The Cross-Section of Expected Stock Returns: New Evidence from an Emerging Market

Pham, Thach N.; Nguyen, Vuong Minh; Vo, Duc Hong

doi:10.1080/1540496x.2018.1433031

Cited by 4 publications

(4 citation statements)

References 30 publications

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“…Moreover, over the past two decades, researchers have identified several immature aspects of the Vietnamese market, including human capital (Anwar and Nguyen 2010;, education level (Le et al 2019a; Morgan and Long 2020; Van et al 2019;Vo et al 2019), and integration of technology Huynh et al 2018;Pham et al 2018a). Improvement in these areas can not only increases Vietnamese market's attractiveness but also increase its capacity to absorb investment for further economic growth.…”

Section: Discussionmentioning

confidence: 99%

“…Second, a healthy increase of foreign ownership could improve the informational efficiency of the equity market (Vo 2017a), as stock price informativeness, i.e., how changes in earnings are presented in the stock price (Hu et al 2018), is found to fluctuate in accordance with the increase in foreign ownership. A robust financial information system is also critical to carry further research on the stock market, which is reflected in stock returns and stock liquidity studies , Huynh et al 2018, Pham et al 2018a.…”

Section: Stock Marketmentioning

confidence: 99%

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A Systematic and Critical Review on the Research Landscape of Finance in Vietnam from 2008 to 2020

Tran

et al. 2021

JRFM

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This paper endeavors to understand the research landscape of finance research in Vietnam during the period 2008 to 2020 and predict the key defining future research directions. Using the comprehensive database of Vietnam’s international publications in social sciences and humanities, we extract a dataset of 314 papers on finance topics in Vietnam from 2008 to 2020. Then, we apply a systematic approach to analyze four important themes: Structural issues, Banking system, Firm issues, and Financial psychology and behavior. Overall, there have been three noticeable trends within finance research in Vietnam: (1) assessment of financial policies or financial regulation, (2) deciphering the correlates of firms’ financial performances, and (3) opportunities and challenges in adopting innovations and ideas from foreign financial market systems. Our analysis identifies several fertile areas for future research, including financial market analysis in the post-COVID-19 eras, fintech, and green finance.

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Section: Discussionmentioning

confidence: 99%

Section: Stock Marketmentioning

confidence: 99%

A Systematic and Critical Review on the Research Landscape of Finance in Vietnam from 2008 to 2020

Tran

et al. 2021

JRFM

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“…Research efforts are still underway to solve the value puzzle in the capital market as well as to determine the explanatory factors affecting share return. More than 300 factors have been identified (Pham et al 2018). On the other hand, the relationship between accounting profit and return on equity is less significant because it turns a blind eye to some important variables such as marketing (Lev and Zarowin 1999).…”

Section: Introductionmentioning

confidence: 99%

Brand and Firm Value: Evidence from Arab Emerging Markets

2021

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This study aims to estimate the impact of brand as the most important intangible marketing asset on firm value, measured by share return in some Arab emerging market, as well analyze the moderating role of agency costs in the relationship between share return and brand. We use the Ohlson model of valuation with a sample of the most traded companies on four markets under study. The panel data regression results show a significant impact of brand on return as well as agency costs that promote the valuation model power, meaning that good corporate governance increases the degree of marketing investment efficiency in value creation. Our findings support the literature relating to the residual earnings valuation model. Furthermore, the results confirm the informative content of marketing application besides the traditional accounting figures as a promising approach for firm valuation.

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“…Vietnam's stock exchange markets are currently one of the most dynamic emerging stock markets in Asia (Pham, Nguyen, & Vo, 2018). Ho Chi Minh Stock Exchange (HOSE) and Hanoi Stock Exchange (HNX) are key platforms for trading listed stocks in Vietnam (Huong & Thuy, 2016) HOSE is the Vietnam's largest stock exchange, and it is the main market for trading stocks of large corporations.…”

Section: Introduction To Ho Chi Minh Stock Exchange and Its Market Operationsmentioning

confidence: 99%

Ho Chi Minh Stock Exchange Market: Operations and Efficiency

Seddighi

Tran

2021

Asian Journal of Economics and Empirical Research

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This paper presents an up-to-date account of market operations of the Ho Chi Minh Stock Exchange and examines its informational efficiency in recent years. The daily closing prices and rates of return of VN Index -the major market index of Ho Chi Minh Stock Exchange and 10 stocks chosen from different sectors are employed, from 2 January 2018 to 31 December 2019, to investigate the random walk hypothesis of market efficiency using the Lo-MacKinlay variance ratio test and Chow-Denning multiple variance ratio test. Our results show that the market index and individual sample stocks conform to the null hypothesis of a random walk type 3 model of a weak form market efficiency. The paper also presents the results of an Event Study to examine the semi-strong form market efficiency of the HOSE. The empirical results on this type indicate that there are significant abnormal returns and significant cumulative abnormal returns by trading the stocks around the events. These results are inconsistent with the requirements of a semi-strong form market efficiency, and it thus appears that further improvements in transmission of information and its speed within this market are needed to further improve the efficiency of this emerging market.

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The Cross-Section of Expected Stock Returns: New Evidence from an Emerging Market

Cited by 4 publications

References 30 publications

A Systematic and Critical Review on the Research Landscape of Finance in Vietnam from 2008 to 2020

A Systematic and Critical Review on the Research Landscape of Finance in Vietnam from 2008 to 2020

Brand and Firm Value: Evidence from Arab Emerging Markets

Ho Chi Minh Stock Exchange Market: Operations and Efficiency

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