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Are Lottery-Like Stocks Overvalued in Markets That Have No Lotteries? – Evidence from Saudi Arabia
Finance Research Letters ( IF 10.4 ) Pub Date : 2021-09-20 , DOI: 10.1016/j.frl.2021.102460
Saad Alshammari 1, 2 , Shingo Goto 1
Affiliation  

Existing studies suggest that stocks with lottery-like characteristics tend to underperform, especially when they attract retail trades, and that the degree of underperformance is closely related to investors’ forgiving (vs. forbidding) attitude toward gambles/lotteries embedded in their religious norms. We examine how lottery-like stocks are valued in Saudi Arabia where stock trades are dominated by Muslim individuals who have never experienced gambles/lotteries. We find significant underperformance of lottery-like stocks in Saudi Arabia, especially among those with high stock turnover. We discuss a few channels through which investors in Saudi Arabia overpay for lottery-like characteristics despite their strong moral oppositions to gambles/lotteries.



中文翻译:

在没有彩票的市场中,彩票类股票是否被高估?– 来自沙特阿拉伯的证据

现有研究表明,具有类似彩票特征的股票往往表现不佳,尤其是当它们吸引散户交易时,表现不佳的程度与投资者对嵌入其宗教规范中的赌博/彩票的宽容(与禁止)态度密切相关。我们研究了在沙特阿拉伯如何对类似彩票的股票进行估值,在那里股票交易由从未经历过赌博/彩票的穆斯林个人主导。我们发现沙特阿拉伯的彩票类股票表现明显不佳,尤其是在股票换手率高的股票中。我们讨论了一些渠道,尽管沙特阿拉伯的投资者在道德上强烈反对赌博/彩票,但他们通过这些渠道为类似彩票的特征支付了过高的费用。

更新日期:2021-09-21
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