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

References

• Bali, T. G., N. Cakici, and R. F. Whitelaw. 2011. “Maxing Out: Stocks as Lotteries and the Cross-Section of Expected Returns.” Journal of Financial Economics 99 (2): 427–446. https://doi.org/10.1016/j.jfineco.2010.08.014.
   Web of Science ®Google Scholar
• Bali, T. G., D. Hirshleifer, L. Peng, and Y. Tang, 2021. Attention, Social Interaction, and Investor Attraction to Lottery Stocks. NBER Working Paper. 10.3386/w29543.
   Google Scholar
• Barber, B. M., X. Huang, T. Odean, and C. Schwarz. 2021. “Attention Induced Trading and Returns Evidence from Robinhood Users.” The Journal of Finance, Forthcoming.
   Web of Science ®Google Scholar
• Barber, B. M., Y.-T. Lee, Y.-J. Liu, T. Odean, and K. Zhang. 2020. “Learning, Fast or Slow.” The Review of Asset Pricing Studies 10 (1): 61–93. https://doi.org/10.1093/rapstu/raz006.
   Web of Science ®Google Scholar
• Barber, B. M., and T. Odean. 2008. “All That Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors.” The Review of Financial Studies 21 (2): 785–818. https://doi.org/10.1093/rfs/hhm079.
   Web of Science ®Google Scholar
• Barberis, N., and M. Huang. 2008. “Stocks as Lotteries: The Implications of Probability Weighting for Security Prices.” The American Economic Review 98 (5): 2066–2100. https://doi.org/10.1257/aer.98.5.2066.
   Web of Science ®Google Scholar
• Bittman, M., J. E. Brown, and J. Wajcman. 2009. “The Mobile Phone, Perpetual Contact and Time Pressure.” Work, Employment and Society 23 (4): 673–691. https://doi.org/10.1177/0950017009344910.
   Web of Science ®Google Scholar
• Boyer, B. H., and K. Vorkink. 2014. “Stock Options as Lotteries.” The Journal of Finance 69 (4): 1485–1527. https://doi.org/10.1111/jofi.12152.
   Web of Science ®Google Scholar
• Brown, T., S. M. Grant, and A. M. Winn. 2020. “The Effect of Mobile Device Use and Headline Focus on Investor Judgments.” Accounting, Organizations and Society 83: 101100. https://doi.org/10.1016/j.aos.2019.101100.
   Web of Science ®Google Scholar
• Da, Z. H. I., J. Engelberg, and P. Gao. 2011. “In Search of Attention.” The Journal of Finance 66 (5): 1461–1499. https://doi.org/10.1111/j.1540-6261.2011.01679.x.
   Web of Science ®Google Scholar
• Gao, X., and T.-C. Lin. 2015. “Do Individual Investors Treat Trading as a Fun and Exciting Gambling Activity? Evidence from Repeated Natural Experiments.” The Review of Financial Studies 28 (7): 2128–2166. https://doi.org/10.1093/rfs/hhu075.
   Web of Science ®Google Scholar
• Glaser, M., and M. Weber. 2009. “Which Past Returns Affect Trading Volume?” Journal of Financial Markets 12: 1–31. doi:10.1016/j.finmar.2008.03.001.
   Web of Science ®Google Scholar
• Griffin, J. M., F. Nardari, and R. M. Stulz. 2007. “Do Investors Trade More When Stocks Have Performed Well? Evidence from 46 Countries.” The Review of Financial Studies 20: 905–951. doi:10.1093/rfs/hhl019.
   Web of Science ®Google Scholar
• Han, B., D. Hirshleifer, and J. Walden. 2021. “Social Transmission Bias and Investor Behavior.” Journal of Financial and Quantitative Analysis 1–23. doi:10.1017/S0022109021000077.
   Web of Science ®Google Scholar
• Han, B., and A. Kumar. 2013. “Speculative Retail Trading and Asset Prices.” The Journal of Financial and Quantitative Analysis 48: 377–404. http://www.jstor.org/stable/43303805.
   Web of Science ®Google Scholar
• Hong, H., and J. C. Stein. 2007. “Disagreement and the Stock Market.” Journal of Economic Perspectives 21: 109–128. doi:10.1257/jep.21.2.109.
   Web of Science ®Google Scholar
• Kahneman, D. 2011. Thinking, Fast and Slow. New York: McMillan.
   Google Scholar
• Kalda, A., B. Loos, A. Previtero, and A. Hackethal, 2021. Smart(phone) Investing? A Within Investor-Time Analysis of New Technologies and Trading Behavior. SAFE Working Paper No. 303. Available at SSRN: https://ssrn.com/abstract=3765652
   Google Scholar
• Kumar, A. 2009. “Who Gambles in the Stock Market?” The Journal of Finance 64 (4): 1889–1933. doi:10.1111/j.1540-6261.2009.01483.x.
   Web of Science ®Google Scholar
• Liao, L., Z. Wang, J. Xiang, H. Yan, and J. Yang. 2021. “User Interface and Firsthand Experience in Retail Investing.” The Review of Financial Studies 34: 4486–4523. doi:10.1093/rfs/hhaa127.
   Web of Science ®Google Scholar
• Nejadmalayeri, A., T. Nishikawa, and R. P. Rao. 2013. “Sarbanes-Oxley Act and Corporate Credit Spreads.” Journal of Banking & Finance 37: 2991–3006. doi:10.1016/j.jbankfin.2013.04.013.
   Web of Science ®Google Scholar
• Seasholes, M. S., and G. Wu. 2007. “Predictable Behavior, Profits, and Attention.” Journal of Empirical Finance 14: 590–610. doi:10.1016/j.jempfin.2007.03.002.
   Google Scholar
• Yao, S., C. Wang, X. Cui, and Z. Fang. 2019. “Idiosyncratic Skewness, Gambling Preference, and Cross-Section of Stock Returns: Evidence from China.” Pacific-Basin Finance Journal 53: 464–483. doi:10.1016/j.pacfin.2019.01.002.
   Web of Science ®Google Scholar