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Title: Superstition and financial decision making
Authors: Hirshleifer, David
Jian, Ming
Zhang, Huai
Keywords: DRNTU::Business::General
Asset Pricing
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.
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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