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Cultural celebrations and investor gambling behavior

Author

Listed:
  • Fan, John Hua
  • Li, Mingyi
  • Wang, Xinyu

Abstract

We document a surge in gambling demand surrounding the Lunar New Year (LNY) period in the Chinese A-share market. Lottery-like stocks significantly outperform non-lottery-like stocks by 4.1 % over the ten trading days following the LNY. These gains gradually diminish over the longer term, consistent with a short-term mispricing effect. This effect is specific to the LNY window and is not observed during other major Chinese holidays or ordinary trading periods. Furthermore, the phenomenon is not driven by state-owned enterprises or Special Treatment (ST) stocks. Overall, our findings suggest that the cultural significance of the Chinese Lunar New Year plays a distinct role in shaping investor gambling demand and asset pricing dynamics.

Suggested Citation

  • Fan, John Hua & Li, Mingyi & Wang, Xinyu, 2026. "Cultural celebrations and investor gambling behavior," Journal of Behavioral and Experimental Finance, Elsevier, vol. 49(C).
    • Handle: RePEc:eee:beexfi:v:49:y:2026:i:c:s2214635026000018
    DOI: 10.1016/j.jbef.2026.101139
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    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets

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