:? 8 ( 8 ), :, 8 12,,8,,,, : 8 8 8?,,,?, 8 ( 8 ), 8 ( 8 )? 8,, 8 8, 8, 8,, 8,,, 8,,, (price anomalies) : 8?,8 8? 8? 8,,8 8 ;,8 8 ( ) 3,, :610

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3 :? 8 ( 8 ), :, 8 12,,8,,,, : 8 8 8?,,,?, 8 ( 8 ), 8 ( 8 )? 8,, 8 8, 8, 8,, 8,,, 8,,, (price anomalies) : 8?,8 8? 8? 8,,8 8 ;,8 8 ( ) 3,, :610074, :jingmei600163 @163. com ;,, :610031, :fengyun600163 @163. com ( 07&ZD014) ( 08XFX022), 129

: Rozeff Kinney(1976) 1904 1974, Rozeff Kinney, ( ), (French,1980) (Ariel,1987) (Cadsby Ratner,1992) Sanjoy(1977) 1957 1971,, ( ) (Fama French,1992) ( ) (O Shaughnessy,1998),,, Banz (1981) Reinganum(1981) Lamoureux Sanger (1989), Saunders(1993),,,Hirshleifer Shumway(2001),, 26 ( ),. com, 10. com Raghavendra et al. (2000) Adam Oppenheimer (2006),,,, ( ), Rajen Mookerjee (1999) 1993 ; (2000) 1992 1998, (2002), (2005) 2004 4 13, 1998, (2002) 1995 1997, ;, (2004), (2007) 2001 2003 (2001) 1998 1999 ST, ST (2002) (2004) ST,,, (price clustering effect) :Philip Brown et al. (2002), 8, 4,Philip Brown Jason Mitchell (2008), A,8 4 ( 2 ), (2005) 1997 1 2004 12, 8 4 ( ) 8, 130

CSMAR, 1995 1 2005 12 569 A,,, ( ),, 1 115 2,, 10 40,,, 1,, (ST 3 ST ) ( ) ( ),,,, 10,, 0 0, 0 0, 1 1,, 8, ( = 0), 12, 12, 22 1 1 0 9 0 1 2 3 4 5 6 7 8 9 64 59 59 60 23 60 62 56 63 63 8, 8, 8 8 8, 8 8 8,, 8 8, 8 8,,,,,, (Beatty Welch,1996),, 8, 8 8,,,,,,,8, 8 1 :8 8,, 8, 8 ;,8, 8 8,? 8,,,,8 8,8 131

:, 8,, ( ), 8, 8 8, 8 8,,,8,8 8, 8 8, 2 : 8 8 ;,8 8, ( ) i ( = 0 ) pe i, :, p i, i, e i i pe i, = p i, e i (1), ;,, 200 59, A PE A PE = 1 n n pe i, (2) i = 1 (2) EXPE : EXA PE = A PE m - A PE^m (3),A PE m A PE^m m m ( ),,,, ar i, : ar i, = p i - p i, - 1 p i, - 1 - indx i - indx i, - 1 indx i, - 1 (4), indx i, indx i, - 1, AR : AR = 1 n n ar i, (5) i = 1, CAR : n CAR = AR (6) = 1, : EXCAR = CAR m - CAR^m (7), CAR m CAR^m m m 132

( ) 8 2 12 1 2 8 4 6 9 12 2 12 : 8 0 1 2 3 4 5 6 7 9 0 1 2 3 4 5 6 7 8 9 10 11 12 8 5717 5314 5110 5012 4814 4610 4312 4115 3917 3818 3713 3714 3612 8 4319 4116 3918 3817 3714 3613 3414 3314 3312 3217 3116 3112 3019 1318 1118 1112 1115 1110 917 818 811 615 611 517 612 513 0 4212 4213 4012 3817 3619 3516 3318 3312 3214 3211 3110 3111 3018 0 4518 4218 4111 4010 3817 3715 3515 3414 3411 3315 3215 3210 3116-316 - 015-019 - 113-118 - 119-117 - 112-117 - 114-115 - 019-018 1 4117 3811 3616 3516 3217 3010 2913 2918 3013 2817 2713 2713 2615 1 4517 4313 4115 4013 3911 3811 3610 3418 3413 3410 3219 3215 3211-410 - 512-419 - 417-614 - 811-617 - 510-410 - 513-516 - 512-516 2 4212 3817 3618 3617 3416 3416 3315 3217 3213 3015 3014 3110 3018 2 4517 4313 4115 4012 3910 3716 3516 3415 3411 3317 3215 3210 3116-316 - 416-417 - 315-414 - 310-211 - 118-118 - 312-211 - 110-018 3 4516 3814 3811 3812 3715 3616 3416 3313 3311 3419 3410 3219 3310 3 4513 4312 4113 4010 3816 3714 3514 3414 3410 3312 3211 3118 3113 013-418 - 312-118 - 111-018 - 018-111 - 019-013 119 111 117 4 2819 2511 2510 2515 2416 2419 2716 2716 2713 2718 2716 2610 2415 4 4517 4313 4115 4013 3819 3717 3517 3416 3412 3316 3215 3212 3118-1618 - 1812-1615 - 1418-1413 - 1218 811-710 - 619-318 - 419-612 - 713 5 4212 4019 3913 3713 3618 3619 3419 3318 3319 3217 3111 2917 3015 5 4517 4310 4112 4011 3817 3713 3514 3413 3410 3314 3214 3212 3116-015 - 211-119 - 218-119 - 014-015 - 015-011 - 017-113 - 215-111 6 5118 4819 4715 4610 4419 4219 3813 3618 3613 3611 3519 3517 3413 6 4416 4210 4012 3910 3717 3617 3510 3410 3316 3310 3118 3115 3112 712 619 713 710 712 612 313 218 217 311 417 412 311 7 4015 3818 3615 3417 3412 3313 3114 3011 2917 2818 2814 2814 2816 7 4519 4312 4114 4014 3910 3718 3518 3417 3414 3319 3217 3213 3118-514 - 414-510 - 517-418 - 415-414 - 416-417 - 511-413 - 319-312 9 4813 4911 4618 4418 4415 4311 4019 3913 3912 3819 3519 3511 3419 9 4510 4119 4012 3911 3717 3616 3416 3317 3313 3217 3119 3115 3111 313 712 616 517 618 615 613 516 519 612 410 316 318 2 1 2 :, ( 2 1), 12,8 6 9, 4, 8,6 9, 4, 8 4, 12, 8, 4,, 133

: 1 8 4 6 9 2 8 4 6 9,8,6 9,,,4,, ( 2, 2),8 0 1 5 6 12 ;2 3 4 7 9,8 8 12,, 1 8,, 1 8 8,, 8 8, 8, 8, 12 5 12,,, 8,8,,, 8, 8, 8, 8 8 8,,, 8 10 3,, ( ),, :, 1,, ( Penman,1992 ;,2007),, 100 % - 100 %, (,2003), (,2005),, (,2001 ;,2003) 1995 2005, ( ), 134 :

pe = + b 1 End8 + b 2 Rf + b 3 Grw + b 4 L nscl + b 5 Ind + (8), End8, 8 1, 0 ; Rf ; Grw ; Scl ; Ind, 1, 0, : Indx 0,, ; Trnv 0,,, : pe 0 = + b 1 End8 + b 2 Rf 0 + b 3 Grw + b 4 L nscl + b 5 Ind + b 6 Indx 0 + b 7 Trnv 0 + (9) 3 4 3,,, End8, t t t, End8,8, 12, 12,, End8, t t 11, End8, 8 11, 4, 5 %, 7,,, ( ) 8 5 12 3 4 8 4 6 9 12 5 3 4 :, ( 5, 3),,,8 6,4 9,, ( 9 5,5 ) 12,,, ( 8 5 6),,8 12 8 ( 0 3 4 7), 4, 8,,, ; 2 8 8, 12 8, ( 2, 4), 8 6 9 4, 12, 0,,,,8 6,4 9 135

: 3 Mon ( Intercept) End8 Rf Grw LnScl Ind Indx 0 Trnv 0 Adj. R 2 0 1 2 3 4 5 6 7 8 9 10 11 12-13110 31313 13180 01005-31663 51283-51633 331590-31566 333 11806 3 31585 333 01003-61047 333 41292 333-01139 61543 333 01366-31421 333 11827 3 21736 33 01026-51788 333 41009 333-01865 61685 333 441165 81533 101691 141529 141070 101007 01539 21039 33 0115 41764 333 01065 31244 333 01073 01432 21339 33 01153 41860 333-01201 41577 333 1011461 91420-461453 71232-01232 81416 11937 21317 33-11101 31540 333-01234 3 21866 333 01044 119408 21884 333-11222 21969 333-01219 41175 333 1131891 91189-571553 51747 61220 81170 21460 3 21371 33-11645 31642 333 21254 3 21881 333 01044 21461 3 31106 333-11679 21507 33 21473 33 41003 333 1321849 91632-731487 - 01922-012758 71597 31076 333 21575 333-21365 33-01744 - 0295 2177 333 01043 216723 33 31411 333-21028 3-01436 - 01288 41493 333 1281021 111449-671245 - 11058-01271 61383 31036 333 31062 333-21277 33-01865 - 01439 21344 33 01044 21537 33 21860 33-11816 - 01309-01301 41720 333 1201782 71237-661521 - 01782-01399 61130 31521 333 21292 33-21897 333-01751 - 01690 21605 333 01042 31078 33 21310 33-21175 3-01351 - 01527 41745 333 1441741 71205-821842 - 11140-016549 41982 41569 333 21501 333-41068 333-11161 - 11145 21309 33 01053 41019 333 21264 33-31209 333-01559 - 01901 41374 333 1351077 51944-711775 - 11286-01685 51462 41421 333 21174 33-31685 333-11362 - 11113 21653 333 01141 316999 333 21145 33-21603 33-01877 - 01992 41223 333 1251059 51981-581512 - 012460-018917 51236 41152 333 21158 33-21990 33-01516 - 11963 3 21516 33 01169 31556 333 215377 33-119839 3-01369 - 11346 41420 333 1051207 61860-551915 - 01707-01375 71273 31023 333 21191 33-21502 33-01651 - 01638 31078 333 01101 21850 333 21618 333-11687 - 01686-01568 41505 333 871088 61388-391384 - 01698-01315 61969 21267 33 11865 3-11604 - 01594-01673 21709 333 01062 21689 333 21376 33-11572 - 01773-01485 41569 33 791825 41937-351889 - 01517-01242 81449 11832 11295-11273 - 01395-01419 21952 333 01041 21534 33 11703-11390 01104-01386 41430 333 : 3 33 333 10 % 5 % 1 % ( ) t, t 136

4 8 12 BP 0 1 2 3 4 5 6 7 8 9 10 11 12 BP 9133 5124 7122 8126 9137 8124 7134 1210 1611 9171 9178 8147 8181 p2value 0116 0139 0120 0114 0109 0114 0120 0103 0101 0108 0108 0113 0112 5 12 : % 0 1 2 3 4 5 6 7 8 9 10 11 12 8 11914-2122 - 3171-4190 - 5102-3145 - 4189-5160 - 7178-7199 - 7196-9148 - 8145 8 8 10614-1169 - 3106-3165 - 4131-4132 - 3195-4124 - 4135-4191 - 5133-5137 - 4192 1310-0153 - 0165-1124 - 0171 0187-0193 - 1136-3143 - 3108-2163 - 4111-3154 0 9916 0178-0101 1113-0128 - 0123 0127 0124-0162 0133-0163 - 0112 0128 0 0 10714-2107 - 3153-4142 - 4192-4173 - 4160-4198 - 5124-5196 - 6125-6154 - 6101-1018 2185 3152 5155 4164 4150 4187 5122 4162 6129 5163 6142 6129 1 10017-0133 - 3165-4139 - 5109-4108 - 3152-3125 - 2135-3183 - 5170-5127 - 5126 1 1 10712-1192 - 3108-3173 - 4132-4125 - 4113-4153 - 5100-5142 - 5162-5189 - 5131-615 1159-0125 - 0166-0177 0117 0161 1128 2165 1160-0108 0162 0105 2 10115-2172 - 5127-5131 - 5140-5117 - 5107-6132 - 8114-1010 - 1015-9183 - 9169 2 2 10711-1164 - 2189-3162 - 4128-4112 - 3194-4117 - 4134-4171 - 5106-5136 - 4181-516 - 1108-2138 - 1169-1112 - 1105-1113 - 2115-3180 - 133-5144 - 4147-4189 3 9614-3129 - 4187-5191 - 6168-6162 - 5174-7172 - 8171-7133 - 8102-6152 - 4169 3 3 10718-1157 - 2193-3154 - 4112-3195 - 3186-4100 - 4126-5101 - 5134-5174 - 5138-1114 - 1172-1194 - 2137-2156 - 2168-1187 - 3172-4145 - 2132-2168 - 0178 0169 4 7917-7147 - 7146-6119 - 5192-3156 0146 1105-0103 - 1191-0197 - 1119-0169 4 4 10717-1151 - 2195-3169 - 4133-4126 - 4125-4162 - 4192-5139 - 5182-5176 - 5112-28 - 5196-4151 - 2149-1160 0170 4171 5168 4190 3149 4185 4158 4143 5 11014-1175 - 3110-5117 - 6192-5166 - 5125-6106 - 6164-9101 - 9177-1117 - 9191 5 5 10717-1175 - 3114-3163 - 4109-4106 - 3192-4120 - 4150-4181 - 5113-5112 - 4176 217 0100 0103-1154 - 2183-1161 - 1134-1186 - 2114-4120 - 4164-6163 - 5115 6 11615-1189 - 3128-3197 - 4173-4134 - 4110-4153 - 4189-5151 - 5198-6138 - 5156 6 6 10513-0167 - 2101-2138 - 1174-3135 - 3179-3133 - 3143-3126 - 2180-1135 - 3129 1112-1122 - 1127-1159 - 2198-0199 - 0130-1119 - 1146-2124 - 3117-5103 - 2127 7 10218-1194 - 2136-4167 - 3174-5153 - 5164-6143 - 5189-6105 - 4136-3145 - 1181 7 7 10710-1173 - 3122-3170 - 4147-4109 - 3189-4117 - 4160-5117 - 5176-6107 - 5168-412 - 0121 0186-0197 0173-1144 - 1176-2125 - 1129-0188 1140 2162 3187 9 10413-1165 - 1187-2117 - 4146-4162 - 4198-3168 - 1133-2110 - 3117-4152 - 3153 9 9 10618-1176 - 3129-3199 - 4138-4117 - 3194-4148 - 5115-5164 - 5192-5198 - 5152-215 0111 1142 1182-0107 - 1045-1104 0180 3182 3154 2176 1146 2101, 2 8 8,, 8 8,8 8, 8, 12,8,, 8, 137

: 3 8 4 6 9 8 8 ( ) 4 8 4 6 9, ( 2007 ;, 2006), Ritter (1991) Ritter,,, (,,2007 ;,2002 ;,2001) Ritter,,, Ritter,Ritter, (,2007),,,, : ar = + c 1 End8 + c 2 PB + c 3 L nscl + c 4 Ind + c 5 Unwrt + (10), ar ; PB ; Unmrt, 10 1, 0 ; (8),,,,, : ar 0 = 0 + c 1 End8 + c 2 PB 0 + c 3 L nscl + c 4 Ind + c 5 Unwrt + c 6 Trnv 0 + (11) 6 7 6,, 0101, End8, t t, 8, 8 12,,End8,End8, 8 8 8, 8,,8, 8 8 8,,End8, 8, 7, 5 %, 1 2 6,,, 138

6 8 ( Intercept) End8 scl Ind Unwrt pb Trnv adj1r 2 0 1 2 3 4 5 6 7 8 9 10 11 12 7 11785 01055-01098 01084 01100 01152 101718 333 21515 333-12147 333 51122 333 01692 211393 333 121905 333 01766 101623 333 21333 333-12142 333 41699 333 01579 333 201992 333 131263 333-01215 - 01008 01030 01006-01012 01013-11614 - 01451 51944 333 01921-01864 11097-31065 33 01004 21323 33-01377 01331 51717-01071 - 01009-01017 - 01006-01012 01013 01087-01769 - 01703-41931 333-11388 - 11345 11579 01043-012330 - 01691-01345 - 01416 11887 3155 333-01071 - 01010 01001-01002 01012 01008-01016 - 01773 01424-01442 11353 01956 01028-01936 01324 01352-11190 11774 41666 333-01023 01003 01002 01002 01011 01006-01231 01249 01473 01253 01280 01757-111576 01596 01583 01284 11549 41181 01103-01028 - 01006-01005 - 01001-01003 01036 11141-21315 - 21694 333-11246 - 011833-01434 01016 113935-21046 - 11537-11388 - 01098 21542 33-010075 - 01015-010008 - 01005-01007 01009-01811 - 11154 015673-11115 - 010734 11164 01024-010991 - 01943-01211 - 11351-01078 31592 333 01038 01001-01001 - 01003-01007 01004 01412 01053 01376-01757 - 01802 01526 01020-010661 01807-01382 - 01014 11219 3156 333-01062 - 01003 010031 01001 01005 01008-111234 - 0126 01105 01273 01584 01976 01033-113656 - 016703 018868 014690 017453 41321 333-010047 - 01001 01017-01004 01006 01006-010451 - 01123 01597-01992 01377 01753-010653 - 01162-015205 - 011999 018951 515495-01119 - 01009 01019 01004-01015 - 01008 01062-11317 - 01676 01647 01888-11658 3-11044 01063-110970 - 01699 01648-21197 3-11065 61292 333-01066 01009 010018 01002 010058 01006-01714 01705 016048 01347 01568 01697 01034-01852 01742 01484 01258 01860 41092 333 01067-01033 - 010004-01011 010010 010031 0178-21886 333-01306 - 11786 11178 01361 010903-21607 333-01097 - 11401 01149 11226 8 12 BP 01016 1 2 3 4 5 6 7 8 9 10 11 12 F 1117 1176 1107 0129 0141 1119 2113 1123 0139 2150 0193 0169 p2value 0132 0110 0138 0194 0188 0131 0105 3 0129 0189 0102 33 0147 0165 139

:,, : (1) 8, 8 12 8 6 9, 8,4 (2),8,,8, 12,,,,,,8 :, ; 8,,,2001 : A (ST), 4,2004 :, 3,2005 :,,2000 :, 11,2006 : IPO, 3,2003 :, 9,2007 :, 10,2007 : A IPO, 8,2002 : IPO, 6,2001 :, 1,2002 :, 10,2002 : (ST), 9,2001 :, 8,2007 :, 6,2007 :, 6,2005 : :, 4,2006 : IPO, 11,2005 : :, 7 Adam, Oppenheimer,2006, Predicting Short2term Stock Fluctuations By Using Processing Fluency, Proceedings of the National Academy of Sciences of the USA, Vol. 103. Ariel, 1987, A Monthly Effect in Stock Returns, Journal of Financial Economics,Vol118. Brad M. Barber and John D. Lyon, 1997, Detecting Long2run Abnormal Stock Returns : The Empirical Power and Specification of Test Statistics, Journal of Financial Economics, Vol. 43. Beatty, Randolph P. and Ivo Welch, 1996, Issue Expenses and Legal Liability in Initial Public Offerings, Journal of Law and Economics, 140

Vol. 39. Cadsby, Ratner, 1992, Turn of the month and pre2holiday effects on stock returns : some international evidence, Journal of Banking Finance, Vol. 16. Fama,1998, Market Efficiency, long2term Returns, and Behavioral Finance, Journal of Financial Economics, Vol. 49. French,1980, Stock Returns and the Weekend Effect, Journal of Financial Economics,Vol. 5,1980. Hirshleifer, Shumway, 2001, Good Day Sunshine : Stock Returns and the Weather, Working paper of Ohio State University. Keim,Stambough,1986, Further Investigation of the Weekend Effect in Stock Returns, Journal of Finance, Vol. 39. Lamoureux, Sanger, 1989, Firm Size and Turn2of2the2Year Effects in the OTCΠNASDAQ Market, Journal of Finance, Vol. 44. O Shaughnessy, J. P. 1998,What Works on Wall Street, McGraw2Hill. Rajen Mookerjee, Yuqiao,1999, An empirical analysis of the equity markets in China, Review of Financial Economics,Volume 28. Penman, 1992, Return to f Undamentals, Journal of Accounting, Auditing & Finance, Vol. 7. Philip Brown, Angeline Chua and Jason Mitchell,2002, The influence of cultural factors on price clustering : Evidence from Asia2Pacific stock markets, Pacific2Basin Finance Journal, vol. 10. Philip Brown, Jason Mitchell,2008, Culture and stock price clustering : Evidence from The Peoples Republic of China, Pacific2Basin Finance Journal, vol. 16. Raghavendra, Dimitrov, Michael, 2000, A Rose. com by Any Other Name, SSRN : http :ΠΠwww. ssrn. comπabstract = 242376. Reinganum,1981, Misspecification of Capital Asset Pricing : Empirical Anomalies Based on Earnings Yield and Market Values, Journal of Financial Economics, vol. 9. Ritter, Jay R. and Welch, Ivo, 2002, A Review of IPO Activity, Pricing and Allocations, Yale ICF Working Paper, No. 02201. Ritter, Jay R.,1991, The Long2run Performance of Initial Public Offerings. Journal of Finance, Vol. 42. Rozeff,Kinney,1976, Capital Market Seasonality : The Case of Stock Returns, Journal of Financial Economics,Vol. 10. Sanjoy Basu,1977, The Investment Performance of Common Stocks in Relation to Their Price2Earnings Relations : A Test of the Efficient Market Hypothesis, Journal of Finance, Vol. 32. Saunders,1993, Stock Prices and Wall Street Weather, American Economic Review, Vol. 83. Lucky Number Worship and Asset Price Anomaly Zhao Jingmei and Wu Fengyun (School of Finance, Southwestern University of Finance and Economics ; School of Economics and Management, Southwest Jiaotong University) Abstract :Would Lucky Number Worship has a significant impact on stock price? We study the stocks with trading codes ended with 8 listed in Shanghai Stock Exchange. Our finding is that the Lucky Number Worship does have impacts on investment behaviors and stock prices. On one hand, fortune codes are expensive. On the other hand, fortune codes do not beget fortune. Our study could help with investment decisions and enrich to some extent the research on the relationship between culture and finance, irrational behavior and market efficiency. Key Words :Number Worship ; 82Effect ; Price2Earning ; Return ; Price Anomaly JEL Classification : G140, G190, G120 ( : ) ( : ) 141

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