摘要
本文的目的是研究数字偏好是否影响了投资者报价,研究发现,我国大陆股票市场存在价格集群现象,0、5、8出现频率最高,而4出现频率最低。同时,在牛市和熊市,以及高价股和低价股等不同情况下,价格集群最大的区别是向0集中,而故意避开4的现象更加明显,本文提出的"理性vs迷信"观点可以进行比较有效的解释。
This paper aims to study if there is price clustering in stock markets of China Mainland. The study indicates that there is price clustering in stock markets of China Mainland, with 0. 5and 8 are the most frequent, 4 is the least frequent. In addition, bull or bear market, high - price or low - price stocks, the marked difference of price clustering is that quote focus to 0, avoids 4. Rationality vs. Superstition theory which were proposed by this paper can effectively explain these phenomena.
出处
《中国软科学》
CSSCI
北大核心
2008年第6期28-33,共6页
China Soft Science
关键词
价格集群
数字偏好
高频数据
行为金融
price clustering
numeric bias
high frequency data
behavioral finance
