所属栏目:资本市场/资产定价

The Use of 'Lucky' Numbers in the Pricing of Chinese A-Share Initial Public Offerings
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发布日期:2010年05月17日 上次修订日期:2010年05月17日

摘要

In China the number 8 is considered 'lucky' and the number 4 'unlucky'. This paper shows that almost twenty percent of the IPO prices for the Chinese domestic market (A-shares) end in the 'lucky' number 8 as compared to a little more than three percent ending in the 'unlucky’ number 4 (a ratio of almost six to one). It also documents that 'lucky' number combinations make up the ending two digits of more than ten percent of A-share price endings. This occurrence is far greater than expected by chance or by other theories that have explained price clustering in financial markets. We conclude that issuers of Chinese IPOs consciously choose to favour 'lucky' numbers when setting prices.
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Sun Na; Thomas Ervin Schneider The Use of 'Lucky' Numbers in the Pricing of Chinese A-Share Initial Public Offerings (2010年05月17日) https://www.cfrn.com.cn/lw/13178.html

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