毓秀讲堂 |【Seminar 预告】No.684--凌崚(Georgia College & State University)

时 间：2026年5月15日（Fri.）

10:00 - 11:30 a.m.

地 点：同德楼111

主 讲：凌崚(Georgia College & State University)

This paper investigates the influence of superstition on the risk-taking behavior of Chinese equity fund managers. We document a significant decline in both total and idiosyncratic risk during managers’ zodiac birth years—periods that recur every 12 years and are traditionally viewed as inauspicious. In these years, fund managers become less active in portfolio management, construct more diversified portfolios, exhibit increased herding behavior, and avoid stocks with unlucky listing codes. Fund performance also tends to deteriorate during these periods. The results of heterogeneity tests indicate that mutual fund managers, regardless of their gender or age, are equally susceptible to zodiac year superstitions. Our findings suggest that even highly trained institutional investors are not immune to superstitions, leading to systematic deviations from rational investment behavior.

凌崚 (LING/LENG), 美国Georgia College & State University金融学教授。研究领域有公司金融, 共同基金，行为经济和金融等。所著论文发表在China Economic Review, The Review of Financial Studies, Journal of Economic Behavior and Organizations, Journal of Financial Markets, Accounting and Finance, The Quarterly Review of Economics and Finance, Research in International Business and Finance等多个国外学术期刊。