 537 - 579
[9] Beyond Work Ethic: Religion, Individual, and Political Preferences
Basten, Christoph
Betz, Frank
[J]. AMERICAN ECONOMIC JOURNAL-ECONOMIC POLICY, 2013, 5 (03) : 67 - 91
[10] Cultural New Year Holidays and Stock Returns around the World
Bergsma, Kelley
Jiang, Danling
[J]. FINANCIAL MANAGEMENT, 2016, 45 (01) : 3 - 35

← 1 2 3 4 5 6 7 8 →