The Power of Primacy: Alphabetic Bias, Investor Recognition, and Market Outcomes


Jacobs, Heiko ; Hillert, Alexander



URL: https://www.business.unsw.edu.au/About-Site/School...
Document Type: Working paper
Year of publication: 2013
Place of publication: Mannheim
Publication language: English
Institution: Business School > Internat. Finanzierung (Ruenzi)
Business School > ABWL u. Finanzwirtschaft, insbes. Bankbetriebslehre (Weber -2017)
Subject: 330 Economics
Abstract: Extensive research has revealed that the convention of alphabetical name ordering tends to provide an advantage to those positioned in the beginning of the alphabet. This paper is the first to explore implications of this form of alphabetic bias in the natural setting of financial markets. We reveal empirically that the bias leaves many discernible traces in equilibrium outcomes. For instance and all else equal, stocks with names early in alphabet have 5% to 15% higher trading activity and lower costs of trading. These phenomena are strongest for firms disproportionately traded by individual investors.

Dieser Eintrag ist Teil der Universitätsbibliographie.




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Jacobs, Heiko ; Hillert, Alexander (2013) The Power of Primacy: Alphabetic Bias, Investor Recognition, and Market Outcomes. Mannheim [Working paper]


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