Using Internet search volume for lottery to capture gambling sentiment shifts, we show that when the overall gambling sentiment is strong, investor demand for lottery stocks increases, these stocks earn positive short-run abnormal returns, managers are more likely to split stocks to cater to the increased demand for low-priced lottery stocks, and initial public offerings (IPOs) earn higher first day returns. Further, the sentiment-return relation is stronger among low institutional ownership firms, headquartered in regions where gambling is more acceptable and local bias is stronger. These results suggest that gambling sentiment has a spillover effect on the stock market.

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寻找赌博：赌博情绪和股市结果

使用互联网彩票搜索量来捕捉赌博情绪的变化，我们表明当整体赌博情绪强烈时，投资者对彩票股票的需求增加，这些股票获得正的短期异常收益，经理更有可能拆分股票以迎合对低价彩票股票的需求增加，首次公开募股（IPO）获得更高的首日回报。此外，低机构所有权公司的情绪回报关系更强，总部位于赌博更容易接受且当地偏见更强的地区。这些结果表明，赌博情绪对股市有溢出效应。