| Gambling preference exists not only in the lottery market,but also in the stock market.Although investors’ gambling preferences are easy to be perceived by people,they are difficult to be observed,and it is difficult to directly measure them through indicators.Most scholars observe the returns of lottery stocks and the degree of gambling in the stock market by defining the attributes of the lottery of stocks.However,it is rare to explore personal gambling preferences and the characteristics of their trading behavior in the stock market from the perspective of stock investors.Based on the data of investors’ personal stock trading accounts,this article explores investors’ gambling preferences and their personal characteristics through the lottery properties of stocks and investor holdings,and observes the similarities and differences in gambling preferences of investors with different characteristics.At the same time,combined with the theory of behavioral finance,gambler’s fallacy,hot hand effect and prospect model,based on positive feedback trading,the trading behavior of investors with gambling preference in the stock market is studied.By observing the position of investors with different characteristics,it has found that:compared with institutional investors,individual investors have stronger gambling preferences;younger investors have stronger gambling preferences than older investors;risk appetite is conservative investors have a stronger gambling preference than active investors.Based on the data of investor stock trading accounts,the article found that investors with strong gambling preferences tend to pursue rising transactions,and this tendency will not bring positive excess returns,which is irrational to some extent.At the same time,investors with high gambling preferences have lower levels of excess returns on their accounts.Gaming in the stock market makes it difficult for investors to obtain excess returns.From the micro perspective of stock investors,this article explores the relationship between gambling preferences,investor characteristics and trading behavior,It adds micro empirical evidence to the behavior characteristics of stock investors with different gambling preferences in China,broadens the research perspective,and has a certain reference value for understanding the irrational trading behavior of stock investors. |
