Skewness preferences and gambling cultures

Benjamin Blau (), Jason Hsu and Ryan J. Whitby

Pacific-Basin Finance Journal, 2019, vol. 58, issue C

Abstract: We examine the relationship between cultural attitudes towards gambling and investor preferences for skewness across 45 countries. Our results show that countries with higher gambling losses per adult, countries with legalized online gambling, and countries with the most Catholics relative to Protestants tend to display the most significant (negative) return premiums associated with return skewness. We do not find that other macroeconomic characteristics, such as economic development, GDP per capita, or per capita consumption explain the presence of skewness premiums.

Keywords: Lotteries; Lottery Stocks; Skewness; Gambling; Return Premia (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:pacfin:v:58:y:2019:i:c:s0927538x19301222

DOI: 10.1016/j.pacfin.2019.101206

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