We hypothesize that managers use stock dividends or splits to cater to gambling investors who are willing to pay a premium for stocks with lottery-like features. Using proprietary account-level trading records, we find that retail investors, particularly those with a strong gambling preference, become strong net buyers following the announcement of stock dividends, while professional investors unload their holdings. Moreover, we find that positive market reactions to stock dividends is positively associated with increases in gambling investors.

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股票股利或股利的估值效应：从餐饮角度看的证据

我们假设经理人使用股票红利或分股来迎合那些愿意为具有类似彩票特征的股票支付溢价的赌博投资者。使用专有帐户级别的交易记录，我们发现散户投资者，尤其是赌博偏好强的散户投资者，在宣布了股票分红后成为了强大的净购买者，而专业投资者则抛售了所持股票。此外，我们发现，市场对股票红利的积极反应与赌博投资者的增加呈正相关。