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| Type | Master's Thesis |
| Scope | Discipline-based scholarship |
| Title | Alphabetic Bias in Investing: Evidence from the Swiss Stock Market |
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| Institution | University of Zurich |
| Faculty | Faculty of Business, Economics and Informatics |
| Number of Pages | 66 |
| Date | 2023 |
| Abstract Text | Various studies have shown that being on top of an alphabetical listing provides an advantage. Very little research has been done on the implications of this alphabetic bias in financial markets. This master’s thesis explores whether a better alphabetical ranking is associated with greater trading activity and liquidity. Contrary to findings for the US stock market, stocks that appear early on an alphabetically ordered list do not experience higher turnover or liquidity than stocks positioned later on the list in the Swiss stock market. All robustness tests provide support for this finding. The Swiss stock universe seems too small for the alphabetic bias to manifest. Keywords: behavioral finance, alphabetic bias, trading activity, liquidity. |
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