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|Title:||Superstition and financial decision making||Authors:||Hirshleifer, David
Information And Market Efficiency
|Issue Date:||2016||Source:||Hirshleifer, D., Jian, M., & Zhang, H. (2018). Superstition and financial decision making. Management Science, 64(1), 235-252. doi:10.1287/mnsc.2016.2584||Series/Report no.:||Management Science||Abstract:||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 consistent with superstition effects, newly listed firms with lucky listing codes experience inferior post-IPO abnormal returns. Further tests suggest that our conclusions are not driven by endogeneity.||URI:||https://hdl.handle.net/10356/100614
|ISSN:||0025-1909||DOI:||10.1287/mnsc.2016.2584||Rights:||© 2016 INFORMS. All rights reserved. This paper was published in Management Science and is made available with permission of INFORMS.||Fulltext Permission:||open||Fulltext Availability:||With Fulltext|
|Appears in Collections:||NBS Journal Articles|
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