This is consistent with relative investor overestimation of skewness for low - priced stocks relative to high - priced stocks. (mutualfunds.com)
As done in Phase I, items with skewness score > 1.0 or an item - to - total correlation of < 0.30 were eliminated. (academic.oup.com)
This explanation refers to the tendency of individuals to speculate in stocks with high volatility, particularly those with high positive skewness. (researchaffiliates.com)