管理者過度自信對彩票型股票異象的影響研究

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中圖分類號：F832.5 文獻(xiàn)標(biāo)識碼：A 文章編號：1004-0714（2025）07-0075-04

Abstract：Anempirical study based on sample data of A-share stocks in Shanghai and Shenzhen shows that managerial overconfidence significantlyaffects the lottery-type stock anomaly，revealing significant1y stronger lottery-type stock anomaly in stocks with managerial overconfidence. The results of portfolio analysisand Fama-MacBeth cross-sectional regressions based on different measures of lottery-type stocks and managerial overconfidence indicate that the findings hold robustly.The researchinthis paper provides a new perspective for understanding the lottery-type stock anomaly，complements studies related to managerialoverconfidence，and，at the same time，isof practical guidance to corporate managers and investors.

Keywords：Managerial Overconfidence;The Lottery-Type Stock Anomaly; Stock Returns

一、引言

大量研究表明，金融市場上投資者表現(xiàn)出顯著的博彩偏好，傾向于持有具有類似彩票收益特征的彩票型股票。（剩余6336字）