关键词: 博彩偏好, 彩票类股票, 移动交易

Abstract:

With the development of digital economy, the channels for investors to participate in the market have become more diversified and mobile. Based on the mobile and desktop trading data of over 1.6 million individual investors from January 2011 to December 2019 provided by a large domestic securities firm, this paper systematically analyzes for the first time how the use of mobile devices affects the investment behavior of Chinese investors in lottery-like stocks. The results show that investors with a “gambling” motivation have a significant preference for mobile trading platform, and the activity of mobile trading is directly proportional to the lottery characteristics of stocks, but inversely proportional to the expected returns of stocks. With the growth of mobile investors, lottery-like stocks are trading more actively and with lower risk premiums. Further empirical analysis shows that the increasing use of mobile devices in the market affects the demand for lottery-like stocks by intensifying investors’ attention to lottery-like stocks.

Key words: lottery preference, lottery-like stocks, mobile trading