Why Do Mutual Funds Hold Lottery Stocks?
研究发现，共同基金持有彩票型股票并非出于经理人自身偏好，而是为了迎合基金投资者的偏好；这类股票持有量越高，基金在披露后吸引的资金流入越多，且业绩差的基金倾向于在年末增加持有以进行风险转移。
Abstract We provide evidence regarding mutual funds’ motivation to hold lottery stocks. Funds with higher managerial ownership invest less in lottery stocks, suggesting that managers themselves do not prefer such stocks. The evidence instead supports that managers cater to fund investors’ preference for such stocks. In particular, funds with more lottery holdings attract larger flows after portfolio disclosure compared with their peers, and poorly performing funds tend to engage in risk shifting by increasing their lottery holdings toward year-ends. Funds’ aggregate holdings of lottery stocks contribute to their overpricing.