In this article we assess if German private investors gamble at the stock market. For this purpose, we replicate Kumar’s (2009) methodology and analyze the pricing of lottery-type stocks in the German stock market. We further employ data from Deutsche Bundesbank’s Securities Holdings...

This study analyzes investors' perception of placebic information and its impact on stock price estimates. We initiate a questionnaire-based stock price forecast competition among 196 undergraduate students in business administration. We show that placebic information increases the perceived...