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A Study of Capital Market In The Emerging Economies: The Vietnamese Stock Market

  • The study seeks for empirical evidence supporting the presence of weak form ans semi-strong form efficiency on the Vietnamese stock market. The sample includes the daily closing value of VN-index from 9th April 2009 to 3rd of December 2014. The results from both parametric and non-parametric tests provide the evidence, which implies the weak form efficiency in the Vietnamese stock market during the recent period from 4th June 2012 to 3rd December 2014. This period is used for testing the semi-strong form efficiency on the Vietnamese stock market. The results from event study do not support the semi-strong form efficiency in the Vietnamese stock market. The empirical evidence shows a delayed reaction of nine pharmaceutical companies' stock prices toward the earnings, dividend, insider trading and regulatory announcements. The findings in this paper are crucial for investors, analysts, academicians, regulators and the development of the Vietnamese stock market.

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Metadaten
Author:Thu Trang Dao
Advisor:Uwe Hack
Document Type:Master's Thesis
Language:English
Year of Completion:2015
Year of first Publication:2015
Release Date:2015/11/26
Tag:Emerging Economics; Market Efficiency Hypothesis; Vietnamese Stock Market
Degree Program:IMM - International Management
Functional area:Finance & Accounting