Investor psychological bias towards number preferences in stock price endings : rationality vs irrationality : a research thesis submitted in fulfillment of the requirement of the degree of Masters in Business Studies (Fin) at Massey University

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dc.contributor.authorWang, Amanda Ling Qian
dc.date.accessioned2011-09-23T01:57:56Z
dc.date.available2011-09-23T01:57:56Z
dc.date.issued2011
dc.descriptionRaw data files available with hard copy
dc.description.abstractConsumer reactions towards products that end with $X.99 have been heavily researched in the marketing literature. My study has found psychological bias towards numbers in finance prices, where there is a positive return for prices ending in $X.01 and a negative return for prices ending in $X.99 for the American and Chinese Markets, with the return difference annualised to 22.65% and 54.43% per year, respectively. I find there are more buyer initiated stocks for stocks ending with the digit 9. This is not the same as consumer psychological bias, where consumers consider prices that end with 9 to be much cheaper than those ending in other digits. Rather, the case here is a rationality response to psychological bias. This would also explain why I did not find excessive buys in the Chinese market in relation to lucky numbers, as is found in the marketing literature.en_US
dc.identifier.urihttp://hdl.handle.net/10179/2695
dc.language.isoenen_US
dc.publisherMassey Universityen_US
dc.rightsThe Authoren_US
dc.subjectStocksen_US
dc.subjectStock pricesen_US
dc.subjectFinanceen_US
dc.subjectPsychological aspectsen_US
dc.subjectNumber preferencesen_US
dc.subjectPsychological biasen_US
dc.subjectUnited States
dc.subjectChina
dc.titleInvestor psychological bias towards number preferences in stock price endings : rationality vs irrationality : a research thesis submitted in fulfillment of the requirement of the degree of Masters in Business Studies (Fin) at Massey Universityen_US
dc.typeThesisen_US
massey.contributor.authorWang, Amanda Ling Qian
thesis.degree.disciplineFinance
thesis.degree.grantorMassey University
thesis.degree.levelMasters
thesis.degree.nameMaster of Business Studies (M.B.S.)
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