Superstition and Financial Decision Making
研究中国IPO市场中数字迷信如何影响金融决策，发现幸运代码股票出现频率异常高，且这些股票上市后表现较差。
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. This paper was accepted by Lauren Cohen, finance.