Using a unique dataset from China spanning 2005 to 2023, we investigate how superstitious beliefs influence mutual fund managers’ risk-taking behavior and how this influence evolves over their careers. We find a significant 6.82% reduction in risk-taking during managers’ zodiac years, traditionally considered unlucky in Chinese culture. This effect is particularly pronounced among less experienced managers, those without financial education backgrounds, and those with lower management skills. The impact also intensifies during periods of high market volatility. Our findings challenge the traditional dichotomy between retail and professional investors, showing that even professional fund managers can be influenced by irrational beliefs early in their careers. However, the diminishing effect of superstition with experience and expertise suggests a gradual transition towards more rational decision-making. Our results provide insights into the process by which financial professionals evolve from exhibiting behavior akin to retail investors to becoming the rational actors often assumed in financial theory.

America and China have different cultures. For example, Chinese culture emphasizes the group, while American culture emphasizes the individual. Chinese culture emphasizes integration, while American culture emphasizes analysis. In addition, there are differences in customs, religious beliefs, and nonverbal communication between the United States and China. This article examines the cultural differences between China and the United States in historical geography, traditional thought, cognitive systems, and language. In the following, I will explain and discuss the reasons for the cultural differences between China and America. The author hopes this article will be helpful for readers interested in cultural differences between China and the United States and global trade exchanges. [译]美国和中国拥有截然不同的文化。例如，中国文化强调集体，而美国文化则重视个体；中国文化注重综合，而美国文化则倾向于分析。此外，在风俗、宗教信仰以及非言语沟通方面，美国和中国之间也存在差异。本文从历史地理、传统思想、认知系统和语言等多个角度探讨了中美两国之间的文化差异。在下文中，我将解释并讨论中美文化差异产生的原因。作者希望本文能对那些对中美文化差异和全球贸易交流感兴趣的读者有所帮助。

In Chinese culture, digit 8 (4) is taken as lucky (unlucky). We find that the numerological superstition has a profound impact across China’s stock, bond, foreign exchange and commodities markets, affecting asset prices in both the primary and secondary markets. The superstition effect, i.e., the probability of asset price ending with a lucky (unlucky) digit far exceeds (falls short of) what would be expected by chance, is prevalent. The effect is driven by investors’ reliance on superstition as an anchor to face uncertainty in asset pricing and the overoptimism of unsophisticated investors. While the superstition effect does not lead to systemic mispricing for assets traded by sophisticated investors, it implies overpricing for assets involving more unsophisticated investors.