Culture imprint and gambling preference: Evidence from individual investors' trading in the Chinese stock market

Jing Hao, Ziqiao Wang, Xiaotao Zhang, Feng He and Xuehong Chen

Emerging Markets Review, 2024, vol. 60, issue C

Abstract: Using the stock transaction records of individual investors from a large brokerage firm in China, we explore the impact of Confucian culture on the gambling preferences of individual investors. After a series of tests, we find a significant negative relationship between Confucianism and the lottery-type stock preference of individual investors, indicating that Confucian culture inhibits gambling preferences in stock investment. This effect is more pronounced for female investors, middle-aged investors and investors in regions with higher gambling sentiment. Investor risk preference mediates the relationship between Confucian culture and lottery-type stock preference.

Keywords: Individual investors; Culture; Confucianism; Gambling preference (search for similar items in EconPapers)
Date: 2024
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ememar:v:60:y:2024:i:c:s1566014124000311

DOI: 10.1016/j.ememar.2024.101136

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