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《Economic Research Journal》 2009-06
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Lucky Number Worship and Asset Price Anomaly

Zhao Jingmei and Wu Fengyun(School of Finance,Southwestern University of Finance and Economics;School of Economics and Management,Southwest Jiaotong University)  
Would "Lucky Number Worship" has a significant impact on stock price? We study the stocks with trading codes ended with "8"listed in Shanghai Stock Exchange.Our finding is that the "Lucky Number Worship" does have impacts on investment behaviors and stock prices.On one hand,"fortune codes are expensive".On the other hand,"fortune codes do not beget fortune".Our study could help with investment decisions and enrich to some extent the research on the relationship between culture and finance,irrational behavior and market efficiency.
【Fund】: 国家社科基金重大项目“以人为本的中国金融全面协调与可持续发展研究”(批准号07&ZD014);; 国家社科基金西部项目“现代金融理论在证券民事赔偿中的运用及司法建议”(批准号08XFX022)的资助
【CateGory Index】: F830.59;F224
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