| 社会文化、数字偏好与股票报价:中国股市的价格群集现象研究 |
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| 引用本文： | 刘凤元.社会文化、数字偏好与股票报价:中国股市的价格群集现象研究[J].中国软科学,2008(6):28-33. |
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| 作者姓名： | 刘凤元 |
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| 作者单位： | 华东政法大学,公共管理学院,上海,200042 |
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| 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。
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| 关 键 词： | 价格集群 数字偏好 高频数据 行为金融 |
Social Culture, Numeric Bias and Stock Price: An Empirical Study on Price Clustering in Stock Market of Mainland China |
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| LIU Feng-yuan.Social Culture, Numeric Bias and Stock Price: An Empirical Study on Price Clustering in Stock Market of Mainland China[J].China Soft Science,2008(6):28-33. |
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| Authors: | LIU Feng-yuan |
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| Abstract: | 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. |
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| Keywords: | price clustering numeric bias high frequency data behavioral finance |
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