Hirshleifer, Jian and Zhang (2016)提出中國具幸運公司代碼之新上市公司的IPO長期績效表現不佳。根據其發現，本研究進一步探討資本投資活動對迷信公司IPO長期績效表現的影響，並蒐集1994年到2004年間1,104家新上市的中國企業。本研究發現歸類為「幸運」的企業於上市後三年內併購之比例顯著高於歸類於「不幸運」的企業於上市後三年內併購之比例；以及幸運類別的公司相對於不幸運類別的公司，投入更多資金於併購、參與更多次併購。此外，無論企業歸類於「幸運」亦或「不幸運」，上市後三年內未併購公司的長期IPO績效表現顯著超越上市後三年內併購之公司的長期IPO績效表現；然而，在上市後三年內併購的企業當中，歸類於「幸運」之企業的IPO長期績效表現未遜於歸類於「不幸運」之企業的長期IPO績效表現，顯示其迷信效果不顯著。因此本研究認為迷信公司IPO長期績效表現不佳主要來自於高度併購參與度的貢獻而非迷信效果。

Hirshleifer, Jian and Zhang (2016) suggest that newly listed Chinese firms with lucky listing codes suffer inferior post-IPO abnormal returns within 3 years. Based on their findings, this study further investigates the contribution to lucky listed firms’ IPO underperformance from the capital investment field. The results show that the proportion of firms involved in M&A within three years after IPO from lucky listed firms significantly higher than that from unlucky listed firms. Also, lucky listed firms invest more money on M&A and engage in more times of M&A than unlucky listed firms. Further, firms engage in M&A significantly underperform than firms don’t conduct M&A whether firms have lucky listing codes or unlucky listing codes. And for firms which engage in M&A, the IPO performance of lucky listed firms isn’t inferior to that of unlucky listed firms. The evidence supports that M&A plays a conspicuous role in newly listed firms’ long-term lower stock returns and it might be a more important contribution to IPO underperformance than superstition effect.

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