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The influence of numerical superstition on IPO underpricing in the People’s Republic of China
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies. University of Groningen, The Netherlands.
2016 (English)Independent thesis Advanced level (degree of Master (One Year)), 20 HE creditsStudent thesis
Abstract [en]

In Chinese culture, certain digits are considered lucky and others unlucky. This thesis evaluates how numerical superstition affects financial decision-making in the Chinese A-share IPO market for the period between 2003-2015. Evidence has been found that suggests that numerical superstition influences the initial return on the issuing day of A-share IPOs on the Shanghai exchange. On this exchange newly listed firms with the unlucky number 4 and lucky numbers 6 and 8 in their ticker are initially traded at a discount. A superstition effect for the lucky numbers 6 and 8 dissipates after the first trading day but remains visible after the IPO for the unlucky number 4 and disappears within a month. The Shenzhen exchange showed no effects of numerical superstition on the initial return of the first trading date. The additional regression results indicate that after one month and onwards, having an unlucky number in a ticker has a negative influence on IPO underpricing . After the 3rd and 6th month the lucky number 6 is has a significant negative impact on stock return.

Place, publisher, year, edition, pages
2016. , 55 p.
Keyword [en]
IPO underpricing, A-share market, Numerical superstition, China
National Category
Economics and Business
Identifiers
URN: urn:nbn:se:uu:diva-279096OAI: oai:DiVA.org:uu-279096DiVA: diva2:907543
Educational program
Master Programme in Business and Management
Supervisors
Available from: 2016-03-01 Created: 2016-02-29 Last updated: 2016-03-01Bibliographically approved

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CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf