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Stock Market Reactions to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership’s Approval: Evidence from Vietnam

Author

Listed:
  • Ha, Son Tung

    (National Economics University, Vietnam)

  • Pham, Thi Hong Hanh

    (University of Nantes, France)

  • AnhNguyen, Thi Nguyet

    (National Economics University, Vietnam)

Abstract

We examine the stock market performance of Vietnam’s listed firms in response to the country’s approval of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Employing an event study methodology, we first calculate the abnormal returns of all listed Vietnamese firms around the CPTPP’s approval date. Then, we attempt to link these abnormal returns to firms’ characteristics. We find evidence that the announcement of the CPTPP’s approval is associated with positive abnormal returns for Vietnam’s listed firms. We also find considerable heterogeneity in the magnitude and pace of the impacts of the CPTPP’s approval on market returns across Vietnam’s two stock exchanges. However, we fail to reject the null hypothesis that the market did not react to the CPTPP’s approval at the sectoral level.

Suggested Citation

  • Ha, Son Tung & Pham, Thi Hong Hanh & AnhNguyen, Thi Nguyet, 2021. "Stock Market Reactions to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership’s Approval: Evidence from Vietnam," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 36(3), pages 462-490.
    • Handle: RePEc:ris:integr:0834
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    Cited by:

    1. Ding, Guanzu & Guo, Guangyuan & Wu, Caiyun & Yu, Jiawen, 2022. "China-US trade friction and welfare: The role of regional trade agreements," Economic Modelling, Elsevier, vol. 113(C).

    More about this item

    Keywords

    Financial event study; Abnormal returns; Comprehensive and Progressive Agreement for Trans-Pacific Partnership; Vietnamese stock exchanges;
    All these keywords.

    JEL classification:

    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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