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Does ticker fluency matter?

Author

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  • Stanley Peterburgsky

Abstract

Purpose - The purpose of this paper is to investigate whether investors prefer stocks with more linguistically fluent tickers (MAK, SOM) to those with less linguistically fluent tickers (WQH, JZU) in an experimental setting. Design/methodology/approach - The author conducts an experiment in which a choice of two hypothetical investments with linguistically fluent and non-fluent tickers is presented to survey participants, who are asked to choose the preferred investment (or indicate that they are indifferent between the investments). Findings - Consistent with investor rationality, survey results indicate that, for both riskless and risky investments, individuals do not exhibit differential preferences for stocks with pronounceable vs unpronounceable tickers. Additionally, individuals are not willing to pay more for former vs latter stocks. Originality/value - A potential implication is that corporate boards should not attribute high importance to ticker fluency.

Suggested Citation

  • Stanley Peterburgsky, 2017. "Does ticker fluency matter?," Review of Behavioral Finance, Emerald Group Publishing Limited, vol. 9(3), pages 262-277, October.
    • Handle: RePEc:eme:rbfpps:rbf-06-2016-0035
    DOI: 10.1108/RBF-06-2016-0035
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    More about this item

    Keywords

    Behavioral finance; Ticker fluency; Ticker pronounceability; G02;
    All these keywords.

    JEL classification:

    • G02 - Financial Economics - - General - - - Behavioral Finance: Underlying Principles

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