過去的文獻指出迷信會影響人類的決策。在中國文化中，某些數字被認為是幸運的或不幸的。在這篇研究中，我檢驗數字迷信如何影響中國投資者在首次公開發行市場上的決策，並發現上市代碼含有幸運數字的公司之流動性超過了上市代碼含有不幸運數字代碼的公司。這樣的結果在公司上市初期尚不明朗，但在上市後的三年內，這樣的情況隨著時間更加顯著。

Previous literature showed superstition have impact on human’s decision making. In Chinese culture, some digit numbers are considered lucky, and some are considered unlucky. In this paper, I test how numerological superstition affects investors’ decision in the IPO market of China. I find the liquidity of lucky listing code firms is higher than firms with unlucky listing code. The effect is not clear in the beginning period after firms IPO, but
increases through time within 3 years period.

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