Who gambles in the Chinese stock market?—Evidence from individual investor trading data set
LIAO Li1, LIANG Yu2, ZHANG Weiqiang1
1. PBC School of Finance, Tsinghua University, Beijing 100083, China;
2. School of Economics and Management, Tsinghua University, Beijing 100084, China
Abstract：Some stocks in the stock market share the common characteristics of low prices, high turnover rates, and high historical highest daily returns. These all imply strong speculative investments, so these stocks are referred to as lottery-type stocks. Some investors are very speculative and prefer to invest in lottery-type stocks. Analyses of an individual investor trading data set show that: 1) Individual investors significantly over-weight lottery-type stocks in their investment portfolios with 14% lottery-type stocks compared to the average market portfolio of 9%. 2) Young, male, less experienced investors using high turnover rates and investors from western China prefer lottery-type stocks. 3) During bull markets, investors have stronger speculative tendencies.
廖理, 梁昱, 张伟强. 谁在中国股票市场中“博彩”?——基于个人投资者交易数据的实证研究[J]. 清华大学学报（自然科学版）, 2016, 56(6): 677-684.
LIAO Li, LIANG Yu, ZHANG Weiqiang. Who gambles in the Chinese stock market?—Evidence from individual investor trading data set. Journal of Tsinghua University(Science and Technology), 2016, 56(6): 677-684.
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2016, Vol. 56 
