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  • Chinese Superstition and Foreign Currency Returns

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    86013_1.pdf (803.7Kb)
    Author(s)
    Chung, Richard Yiu-Ming
    Li, Bin
    Griffith University Author(s)
    Li, Bin
    Chung, Richard Yiu-Ming
    Year published
    2013
    Metadata
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    Abstract
    We examine the potential effect of Chinese superstition on returns in eight major currencies. We focus on market responses to days that are superstitiously deemed by the Chinese to be either lucky or unlucky. After controlling for the weekend and calendar month anomalies, our results suggest that lucky day 8 in the month is associated with significant lower currency returns for four currencies (Canadian dollars, Euros, Swiss Francs, and British Pounds). In contrast, lucky day 18 is associated with significant higher currency returns for Australian dollars, and unlucky day 24 is associated with significant higher returns for ...
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    We examine the potential effect of Chinese superstition on returns in eight major currencies. We focus on market responses to days that are superstitiously deemed by the Chinese to be either lucky or unlucky. After controlling for the weekend and calendar month anomalies, our results suggest that lucky day 8 in the month is associated with significant lower currency returns for four currencies (Canadian dollars, Euros, Swiss Francs, and British Pounds). In contrast, lucky day 18 is associated with significant higher currency returns for Australian dollars, and unlucky day 24 is associated with significant higher returns for Euros. The results support the argument that Chinese manufacturers convert the foreign currency receipt into US dollars on day 8, and that Chinese companies buy Australian dollars on day 18, possibly to pay for importing natural resources. Our evidence is also consistent with the argument that the Chinese Government buys Euros in unlucky day 24 for investment in European Government debt securities.
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    Journal Title
    Academy of Taiwan Business Management Review
    Volume
    9
    Issue
    1
    Publisher URI
    http://www.jtiba.com/index.php
    Copyright Statement
    © 2013 Academy of Taiwan Business Management Review. The attached file is reproduced here in accordance with the copyright policy of the publisher. Please refer to the journal's website for access to the definitive, published version.
    Subject
    Investment and Risk Management
    Publication URI
    http://hdl.handle.net/10072/55361
    Collection
    • Journal articles

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