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Keywords: Lottery-like payoffs
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Journal Articles
Managerial Finance (2026) 52 (4): 593–607.
Published: 08 September 2025
...-periods. These findings suggest the presence of poorly diversified individual investors in Sri Lanka who are drawn to lottery-like payoffs. As expected, we find that the MAX effect is more pronounced among small-cap stocks in Sri Lanka. Originality/value Our study uniquely examines the MAX effect from...

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