UM  > Faculty of Business Administration
Lucky Lots and Unlucky Investors
Tao Chen1; Andreas Karathanasopoulos2; Stanley Iat-Meng Ko1; Chia Chun Lo3
Source PublicationReview of Quantitative Finance and Accounting
ABS Journal Level3

The number 8 is considered lucky under the Chinese culture. This paper tries to examine whether investors hold such superstitious belief in the Hong Kong Stock Exchange. Using the transaction level data, we first show that more intense net buying occurs at 8-ending lots. Next, we seek favorable evidence in support of financial complexity hypothesis and informed trading hypothesis, both of which are effective in expounding the prevalence of this biased trading behavior. Finally, we find that traders’ learning by means of information acquisition is able to alleviate the lucky-8 effect on superstitious traders.

KeywordLot Sizes Learning Effects Trading Biases Lucky Numbers
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Document TypeJournal article
CollectionFaculty of Business Administration
Affiliation1.Department of Finance and Business Economics, Faculty of Business Administration University of Macau Macau China
2.Prince Mohammad Bin Salman College (MBSC)King Abdullah Economic City Kingdom of Saudi Arabia
3.Dubai Business School University of Dubai Dubai UAE
First Author AffilicationFaculty of Business Administration
Recommended Citation
GB/T 7714
Tao Chen,Andreas Karathanasopoulos,Stanley Iat-Meng Ko,et al. Lucky Lots and Unlucky Investors[J]. Review of Quantitative Finance and Accounting,2019.
APA Tao Chen,Andreas Karathanasopoulos,Stanley Iat-Meng Ko,&Chia Chun Lo.(2019).Lucky Lots and Unlucky Investors.Review of Quantitative Finance and Accounting.
MLA Tao Chen,et al."Lucky Lots and Unlucky Investors".Review of Quantitative Finance and Accounting (2019).
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