What Does a Concept Attract? The Case of Gaming in Macau

Rose Lai, Raymond So and Ricardo Siu

Journal of Gambling Business and Economics, 2008, vol. 2, issue 3, pages 1-22

Abstract: This paper examines herding behavior among Hong Kong investors using announcements of the opening of new casinos in Macau. The results show that there is a difference in the herding behavior toward these “Macau concept” stocks before and after the change in investment sentiment regarding Macau. Similar results are also revealed for the impact of announcements related to the Macau concept. Furthermore, investors in general herd more on selling than on buying upon a corresponding announcement. The evidence that is documented in this paper also suggests that there is herding around exceptional price and trading volume movements in the trading of Macau concept stocks.

Keywords: MACAU; HERDING; GAMING; BEHAVIORAL FINANCE (search for similar items in EconPapers)
JEL-codes: L83 (search for similar items in EconPapers)
Date: 2008

Downloads: (external link)
http://www.ingentaconnect.com/content/ubpl/jgbe/2008/00000002/00000003/art00001 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:buc:jgbeco:v:2:y:2008:i:3:p:1-22

Ordering information: This journal article can be ordered from
http://www.jgbe.com/index_files/Page492.htm

Access Statistics for this article

Journal of Gambling Business and Economics is edited by Nottingham Business School Leighton Vaughan Williams

More articles in Journal of Gambling Business and Economics from University of Buckingham Press
Series data maintained by Victor Matheson, College of the Holy Cross ().