Risk-taking Begets Risk-taking: Evidence from Casino Openings and Investor Portfolios

被引：2
作者：
Liao, Chi [1 ]
机构：
[1] Univ Manitoba, Asper Sch Business, 181 Freedman Crescent, Winnipeg, MB R3T 5V4, Canada
来源：
FINANCIAL REVIEW | 2023年 / 58卷 / 01期
关键词：
gambling; investor behavior; risk-taking; GAMBLES; PARTICIPATION; EQUILIBRIUM; PERFORMANCE; PREFERENCE; ATTENTION;
D O I：
10.1111/fire.12315
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We provide evidence that casino openings can have spillover effects on an individual's portfolio risk-taking. Using investor-level brokerage data and the initial legalization and opening of commercial casinos in the United States as a quasi-natural experiment, we find that, after a casino opens in dose geographical proximity to investors, those with a high propensity to gamble (PTG) increase their idiosyncratic portfolio risk by 12.88% relative to those unlikely to gamble. This effect lasts for approximately 3 months and does not affect systematic portfolio risk. These results suggest that increased access to gambling can temporarily increase portfolio risk-taking for those with a PTG.
引用
收藏
页码：143 / 165
页数：23
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