Superstition and financial decision making

• Main Authors: Hirshleifer, David, Jian, Ming, Zhang, Huai
• Other Authors: Nanyang Business School
• Format: Article
• Language: English
• Published: 2019
• Subjects: DRNTU::Business::General; Asset Pricing; Information And Market Efficiency
• Online Access: https://hdl.handle.net/10356/100614; http://hdl.handle.net/10220/48552
• Institution: Nanyang Technological University

In Chinese culture, certain digits are lucky and others unlucky. We test how such numerological superstition affects financial decision in the China initial public offering (IPO) market. We find that the frequency of lucky numerical stock listing codes exceeds what would be expected by chance. Also...