本系擬於 11/6 (五) 邀請  Prof. Chih-Ching Hung 至本所進行專題演講，相關訊息如下：

Seminar Information
Speaker:  Prof. Chih-Ching Hung (National Taiwan University)
Topic: Identifying Lottery-like Stocks via Lottery Jackpots
Date & Time: Friday, Nov 6, 10:30 AM – 12:00 PM
Venue: Room 405, Floor 4, Building 1, College of Management

Abstract: We propose a new method to identify lottery-like stocks by leveraging the substitution effect between real lotteries and lottery-like stocks, exploiting declines in retail trading volume on days when large lottery jackpots roll over. Stocks classified as lottery-like under this approach underperform non-lottery-like stocks by 3.31 percentage points over the subsequent year. Unlike traditional measures, our method does not rely on price or return information and is therefore insulated from overvaluation induced by other factors. The results remain robust after controlling for traditional lottery-like characteristics, adjusting for risk factors, and applying Fama–MacBeth regressions, sequential double-sorting, capped value-weighted returns, and subsample analyses.