Searching for Gambles: Gambling Sentiment and Stock Market Outcomes
利用彩票搜索量衡量赌博情绪，发现情绪高涨时投资者偏好彩票型股票，短期超额收益上升，公司更可能拆股迎合需求，IPO首日收益也更高，且该效应在机构持股低、赌博接受度高的地区更强。
Abstract Using Internet search volume for lottery to capture gambling sentiment shifts, we show that when the overall gambling sentiment is strong, investor demand for lottery stocks increases, these stocks earn positive short-run abnormal returns, managers are more likely to split stocks to cater to the increased demand for low-priced lottery stocks, and initial public offerings (IPOs) earn higher first day returns. Further, the sentiment-return relation is stronger among low institutional ownership firms, headquartered in regions where gambling is more acceptable and local bias is stronger. These results suggest that gambling sentiment has a spillover effect on the stock market.