Date of Award


Degree Type

Creative Project

Degree Name

Master of Science (MS)


Economics and Finance

Committee Chair(s)

Tyler Brough


Tyler Brough


Benjamin Blau


Ryan Whitby


Do people who gamble carry such preferences into their investments? This study looks at various factors which are used to identify countries with a significant gambling population, and seeks to find a relationship with those gambling tendencies and premiums associated with momentum. From historical market data from financial markets in 45 different countries I found stronger evidence of a momentum premium in those countries which have those identifying factors for gambling, than those that do not. Results of the regression analysis suggest weak evidence that it is possible that the momentum premium could be associated with gambling preferences and culture due to the hot hand fallacy. Meaning, when gamblers see a stock get hot they will double down, believing they exercise an illusion of control that the stock they invest in will continue to have positive returns.