Exploring the Law of Numbers: Evidence from China's Real Estate
Fuqian Zhang Zhenhua Wang
The renowned proverb, Numbers do not lie, underscores the reliability and
insight that lie beneath numbers, a concept of undisputed importance,
especially in economics and finance etc. Despite the prosperity of Benford's
Law in the first digit analysis, its scope fails to remain comprehensiveness
when it comes to deciphering the laws of number. This paper delves into number
laws by taking the financial statements of China real estate as a
representative, quantitatively study not only the first digit, but also depict
the other two dimensions of numbers: frequency and length. The research
outcomes transcend mere reservations about data manipulation and open the door
to discussions surrounding number diversity and the delineation of the usage
insights. This study wields both economic significance and the capacity to
foster a deeper comprehension of numerical phenomena.