The effect of Chinese lunar calendar on individual investors' trading

被引：3

作者：

Huang, Yin-Siang ^{[1
]}

Chiu, Junmao ^{[2
]}

Lin, Chih-Yung ^{[3
]}

Robin ^{[4
]}

机构：

[1] Fuzhou Univ Int Studies & Trade, Fuzhou, Peoples R China

[2] Natl Sun Yat Sen Univ, Dept Finance, Kaohsiung, Taiwan

[3] Natl Yang Ming Chiao Tung Univ, Dept Informat Management & Finance, Hsinchu, Taiwan

[4] Univ Internas Batam, Dept Management, Batam, Indonesia

来源：

PACIFIC-BASIN FINANCE JOURNAL | 2022年 / 71卷

关键词：

Lunar calendar; Trading activity; Trading profit; Social norm; Chinese culture; STOCK RETURNS; PAST RETURNS; SENTIMENT; MARKET; ATTENTION; HOLIDAYS; CULTURE; SUPERSTITION; LOTTERIES; DECISIONS;

D O I：

10.1016/j.pacfin.2021.101694

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine whether individual investors pay more attention to the stock market on auspicious days. We define an auspicious day as being on the Chinese lunar calendar, which is the common social norm in Chinese society. This norm is reflected in (i) more extensive and (ii) less profitable trading. Furthermore, this effect is heightened in cities with more elderly, more temples of the Wealth God, and more gambling sentiment. Individual investors' preferences for lottery-like and preferred stocks are essential mechanisms to explain our findings. We provide a first understanding of the effect of a social norm on individual investors' trading behavior.

引用

页数：18

共 50 条

[1] The effect of Chinese lunar calendar on individual investors' trading
Huang, Yin-Siang
Chiu, Junmao
Lin, Chih-Yung
Robin
[J]. PACIFIC-BASIN FINANCE JOURNAL, 2022, 72
[2] THE WEEKEND EFFECT - TRADING PATTERNS OF INDIVIDUAL AND INSTITUTIONAL INVESTORS
LAKONISHOK, J
MABERLY, E
[J]. JOURNAL OF FINANCE, 1990, 45 (01): : 231 - 243
[3] Lunar calendar effect: evidence of the Chinese Farmer's Calendar on the equity markets in East Asia
Liu, Wei-han
[J]. JOURNAL OF THE ASIA PACIFIC ECONOMY, 2013, 18 (04) : 560 - 593
[4] Liquidity provision and informed trading by individual investors
Tian, Xiao
Binh Do
Huu Nhan Duong
Kalev, Petko S.
[J]. PACIFIC-BASIN FINANCE JOURNAL, 2015, 35 : 143 - 162
[5] The trading response of individual investors to local bankruptcies
Laudenbach, Christine
Loos, Benjamin
Pirschel, Jenny
Wohlfart, Johannes
[J]. JOURNAL OF FINANCIAL ECONOMICS, 2021, 142 (02) : 928 - 953
[6] The correlated trading and investment performance of individual investors
Kuo, Wei -Yu
Lin, Tse-Chun
Zhao, Jing
[J]. JOURNAL OF EMPIRICAL FINANCE, 2024, 78
[7] Profitable momentum trading strategies for individual investors
Foltice B.
Langer T.
[J]. Financial Markets and Portfolio Management, 2015, 29 (2) : 85 - 113
[8] Peer Effects in the Trading Decisions of Individual Investors
Ng, Lilian
Wu, Fei
[J]. FINANCIAL MANAGEMENT, 2010, 39 (02) : 807 - 831
[9] Herding and feedback trading by institutional and individual investors
Nofsinger, JR
Sias, RW
[J]. JOURNAL OF FINANCE, 1999, 54 (06): : 2263 - 2295
[10] Tax-motivated trading by individual investors
Ivkovic, Z
Poterba, J
Weisbenner, S
[J]. AMERICAN ECONOMIC REVIEW, 2005, 95 (05): : 1605 - 1630

← 1 2 3 4 5 →