Risk‐taking begets risk‐taking: Evidence from casino openings and investor portfolios
研究发现，赌场开业会通过溢出效应影响附近投资者的风险偏好，尤其是有赌博倾向的投资者在赌场开业后短期内会显著增加投资组合的个体风险。
Abstract We provide evidence that casino openings can have spillover effects on an individual's portfolio risk‐taking. Using investor‐level brokerage data and the initial legalization and opening of commercial casinos in the United States as a quasi‐natural experiment, we find that, after a casino opens in close geographical proximity to investors, those with a high propensity to gamble (PTG) increase their idiosyncratic portfolio risk by 12.88% relative to those unlikely to gamble. This effect lasts for approximately 3 months and does not affect systematic portfolio risk. These results suggest that increased access to gambling can temporarily increase portfolio risk‐taking for those with a PTG.