Sustainable Investments as Carbon Offsets (2023)
With Jakob Famulok and Daniel Worring.
Formerly: Do Investors Compensate for Unsustainable Consumption Using Sustainable Assets?
Earlier version available at SSRN.
The President Reacts to News Channel of Government Communication (2023)
With Farshid Abdi, Loriana Pelizzon, Mila Getmansky Sherman, and Zorka Simon.
SAFE Working Paper No. 314, available at SSRN.
Do Gamblers Invest in Lottery Stocks? (2023)
With Tobin Hanspal and Andreas Hackethal.
SAFE Working Paper No. 373, available at SSRN.
6th Household Finance Workshop 2022 (Leibniz Institute SAFE)
Previous studies document a relationship between gambling activity at the aggregate level and investments in securities with lottery-like features. We combine data on individual gambling consumption with portfolio holdings and trading records to examine whether gambling and trading act as substitutes or complements. We find that gamblers are more likely than the average investor to hold lottery stocks, but significantly less likely than active traders who do not gamble. Our results suggest that gambling behavior across domains is less relevant compared to other portfolio characteristics that predict investing in high-risk and high-skew securities, and that gambling on and off the stock market act as substitutes to satisfy the same need, e.g., sensation seeking.
Selected Work in Progress