| A one-standard-deviation increase in the ratio of Catholics to Protestants in the surrounding region translates into a 19.31% increase in the value of stock options provided by local companies to their non-executive employees, according to a team led by Alok Kumar of the University of Miami. That's because stock options have characteristics in common with gambling, which Protestants have traditionally shunned as sinful, the researchers suggest. Catholics, by contrast, tend to hold a tolerant view of gambling — some Catholic organizations even raise funds through bingo tournaments. |
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