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《Nankai Economic Studies》 2008-01
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Does Stock Name Affect Stock Price?——Investigation Based on Behavioral Finance

Liu Yaqin (School of Finance,Shanghai University of Finance and Economics,Shanghai, 200433, China)  
Foreign researchers have found that stocks with fluent names perform better in stock markets in the days following the initial public offering(IPO). It is found that stock names do influence stock prices in short term after IPO in Chinese stock markets,too.However,the influ- ence is due to the information conveyed by Chinese words because they have the function of expressing meaning,such as the hint contained in stock names as to which industry the company is operating in,which is different from English words cognition,and the influence will disappear as time goes by. The prices of the stocks which names don't convey messages clearly aren't influ- enced by their names. Furthermore,it is fouind that new investors and experienced investors try to simplify the task of buying stocks by relying on two different mental shortcuts,the former tend to buy stocks with "good" names and the latter tend to buy stocks relying on their past invest experiences.
【Key Words】: Behavioral Finance Cognition Availability Heuristic Ambiguity Aversion Mental Shortcuts
【CateGory Index】: F832.51;F224
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