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利用2003~2014年间中国沪深两市的A股上市公司日交易数据,采用多元回归及Logistics等模型,实证研究了机构投资者对彩票类股票的持股偏好以及长期持有彩票股对其业绩的影响。研究发现:(1)与非彩票类股票相比,机构投资者较少倾向持有彩票类股票,表现得较为理性。在各类机构投资者中,证券投资基金的投机性较强。(2)长期持有彩票类股票显著降低了基金的业绩,这为基金经理遵循理性、稳健的投资原则提供了新的实证支持。
Using the daily trading data of A-share listed companies in Shanghai and Shenzhen stock markets between 2003 and 2014, this paper empirically studies the institutional investors’ preference of holding lottery stocks and the long-term holding of lottery shares for their performance Impact. The findings are as follows: (1) Compared with non-lottery stocks, institutional investors tend to hold lottery stocks less, which is more rational. Among various institutional investors, securities investment funds are more speculative. (2) The long-term possession of lottery stocks significantly reduces the performance of the fund, which provides new empirical support for fund managers to follow the principles of rational and steady investment.