Yet some experimental studies on market efficiency recently show evidence supporting the fact that VN-Index does not follow the random walk, which implies the fact that stock prices are predictable. One of the reasons for this phenomenon is identified as the existence of psychological factors having impacts on behavioral decisions made by individual investors in the stock market. Accordingly, the crucial purpose of this study is to use the theory of planned behavior (TPB) as a conceptional lens for exploring factors influencing individuals' investment behavioral intention in the Vietnamese stock market. By employing the Structural Equation Modeling (SEM) with support of AMOS 20.0 software for analyzing data collected from a national survey with 472 individual investors, the results indicated that the impact level of the given factors on individuals' behavioral intention, which supports the hypotheses that an individual's investment intention is significantly affected by his attitude towards investment, subjective norm and perceived behavioral control. What is more, the study has also provided strong evidences for the existence of psychological factors which supports the hypothesis that four psychological factors (overconfidence, excessive optimism, psychology of risk and herd behavior) do have significant impact on the individuals' attitude towards investment. Concurrently the study has found supporting evidence for the argument that gender has a strong moderation affect in the relations between the psychological factors and the attitude towards investment, between the attitude and behavioral intention, between subjective norms and behavioral intention as well as between perceived behavioral control and behavioral intention of Vietnamese individual investors. Findings found from this study have provided both academic and practical contributions.
<p><strong>Abstract: </strong>This paper investigates the existence of noise trader risk in Vietnam’s stock market and its effect on the daily returns of stock prices. The methodologies contain the estimation of GARCH (1,1) model to filter the residuals using the moving average method to calculate the impact of information traders. Noise trader risk or the risk that is caused by noise traders is derived by subtracting the residuals by the rational traders’ impact. We find that the noise trader risk does exist in Vietnam’s stock market and its impact on daily returns of stocks is unpredictable. Meanwhile, we find a positive impact of information traders on the stock returns. It increases the daily stock returns, and in turn, helps the market to correct itself because the stock prices move back to its fundamental value.</p><p><strong>Keywords</strong>: noise trader risk, GARCH (1,1), Vietnam’s stock market</p>
<p>The purpose of this study is to investigate if contagion or flight-to-quality occurred in Vietnam financial markets during US subprime crisis in 2007. We apply asymmetric dynamic conditional correlation models (ADCC-GARCH (1,1)) to daily stock-index and bond index returns of Vietnam and US stock market. We test for contagion or flight-to-quality by using difference test for dynamic conditional correlation (DCC) means. The results obtained show a contagion between US and Vietnam stock market, confirming the widespread influence of US stock market to a young market like Vietnam. This result suggests a low benefit from diversification for investor holding portfolios containing assets in Vietnam stock market and US stock market during crisis. Moreover, the relationship between Vietnam stock and bond markets represents a flight-to-quality during US subprime crisis. This finding shows that the investors tend to hold less risky assets, i.e. bonds, instead of stocks during turbulent period in Vietnam.</p>
<p><strong>Abstract:</strong> This research investigates the impacts of economic integration on endogenous growth by an application of the AK learning-by-doing model. Assuming that the knowledge that increases the productivity of labor will be created by accumulated capital, we divide economic integration into two different categories: one-way and two-way integration. The results show that two identical countries cannot have any benefits from economic integration. If two countries are different, the domestic country should only integrate with foreign countries that have a lower cost of capital of wage, or higher learning coefficient (the speed of transferring accumulated capital to knowledge) in the case of one-way integration. The same conclusion is still drawn in the case of two-way integration for two similar countries.</p><p><strong>Keywords</strong>: economic integration, endogenous growth, AK model</p>
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