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Does local culture trigger speculative investment behavior?

机译:当地文化会引发投机性投资行为吗?

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The average investor who lives in a state with relatively higher alcohol consumption is more likely to buy and sell lottery-type stocks and to trade more often. Both of these activities entail sensation seeking; correspondingly, we find that speculative investment behavior is correlated with alcohol consumption only in states with lotteries and where a local tendency for sensation seeking behavior has not been diluted by an influx of migrants from other states where alcohol consumption is low. Most importantly, our results suggest that alcohol consumption does not per se drive a preference for investment gambles, but rather portrays the type of local culture in which the speculative investing occurs.
机译:生活在酒精消耗量相对较高的州的普通投资者更有可能购买和出售彩票类股票,并且交易频率更高。这两种活动都需要寻求刺激。相应地,我们发现投机性投资行为仅在有彩票的州与酒精消费相关,并且当地寻求感觉行为的趋势并未因酒精消费量低的其他州的移民涌入而受到稀释。最重要的是,我们的结果表明,饮酒本身并不会促使人们偏好投资赌博,而是描绘了投机性投资发生的当地文化类型。

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