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引用次数: 0
摘要
本文探讨了财产犯罪率与彩票需求异常之间的关联。犯罪学文献认为犯罪与风险承担之间存在正相关关系，受此启发，我们推测，在财产犯罪率较高（较低）的地区，股市中的赌博倾向较强（较弱）。与我们的猜想一致，我们的研究表明，与财产犯罪率较低的地区相比，在财产犯罪率较高的美国地区，以 MAX 为代表的彩票股表现不佳的情况更为明显。我们的结果对彩票需求的其他替代指标（如 MAX 和偏度指标的其他结构）以及各种实证检验都是稳健的。我们的研究结果表明，由犯罪引发的赌博倾向的变化会影响金融市场的结果。
In this paper, we explore the association between property crime rate and lottery demand anomalies. Motivated by criminology literature that suggests a positive relation between crime and risk-taking, we conjecture that gambling propensity in the stock market is stronger (weaker) in regions with higher (lower) property crime rate. Consistent with our conjecture, we show that underperformance of lottery stocks, proxied by MAX, is more pronounced in the US regions with higher property crime rates compared to regions with lower property crime rates. Our results are robust to alternative proxies for lottery demand, such as alternative constructions of MAX and skewness measures, and various empirical tests. Our findings suggest variation in crime-induced gambling propensity affects financial market outcomes.
期刊介绍：
Global Finance Journal provides a forum for the exchange of ideas and techniques among academicians and practitioners and, thereby, advances applied research in global financial management. Global Finance Journal publishes original, creative, scholarly research that integrates theory and practice and addresses a readership in both business and academia. Articles reflecting pragmatic research are sought in areas such as financial management, investment, banking and financial services, accounting, and taxation. Global Finance Journal welcomes contributions from scholars in both the business and academic community and encourages collaborative research from this broad base worldwide.
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