Superstitious Numbers and Price Clustering：A Study Based on CSI 300 Stock Index Futures
Liu Fengyuan, Liu Changqing

Abstract
This paper studies the price clustering phenomenon of CSI 300 stock index futures. The empirical results indicate that it is notable the ending number of the transaction price clusters at ‘0’ and avoids ‘4’, which is in line with the attractiveness hypothesis and the view that Chinese have a certain degree of superstitious number. Further regression analysis shows that the greater the price fluctuation, the more obvious the clustering is; the higher the trading volume, the less obvious the clustering is. However, the opening prices, closing prices and open interest have no significant impact on the price clustering.

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