IDEAS home Printed from https://ideas.repec.org/p/hal/journl/hal-04092936.html
   My bibliography  Save this paper

The role of investor behavior in emerging stock markets: Evidence from Vietnam

Author

Listed:
  • Thi Nha Truc Phan

    (UEH - University of Economics Ho Chi Minh City)

  • Philippe Bertrand

    (CERGAM - Centre d'Études et de Recherche en Gestion d'Aix-Marseille - AMU - Aix Marseille Université - UTLN - Université de Toulon, AMSE - Aix-Marseille Sciences Economiques - EHESS - École des hautes études en sciences sociales - AMU - Aix Marseille Université - ECM - École Centrale de Marseille - CNRS - Centre National de la Recherche Scientifique, KEDGE Business School [Marseille])

  • Hong Hai Phan

    (IUH - Industrial University of Ho Chi Minh city, UEH - University of Economics Ho Chi Minh City)

  • Xuan Vinh Vo

    (CFVG - Centre Franco-Vietnamien de Formation à la Gestion, UEH - University of Economics Ho Chi Minh City)

Abstract

Exloring the role of different types of investors on stock market is crticial since different types of investors react and behave differently when making investment decision. The role of investor behavior is a very important issue in an immature stock market like Vietnam stock market because the market is characterized by a large number of individual investors and low reporting standard. Institutional and foreign investors however play an influential role due to their large exposure and strong investment expertise. Clearly, examining the role of investor behavior and its impact on the stock market in Vietnam is an important topic in finance. A significant body of empirical research has shown that investor behavior is an essential factor to explain stock price that the classical financial theory cannot explain. This research examines the role of investor behavior in stock market by examining the relationship between investor behavior and stock return using the Vietnamese stock exchange data. We create a sentiment index using the principal components analysis (PCA). Consistent with the sentiment and stock return literature, the research shows a negative contemporaneous relationship between investor sentiment and market return.

Suggested Citation

  • Thi Nha Truc Phan & Philippe Bertrand & Hong Hai Phan & Xuan Vinh Vo, 2023. "The role of investor behavior in emerging stock markets: Evidence from Vietnam," Post-Print hal-04092936, HAL.
    • Handle: RePEc:hal:journl:hal-04092936
    DOI: 10.1016/j.qref.2021.07.001
    Note: View the original document on HAL open archive server: https://amu.hal.science/hal-04092936
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:journl:hal-04092936. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.