Superstition Everywhere

The authors appreciate helpful comments from Wei Xiong, Nick Barberis, David Hirshleifer, Bing Han, Hanming Fang, Li An, Gary Gorton, Lawrence Jin, Cameron Peng, Xiaoyan Zhang, Jianfeng Yu, Andrew Sinclair, Raj Aggarwal, Wenxi Jiang, Zhuo Chen and seminar participants at the Chinese University of Hong Kong (Shenzhen), University of Macau, Central University of Finance and Economics, Fudan University, Zhongnan University of Economics and Law, 2023 China International Conference in Finance (CICF), 2022 China Financial Research Conference (CFRC), Fourth Guanghua International Symposium on Finance (GISF) 2022, 2022 Wuhan University Summer Bond Market Research Workshop, and 2022 China International Risk Forum. The authors are responsible for all remaining errors.