Why Do Mutual Funds Hold Lottery Stocks?

被引：43
作者：
Agarwal, Vikas [1 ]
Jiang, Lei [2 ]
Wen, Quan [3 ]
机构：
[1] Georgia State Univ, Robinson Coll Business, Atlanta, GA 30303 USA
[2] Tsinghua Univ, Sch Econ & Management, Beijing, Peoples R China
[3] Georgetown Univ, McDonough Sch Business, Washington, DC 20057 USA
来源：
JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS | 2022年 / 57卷 / 03期
基金：
美国国家科学基金会;
关键词：
INSTITUTIONAL INVESTORS; MEDIA COVERAGE; BUSINESS TIES; CROSS-SECTION; RISK-TAKING; DUMB MONEY; PERFORMANCE; MARKET; IMPACT; FLOWS;
D O I：
10.1017/S0022109021000211
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We provide evidence regarding mutual funds' motivation to hold lottery stocks. Funds with higher managerial ownership invest less in lottery stocks, suggesting that managers themselves do not prefer such stocks. The evidence instead supports that managers cater to fund investors' preference for such stocks. In particular, funds with more lottery holdings attract larger flows after portfolio disclosure compared with their peers, and poorly performing funds tend to engage in risk shifting by increasing their lottery holdings toward year-ends. Funds' aggregate holdings of lottery stocks contribute to their overpricing.
引用
收藏
页码：825 / 856
页数：32
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