This table shows the descriptive statistics. The sample includes the common stocks between 2000 and 2016 that are traded on KSE and KOSDAQ. Panel A shows a summary statistic of the sample stocks’ lottery characteristics. MAX is the highest daily return in the month. MAX(3) is the average of the three highest daily returns in the month. IV is the variance of the residuals in the regression analysis using equation (2). Iskew is obtained from the residuals of the regression analysis using equation (3). Panel B shows the summary statistics on the firm characteristics of sample stocks. Firm size is the market capitalization of the stock (in billion won). BEME is the book-to-market ratio. Pre1yr_ret is the past one-year return excluding the previous month. Trading volume is the stock trading volume of the previous year. ILLIQ is the Amihud’s (2002) illiquidity index, which equals the ratio of a stock’s absolute returns to its value traded. Firm age is the age of the firm in a given year at the time of the incorporation. ROA is calculated by dividing the pre-tax income by total assets of the previous year