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Attention, Social Interaction, and Investor Attraction to Lottery Stocks / Turan G. Bali, David Hirshleifer, Lin Peng, Yi Tang.
- Format:
- Book
- Author/Creator:
- Bali, Turan G.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w29543.
- NBER working paper series no. w29543
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2021.
- Summary:
- We find that among stocks dominated by retail investors, the lottery anomaly is amplified by high investor attention (proxied by high analyst coverage, salient earnings surprises, or recency of extreme positive returns) and intense social interactions (proxied by Facebook social connectedness or population density near firm headquarters). Such stocks' lottery features attract greater Google search volume and retail net buying, followed by more negative earnings surprises and lower announcement-period returns. The findings provide insight into the roles of attention and social interaction in securities markets, and support the hypothesis that these forces contribute to investor attraction to lottery stocks.
- Notes:
- Print version record
- December 2021.
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