{"id":{"repo_id":"massey","oai_identifier":"oai:mro.massey.ac.nz:10179/2695"},"canonical_url":"https://search.dev.ndltd.org/etd/massey/oai:mro.massey.ac.nz:10179/2695","repository":{"repo_id":"massey","name":"Massey University","base_url":"https://mro.massey.ac.nz/server/oai/request"},"display":{"title":"Investor psychological bias towards number preferences in stock price endings : rationality vs irrationality : a research thesis submitted in fulfillment of the requirement of the degree of Masters in Business Studies (Fin) at Massey University","abstract":"Consumer reactions towards products that end with $X.99 have been heavily researched in the marketing literature. My study has found psychological bias towards numbers in finance prices, where there is a positive return for prices ending in $X.01 and a negative return for prices ending in $X.99 for the American and Chinese Markets, with the return difference annualised to 22.65% and 54.43% per year, respectively. I find there are more buyer initiated stocks for stocks ending with the digit 9. This is not the same as consumer psychological bias, where consumers consider prices that end with 9 to be much cheaper than those ending in other digits. Rather, the case here is a rationality response to psychological bias. This would also explain why I did not find excessive buys in the Chinese market in relation to lucky numbers, as is found in the marketing literature.","abstract_html":"Consumer reactions towards products that end with $X.99 have been heavily researched in the marketing literature. My study has found psychological bias towards numbers in finance prices, where there is a positive return for prices ending in $X.01 and a negative return for prices ending in $X.99 for the American and Chinese Markets, with the return difference annualised to 22.65% and 54.43% per year, respectively. I find there are more buyer initiated stocks for stocks ending with the digit 9. This is not the same as consumer psychological bias, where consumers consider prices that end with 9 to be much cheaper than those ending in other digits. Rather, the case here is a rationality response to psychological bias. This would also explain why I did not find excessive buys in the Chinese market in relation to lucky numbers, as is found in the marketing literature.","abstract_has_math":true,"creators":["Wang, Amanda Ling Qian"],"institution":null,"degree_name":null,"degree_level":null,"degree_discipline":null,"degree_department":null,"school":null,"contributors":[],"advisors":[],"committee_chairs":[],"committee_members":[],"year":2011,"date_issued":"2011","date_published":"2011","updated_at":"2026-07-27T20:17:14Z","subjects":["Stocks","Stock prices","Finance","Psychological aspects","Number preferences","Psychological bias","United States","China"],"languages":[],"rights":[],"rights_urls":[],"identifier_entries":[{"key":"dc:identifier","label":"Identifier","values":["hdl:10179/2695"],"render_values":[{"text":"hdl:10179/2695","href":null,"code":true}]}]},"links":{"outbound_url":null,"outbound_label":null,"outbound_source":null},"metadata_groups":[{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date.issued","label":"Date","values":["2011"]},{"key":"dc:type","label":"Dc Type","values":["Thesis"]}]},{"id":"subjects_keywords","label":"Subjects and Keywords","entries":[{"key":"dc:subject","label":"Dc Subject","values":["Stocks","Stock prices","Finance","Psychological aspects","Number preferences","Psychological bias","United States","China"]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier","label":"Identifier","values":["hdl:10179/2695"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description.other","label":"Dc Description Other","values":["Consumer reactions towards products that end with $X.99 have been heavily researched in the marketing literature. My study has found psychological bias towards numbers in finance prices, where there is a positive return for prices ending in $X.01 and a negative return for prices ending in $X.99 for the American and Chinese Markets, with the return difference annualised to 22.65% and 54.43% per year, respectively. I find there are more buyer initiated stocks for stocks ending with the digit 9. This is not the same as consumer psychological bias, where consumers consider prices that end with 9 to be much cheaper than those ending in other digits. Rather, the case here is a rationality response to psychological bias. This would also explain why I did not find excessive buys in the Chinese market in relation to lucky numbers, as is found in the marketing literature."]},{"key":"dc:title","label":"Title","values":["Investor psychological bias towards number preferences in stock price endings : rationality vs irrationality : a research thesis submitted in fulfillment of the requirement of the degree of Masters in Business Studies (Fin) at Massey University"]}]}],"canonical_facts":{"dc:date.issued":["2011"],"dc:description.other":["Consumer reactions towards products that end with $X.99 have been heavily researched in the marketing literature. My study has found psychological bias towards numbers in finance prices, where there is a positive return for prices ending in $X.01 and a negative return for prices ending in $X.99 for the American and Chinese Markets, with the return difference annualised to 22.65% and 54.43% per year, respectively. I find there are more buyer initiated stocks for stocks ending with the digit 9. This is not the same as consumer psychological bias, where consumers consider prices that end with 9 to be much cheaper than those ending in other digits. Rather, the case here is a rationality response to psychological bias. This would also explain why I did not find excessive buys in the Chinese market in relation to lucky numbers, as is found in the marketing literature."],"dc:identifier":["hdl:10179/2695"],"dc:subject":["Stocks","Stock prices","Finance","Psychological aspects","Number preferences","Psychological bias","United States","China"],"dc:title":["Investor psychological bias towards number preferences in stock price endings : rationality vs irrationality : a research thesis submitted in fulfillment of the requirement of the degree of Masters in Business Studies (Fin) at Massey University"],"dc:type":["Thesis"]},"updated_at":"2026-07-27T20:17:14Z"}