کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
960367 | 929447 | 2011 | 38 صفحه PDF | دانلود رایگان |
![عکس صفحه اول مقاله: Religious beliefs, gambling attitudes, and financial market outcomes Religious beliefs, gambling attitudes, and financial market outcomes](/preview/png/960367.png)
This study investigates whether geographic variation in religion-induced gambling norms affects aggregate market outcomes. We conjecture that gambling propensity would be stronger in regions with higher concentrations of Catholics relative to Protestants. Consistent with our conjecture, we show that in regions with higher Catholic–Protestant ratios, investors exhibit a stronger propensity to hold lottery-type stocks, broad-based employee stock option plans are more popular, the initial day return following an initial public offering is higher, and the magnitude of the negative lottery-stock premium is larger. Collectively, these results indicate that religion-induced gambling attitudes impact investors' portfolio choices, corporate decisions, and stock returns.
Journal: Journal of Financial Economics - Volume 102, Issue 3, December 2011, Pages 671–708