The 269th Wenlan Financial Forum
Topic: |
Superstition Everywhere |
Speaker: |
Jinfan Zhang, Associate Professor School of Economics and Management, Chinese University of Hong Kong (Shenzhen) |
Host: |
Minggui Yu, Professor School of Finance, Zhongnan University of Economics and Law Co-Director of the Innovation and Talent Base for Digital Technology and Finance |
Time: |
14:30-15:30, Thursday, March 23, 2023 |
Location: |
South 508 Conference Room, Wenquan Building, ZUEL |
Abstract:
In Chinese culture, the digit 8 (4) is considered lucky (unlucky). We find that this numerological superstition has a significant impact across China’s stock, bond, foreign exchange, and commodity markets, affecting asset prices in both the primary and secondary markets. The superstition effect, i.e., asset prices ending with a lucky (unlucky) digit are far more (less) often than what would be expected by chance, is prevalent. The effect is driven by both investors’ reliance on superstition as an anchor to deal with ambiguity and the overoptimism of unsophisticated investors. Only when the superstition effect is driven by overoptimism, it is associated with overpricing.
Speaker Introduction:
Professor Zhang holds a PhD in Finance from Yale University, a PhD in Electrical Engineering from Tsinghua University, a Master's degree in statistics from Harvard University, a Master's degree in Electrical Engineering from Tsinghua University, a Bachelor's degree in Electrical Engineering from Tsinghua University, and a bachelor's degree in Economics from Peking University. He has served as an economist of IMF, a visiting scholar of Research Bureau of the People's Bank of China, and an assistant professor of Cheung Kong Graduate School of Business. He is currently an associate professor, doctoral supervisor and doctoral program director of the School of Economics and Management of the Chinese University of Hong Kong (Shenzhen), and a distinguished researcher of the China Securities Regulatory Commission. Co-director, Research Center for Macro Financial Stability and Innovation, Shenzhen Advanced Financial Research Institute. Top Economic and finance academic journals at home and abroad, including American Economic Review: Insights, Review of Financial Studies, Journal of Financial Economics, Review of Finance and other journals. Review of Finance, Best Paper Award Finalist, 2022; WFA Annual Meeting Best Paper Award, 2011.
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