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数字崇拜是否会影响投资者的选股行为和股票的价格?本文对上海证券交易所股票代码尾数为8的股票(“8股票”)进行了研究,发现数字崇拜的确影响投资行为和股票价格。这一影响表现在两个方面:一方面,“发财代码价格贵”。8股票的市盈率在上市首日及随后12个月都是所有尾数组合中最高的。另一方面,“发财代码不发财”。除了上市首日,8股票长期异常收益率偏低,长期跌幅较大。本文的研究,除了具有投资决策方面的意义外,对文化与金融的关系、行为金融学以及投资者的学习能力、市场有效性等方面的研究,也有一定的意义。
Does Digital Cult affect investors’ stock-picking behavior and the price of the stock? This paper studies the stocks (“8 Stocks”) traded on the Shanghai Stock Exchange stock code 8 and finds that digital worship does affect the investment behavior and the stock price. This effect is manifested in two aspects: On the one hand, “Fa Cai code expensive.” The P / E of 8 stocks is the highest among all the mantissas on the first day of listing and for the next 12 months. On the other hand, “fortune code is not rich ”. In addition to the first day of listing, the long-term abnormal yield of 8 stocks is low and the long-term decline is larger. In addition to the significance of investment decision-making, the study of this article is also of some significance for the study of the relationship between culture and finance, behavioral finance, investor learning ability and market efficiency.