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Google Search intensity and stock returns in frontier markets: Evidence from the Vietnamese market

Author

Listed:
  • Duc Dang Thi Viet

    (Faculty of Finance and Accounting, Posts and Telecommunications Institute of Technology, Hanoi, Vietnam)

  • Hoai Nguyen Thu

    (Department of Economic and Management, Thang Long University, Hanoi, Vietnam)

  • Nguyen Van Phuoc

    (Faculty of Business Administration, Posts and Telecommunications Institute of Technology, Ho Chi Minh city Campus, Vietnam)

  • Nguyen Dang Phong

    (Faculty of Finance and Accounting, Posts and Telecommunications Institute of Technology, Hanoi, Vietnam)

  • Anh Nguyen Huong

    (Faculty of Finance and Accounting, Posts and Telecommunications Institute of Technology, Hanoi, Vietnam)

  • Hai Ho Hong

    (College of Business & Management, VinUniversity, Hanoi, Vietnam)

Abstract

The study investigates the impact of investor attention on stock trading by modeling the relationship between Google Search intensity and stock return with stocks listed in frontier markets in Vietnam from October 2016 to October 2021. The study has three findings. First, the study confirms the price pressure hypothesis and attention theory that Google Search intensity positively affects stock returns. Second, this study indicates that the impact of Google Search intensity on stock price is short-term. The positive effect is within the week of searching and reverses the following week, although the reverse force is not strong. Third, the relationship is more robust during COVID-19 than in the pre-pandemic period, suggesting that after a shock, more new individual investors enter the market, the impact of GSVI on stock return is more substantial.

Suggested Citation

  • Duc Dang Thi Viet & Hoai Nguyen Thu & Nguyen Van Phuoc & Nguyen Dang Phong & Anh Nguyen Huong & Hai Ho Hong, 2024. "Google Search intensity and stock returns in frontier markets: Evidence from the Vietnamese market," Economics and Business Review, Sciendo, vol. 10(1), pages 30-56, April.
    • Handle: RePEc:vrs:ecobur:v:10:y:2024:i:1:p:30-56:n:9
    DOI: 10.18559/ebr.2024.1.778
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    More about this item

    Keywords

    investor attention; search intensity; Google Search; stock returns; frontier markets; Vietnam; COVID-19;
    All these keywords.

    JEL classification:

    • D53 - Microeconomics - - General Equilibrium and Disequilibrium - - - Financial Markets
    • G1 - Financial Economics - - General Financial Markets
    • G4 - Financial Economics - - Behavioral Finance

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