The chairman of the New York Stock Exchange says the stock market is not a casino. This is what academic research says.

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With the wild moves in shares of GameStop GME, + 2.54% and AMC Entertainment AMC, -0.36%, or last week in cannabis manufacturers, it is not illogical that some think of the stock market as a casino, a description recently used by Sen Elizabeth Warren, Democrat of Massachusetts. In an interview with Axios that aired on HBO, Stacey Cunningham, the president of the New York Stock Exchange, a unit of the ICE Intercontinental Stock Exchange, -0.21%, said she rejected that comparison.

“The markets are not a casino. They are highly regulated and highly supervised … We are running a market that provides opportunities for investors to enter, invest in the companies they believe in, believe they will grow, and then share in that wealth creation. “- Cabe Note that Stacey Cunningham, NYSE president, are also highly regulated and supervised, although, unlike the stock market, there are no long-term positions that can be built in, say, a game of blackjack. Academic research suggests that the Stock trading and more traditional gambling have a lot in common. An article published in January says that there are 3.5 times more gambling in the stock markets than in more traditional places like casinos and lotteries. Alok Kumar from the University of Miami, Houng Nguyen from the University of Danang and Talis Putnins from the Sydney University of Technology and the Stockholm School of Economics, say that the US YH Kong NGOs have the highest per capita levels of what to call stock market gambling in the world. They identify so-called lottery stocks by analyzing volume divided by market capitalization and looking for unusually large ratios. That is not to say that all investments in the stock market are gambling. Researchers say that about 15% of the volume of the stock market in the US is associated with gambling, a percentage that reaches 30% in the Chinese and Thai stock markets.