| dc.contributor | 財管系 | |
| dc.creator (作者) | 謝沛霖 | |
| dc.creator (作者) | Hsieh, Pei-Lin;He, Rongxin | |
| dc.date (日期) | 2023-10 | |
| dc.date.accessioned | 2024-09-11 | - |
| dc.date.available | 2024-09-11 | - |
| dc.date.issued (上傳時間) | 2024-09-11 | - |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/153753 | - |
| dc.description.abstract (摘要) | Recent studies find that investors prefer funds with lottery-like payoffs. Using a sample of Chinese open-end funds, we show that investors' preference for funds' extreme positive payoffs (MAXs) depend on the state of the market: it is significant for MAXs in an unfavorable market but weak or reversed for those in a favorable market. Such state-dependent preference is irrational because, inconsistent with the flow–MAX relationship, higher MAXs under market downturns are associated with worse performance. We further document support for the salience-theory-based explanation for investors' preference and provide counter-evidence for alternative mechanisms based on rational choice or changes in aggregate flows. | |
| dc.format.extent | 98 bytes | - |
| dc.format.mimetype | text/html | - |
| dc.relation (關聯) | Asia-Pacific Journal of Financial Studies, Vol.52, No.5, pp.678-706 | |
| dc.subject (關鍵詞) | State-dependent; Lottery preference; Maximum return; Open-end funds; Salience theory; G02; G11; G23 | |
| dc.title (題名) | Market States and Lottery Preference: Evidence from Chinese Open-End Funds | |
| dc.type (資料類型) | article | |
| dc.identifier.doi (DOI) | 10.1111/ajfs.12437 | |
| dc.doi.uri (DOI) | https://doi.org/10.1111/ajfs.12437 | |
