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Zhang, Y., Kappou, K. 
ORCID: https://orcid.org/0000-0002-5047-8104 and Urquhart, A. ORCID: https://orcid.org/0000-0001-8834-4243
(2026)
Conditional demand for lottery-type stocks: information
spillovers and asset prices comovement.
International Review of Financial Analysis, 113.
105145.
ISSN 1873-8079
doi: 10.1016/j.irfa.2026.105145
Abstract/Summary
Previous literature has shown that investors’ demand for lottery-type stocks is conditional on a number of factors, and that these stocks underperform in the long run compared to non-lottery-type stocks. We document that investors’ demand for lottery-type stocks is conditional on days with information spillovers. Specifically, on macroeconomic news days, the demand for lottery-type stocks depends on information content, and their prices more closely follow the market index movements. This comovement tends to persist on FOMC announcement days and for firms without overlapping earnings announcements. We provide an information-based theory to explain the empirical pattern.
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| Item Type | Article |
| URI | https://centaur.reading.ac.uk/id/eprint/128903 |
| Identification Number/DOI | 10.1016/j.irfa.2026.105145 |
| Refereed | Yes |
| Divisions | Henley Business School > Finance and Accounting |
| Publisher | Elsevier |
| Download/View statistics | View download statistics for this item |
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