讲座题目：From the Stars to the Stock Market: Calendar Superstition and IPO Returns

讲座时间：2023年12月7日（周四）15：00-16：00

讲座地点：明德楼1101会议室

主讲嘉宾：赵静助理教授    香港理工大学

主讲嘉宾简介：

赵静博士是香港理工大学金融学助理教授。在香港大学完成博士学位后，她加入了香港理工大学会计与金融学院。赵静的研究兴趣包括行为金融学、市场微观结构、ESG以及企业数字化和金融科技的经济和社会影响。她的研究成果已被《Journal of Finance》、《Review of Financial Studies》、《Management Science》、《Journal of Corporate Finance》等顶级学术期刊接受发表，并主持多项香港政府研究基金。

讲座主要内容：

The ancient Chinese Almanac lists days that are (in)auspicious for certain actions or events. We find that the initial returns for Initial Public Offerings (IPO), an essential corporate event, are significantly lower on days listed by the Almanac as unlucky. The effect of calendar superstition is robust after controlling for a preference for lucky numbers (such as lucky listing codes and prices) and is more pronounced among firms with high investment risks and firms located in places where superstition culture is more prominent. Our results suggest that investor risk perception, but not manager superstition, plays a vital role in determining the calendar superstition effect. This finding lends support to CSRC’s recent effort to crack down on brokerages using Feng Shui - a superstition closely related to the Chinese Almanac - to predict stock market trend. Limiting brokerages use of non-science-based ideas such as Feng Shui can help to mitigate the effect of such beliefs on market price distortions and household welfare.

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2023年12月1日