The effect of Chinese lunar calendar on individual investors' trading

Yin Siang Huang, Junmao Chiu, Chih Yung Lin*, Robin

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

5 Scopus citations


We examine whether individual investors pay more attention to the stock market on auspicious days. We define an auspicious day as being on the Chinese lunar calendar, which is the common social norm in Chinese society. This norm is reflected in (i) more extensive and (ii) less profitable trading. Furthermore, this effect is heightened in cities with more elderly, more temples of the Wealth God, and more gambling sentiment. Individual investors' preferences for lottery-like and preferred stocks are essential mechanisms to explain our findings. We provide a first understanding of the effect of a social norm on individual investors' trading behavior.

Original languageEnglish
Article number101694
JournalPacific Basin Finance Journal
StatePublished - Feb 2022


  • Chinese culture
  • Lunar calendar
  • Social norm
  • Trading activity
  • Trading profit


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