Culture imprint and gambling preference: Evidence from individual investors' trading in the Chinese stock market.

Using the stock transaction records of individual investors from a large brokerage firm in China, we explore the impact of Confucian culture on the gambling preferences of individual investors. After a series of tests, we find a significant negative relationship between Confucianism and the lottery-type stock preference of individual investors, indicating that Confucian culture inhibits gambling preferences in stock investment. This effect is more pronounced for female investors, middle-aged investors and investors in regions with higher gambling sentiment. Investor risk preference mediates the relationship between Confucian culture and lottery-type stock preference. • The impact of Confucian culture on the gambling preferences of individual investors is explored. • Our sample incudes the stock transaction records of individual investors in China. • Confucian culture inhibits individual's gambling preference in stock market investment. • Investor risk preference mediates this relationship. • This effect is more pronounced for female investors, and middle-aged investors. [ABSTRACT FROM AUTHOR]