Evidence from Prior Research (forthcoming, Journal of Business, Industry and Economics, 2007)



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An Empirical Analysis of Investor Performance and Gambling Profile: Do Social and Recreational Gamblers Outperform Non-Gamblers in the Stock Market?

Gregory W. Farfsing, Ph.D.

MBA Director


J.C. Thompson, DBA

Associate Professor – Finance


Northern Kentucky University

Highland Heights, Kentucky USA

An Empirical Analysis of Investor Performance and Gambling Profile: Do Social and Recreational Gamblers Outperform Non-Gamblers in the Stock Market?

Abstract
This is a comparative analysis of whether or not an individual’s level of non-investment gambling will have a significant impact on the individual’s investment portfolio results. Portfolio results have been adjusted for market risk factors. What was statistically determined is whether or not low-risk (social/recreational) gamblers out-perform, under-perform, or perform no differently in the equity markets on a risk adjusted basis as opposed to investors who are non-gamblers. The major finding of this study indicates a difference in the mean Jensen’s alpha of the non-gambling group, as compared the mean Jensen’s alpha for the low-risk gambling group, amounting to a statistically significant 3.82%.

This paper is the continuation of two prior papers published by the authors in 2006 and 2007 and contains the empirics of the overall study. The abstracts of those papers follow.

Abstracts of this study’s two previously published papers


Abstract: An Introduction to Behavioral Finance and Gambling Profiles




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