Lucky lots and unlucky investors

  • Tao Chen
  • Andreas Karathanasopoulos
  • Stanley Iat-Meng KoEmail author
  • Chia Chun Lo
Original Research


The number 8 is considered lucky under the Chinese culture. This paper tries to examine whether investors hold such superstitious belief in the Hong Kong Stock Exchange. Using the transaction level data, we first show that more intense net buying occurs at 8-ending lots. Next, we seek favorable evidence in support of financial complexity hypothesis and informed trading hypothesis, both of which are effective in expounding the prevalence of this biased trading behavior. Finally, we find that traders’ learning by means of information acquisition is able to alleviate the lucky-8 effect on superstitious traders.


Lot sizes Lucky numbers Trading biases Learning effects 

JEL Classification

G12 G40 



We thank Cheng-Few Lee (Editor) and anonymous referees for their helpful comments and suggestions. Chen acknowledges the Start-up Research Grant (SRG2018-00115-FBA) support from University of Macau. Ko thanks the financial support of the Multi-Year Research Grant (MYRG2017-00086-FBA) to University of Macau. All errors remain our own responsibility.


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Copyright information

© Springer Science+Business Media, LLC, part of Springer Nature 2019

Authors and Affiliations

  1. 1.Department of Finance and Business Economics, Faculty of Business AdministrationUniversity of MacauMacauChina
  2. 2.Dubai Business SchoolUniversity of DubaiDubaiUAE
  3. 3.Prince Mohammad Bin Salman College (MBSC)King Abdullah Economic CityKingdom of Saudi Arabia

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