What happens in Vegas stays in Vegas? Firsthand experience and EDGAR search activity in Las Vegas casino hotels-Reference-Cited by-同舟云学术

What happens in Vegas stays in Vegas? Firsthand experience and EDGAR search activity in Las Vegas casino hotels

Published:2023-08-28 Issue:3 Volume:52 Page:409-432
ISSN:0046-3892
Container-title:Financial Management
language:en
Short-container-title:Financial Management

Author:

Flugum Ryan¹^ORCID,Lee Choonsik²^ORCID,Souther Matthew E.³^ORCID

Affiliation:

1. Department of Finance, College of Business University of Northern Iowa Cedar Falls Iowa USA

2. College of Business University of Rhode Island Kingston Rhode Island USA

3. Department of Finance, Darla Moore School of Business University of South Carolina Columbia South Carolina USA

Abstract

AbstractWhat role does investors’ firsthand experience have in stock selection, and does this firsthand experience lead to better investment outcomes? Using a unique data set containing the stock research activities of patrons of Las Vegas casino hotels, we find evidence that investors’ firsthand experience motivates interest in Vegas‐related travel industry stocks. Additionally, their interest in these stocks predicts strong performance; Vegas interest leads to positive abnormal returns of up to 3.7% (0.4%) over the following year (month), and abnormal returns are highest in industries that are related to Las Vegas.

Publisher

Wiley

Subject

Economics and Econometrics,Finance,Accounting

Link

https://onlinelibrary.wiley.com/doi/pdf/10.1111/fima.12435

Reference45 articles.

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