Risk-taking Begets Risk-taking: Evidence from Casino Openings and Investor Portfolios

被引：2

作者：

Liao, Chi ^{[1
]}

机构：

[1] Univ Manitoba, Asper Sch Business, 181 Freedman Crescent, Winnipeg, MB R3T 5V4, Canada

来源：

FINANCIAL REVIEW | 2023年 / 58卷 / 01期

关键词：

gambling; investor behavior; risk-taking; GAMBLES; PARTICIPATION; EQUILIBRIUM; PERFORMANCE; PREFERENCE; ATTENTION;

D O I：

10.1111/fire.12315

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We provide evidence that casino openings can have spillover effects on an individual's portfolio risk-taking. Using investor-level brokerage data and the initial legalization and opening of commercial casinos in the United States as a quasi-natural experiment, we find that, after a casino opens in dose geographical proximity to investors, those with a high propensity to gamble (PTG) increase their idiosyncratic portfolio risk by 12.88% relative to those unlikely to gamble. This effect lasts for approximately 3 months and does not affect systematic portfolio risk. These results suggest that increased access to gambling can temporarily increase portfolio risk-taking for those with a PTG.

引用

页码：143 / 165

页数：23

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