Gambling activity and stock price volatility: A cross-country analysis

  title={Gambling activity and stock price volatility: A cross-country analysis},
  author={Benjamin M. Blau and Ryan J. Whitby},
  journal={Journal of Behavioral and Experimental Finance},
Do Retail Traders Destabilize Financial Markets? An Investigation Surrounding the COVID-19 Pandemic
Economic theory suggests that speculative trading can lead to instability in financial markets. Using a novel dataset on retail trading activity in the US, this study extends the literature and


Gambling Preferences, Options Markets, and Volatility
Abstract This study examines whether the gambling behavior of investors affects volume and volatility in financial markets. Focusing on the options market, we find that the ratio of call option
The Impact of Legal and Political Institutions on Equity Trading Costs: A Cross-Country Analysis
We conjecture that macro-level institutions affect equity trading costs through their impact on information risk and investor participation. In a study of trading costs for 412 NYSE-listed American
Excess Volatility in the Financial Markets: A Reassessment of the Empirical Evidence
Numerous authors, including Shiller, LeRoy and Porter, and Singleton, have reported empirical evidence that stock prices and long interest rates are more volatile than can be justified by standard
Multifactor Explanations of Asset Pricing Anomalies
Previous work shows that average returns on common stocks are related to firm characteristics like size, earnings/price, cash flow/price, book-to-market equity, past sales growth, long-term past
Financial Development and Economic Growth: The Role of Stock Markets
Utilizing time series methods and data from five developed economies, we examine the relationship between stock market development and economic growth, controlling for the effects of the banking
Asymmetric Volatility and Risk in Equity Markets
It appears that volatility in equity markets is asymmetric: returns and conditional volatility are negatively correlated. We provide a unified framework to simultaneously investigate asymmetric
Overconfidence and Speculative Bubbles
Motivated by the behavior of asset prices, trading volume, and price volatility during episodes of asset price bubbles, we present a continuous‐time equilibrium model in which overconfidence
The Determinants of Asymmetric Volatility
Volatility in equity markets is asymmetric: contemporaneous return and conditional return volatility are negatively correlated. In this article I develop an asymmetric volatility model where dividend
The Role of American Depositary Receipts in the Development of Emerging Equity Markets
  • G. Karolyi
  • Economics
    Review of Economics and Statistics
  • 2004
This paper finds that the growth and expansion of U.S. cross-listings by firms from emerging markets around the world facilitated an expansion of cross-border equity flows and overall development of