Le mariage efficace de l'épargne et du jeu : une approche historique du capital
By using an historical approach, this paper supports the idea that the popularity of lottery-linked financial assets does not corne from an abnormally high expected retum, but from their original framework that combines gambling and savings. We show that these kinds of assets are very famous and are able to raise a huge amount of money even when their expected retums are relatively low. Then it could stand for a relatively cheap source of funds. This study creates an empirical link between the skewness and the attractiveness of financial assets. It contributes to the recent theoretical behavioural finance studies. Moreover, we leam about these historical expériences while underlining how these lottery-linked-financial-assets could be used to develop public savings.
Volume (Year): 121 (2011)
Issue (Month): 6 ()
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