2026-09-25T17:13:04Zhttps://mro.massey.ac.nz/server/oai/requestoai:mro.massey.ac.nz:10179/26952025-11-11T14:07:48Zcom_10179_294col_10179_296
DSpace at Massey University
author
Wang, Amanda Ling Qian
2011-09-23T01:57:56Z
2011-09-23T01:57:56Z
2011
http://hdl.handle.net/10179/2695
Q112888259
https://www.wikidata.org/wiki/Q112888259
Consumer 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
The Author
Stocks
Stock prices
Finance
Psychological aspects
Number preferences
Psychological bias
United States
China
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
Thesis
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