This paper explores the time‐varying institutional investor preference for lottery‐like stocks. On average, institutional investor holdings reflect an aversion to lottery‐like stocks. However, I find that an institutions’ aversion to lottery‐like stocks is reduced when investor sentiment is low. Moreover, I find that during low sentiment periods, institutional investors have abnormally high trading profits in more positively skewed stocks. These results suggest that institutions reduce their aversion toward lottery‐like stocks during low sentiment periods to profitably trade in lottery‐like stocks.

中文翻译：

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机构交易，投资者情绪以及类似于彩票的股票偏好

本文探讨了类似彩票的股票随时间变化的机构投资者的偏好。平均而言，机构投资者的持股反映出对彩票类股票的厌恶。但是，我发现，当投资者情绪低迷时，机构对彩票类股票的厌恶情绪就会降低。此外，我发现，在低迷时期，机构投资者在偏斜较大的股票中获得了异常高的交易利润。这些结果表明，机构在情绪低迷时期减少了对彩票类股票的反感，从而有利可图地交易彩票类股票。