管理者过度自信对彩票型股票异象的影响研究

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中图分类号：F832.5 文献标识码：A 文章编号：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，金融市场上投资者表现出显著的博彩偏好，倾向于持有具有类似彩票收益特征的彩票型股票。（剩余6336字）