JOURNAL ARTICLE

Fund Flows and Fund Performance on Lottery Funds.

  • Published In: Review of Pacific Basin Financial Markets & Policies, 2024, v. 27, n. 3. P. 1 1 of 3

  • Database: Business Source Ultimate 2 of 3

  • Authored By: Chen, Chun-Yen; Chen, Hong-Yi; Chen, Hsiao-Yin 3 of 3

Abstract

This study introduces a new indicator to measure the lottery-like degree of financial products by considering their idiosyncratic volatility and skewness. The findings indicate that investors tend to purchase funds that hold lottery-like stocks, while investors prefer lottery-like funds when the market sentiment is high. However, funds holding lottery-like stocks and those exhibiting lottery traits experience relatively lower adjusted returns in the next quarter. Interestingly, when the market sentiment is high, investors can obtain better performance only from funds that hold lottery-like stocks, indicating that investors may be better off selecting lottery-holding funds rather than lottery-like funds during periods of high sentiment. Overall, our study sheds light on investor behavior and the impact of market sentiment on fund flows and performance in lottery-like funds. [ABSTRACT FROM AUTHOR]

Additional Information

  • Source:Review of Pacific Basin Financial Markets & Policies. 2024/09, Vol. 27, Issue 3, p1
  • Document Type:Article
  • Subject Area:Sports and Leisure
  • Publication Date:2024
  • ISSN:0219-0915
  • DOI:10.1142/S0219091524500176
  • Accession Number:180702300
  • Copyright Statement:Copyright of Review of Pacific Basin Financial Markets & Policies is the property of World Scientific Publishing Company and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

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