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Journal Articles
Managerial Finance (2026) 52 (4): 593–607.
Published: 08 September 2025
...Ruwanga Wijesooriya; Pulukkuttige Don Nimal; Sampath Deepthi Lanka Kongahawatte Purpose Literature shows that individual investors prefer lottery-type stocks, which exhibit a low probability of extreme positive daily returns, diverging from rational investor behavior. The MAX effect, an anomalous...

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