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Displaying results 1 to 3 of 3.

  1. Does inequality cause financial distress?
    evidence from lottery winners and neighboring bankruptcies
    Author: Agarwal, Sumit; Mikhed, Vyacheslav; Scholnick, Barry
    Published: February 2016
    Publisher:  Research Department, Federal Reserve Bank of Philadelphia, Philadelphia, PA

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper / Research Department, Federal Reserve Bank of Philadelphia ; no. 16-04
    Subjects: Income inequality; Bankruptcy; Conspicuous consumption; Lottery; Financial distress
    Scope: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  2. Testing the Permanent Income Hypothesis using the Spanish Christmas Lottery
    Author: Cabanillas-Jiménez, Guillermo
    Published: [2021]
    Publisher:  School of Economics, Keynes College, University of Kent, Canterbury, Kent

    The Spanish Christmas Lottery is one of the most common lottery games played in Spain. This paper analyses how local windfall gains from the Christmas Lottery can affect household consumption behavior. We find that there is a significant increase in... more

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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 178
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    The Spanish Christmas Lottery is one of the most common lottery games played in Spain. This paper analyses how local windfall gains from the Christmas Lottery can affect household consumption behavior. We find that there is a significant increase in goods consumption in the winning Regions. More precisely, we find that durable goods are sensitive to lottery winnings, meaning that those households living in the winning Regions of the lottery spend more on this type of goods. Non-durable goods do not seem to react to the income shock, as the estimated effect is inelastic, although the effect is statistically significant. Despite these findings are inline with the theoretical predictions, these results imply a violation of the Permanent Income Hypothesis for long-life goods, as households do not smooth their consumption when a one-time and positive income shock occurs.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/246689
    Series: School of Economics discussion papers / University of Kent ; KDPE 2104 (March 2021)
    Subjects: Consumption; Durable goods; Non-durable goods; Lottery; PIH; Winning Region
    Scope: 1 Online-Ressource (circa 33 Seiten), Illustrationen
  3. Essays on extreme returns and investor behavior
    Author: Bi, Jia
    Published: [2024]
    Publisher:  Tilburg University, Tilburg

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    Verlag (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 181
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    Source: Union catalogues
    Language: English
    Media type: Dissertation
    Format: Online
    ISBN: 9789056687304
    Other identifier:
    Series: [Dissertation series] / [Center for Economic Research, Tilburg University] ; [nr. 728 (2024)]
    Subjects: Extreme Returns; Investor Behavior; Stock Returns; Investor Sentiment; Retail; Value At Risk; Institutional Trading; Lottery; Retail Investors; Institutional Investors; China; United States of America
    Scope: 1 Online-Ressource (circa 263 Seiten), Illustrationen
    Notes:

    Dissertation, Tilburg University, 2024