The impact of mobile device usage on lottery behavior: evidence from China

Haibo Wu, Chongfeng Wu and Yingwei Xu

Applied Economics Letters, 2024, vol. 31, issue 1, 81-86

Abstract: This paper examines how mobile device usage affect retail investors’ lottery behaviour. Using data from the Chinese stock market, which is dominated by retail investors, we observe a structural change in mobile investing trends in 2015. By employing a structural shift model, we find that higher mobile device usage in the market disproportionately increases the trading volume of lottery stocks and amplifies the lottery-related pricing anomaly. Our results suggest that the use of mobile devices increases retail investors’ demand for lottery stocks by attention-induced trading, but fail to find evidence that mobile devices influence retail investors’ inherent skewness preferences.

Date: 2024
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DOI: 10.1080/13504851.2022.2128163

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