- Journal Article
Author: Tung Lam Dang (2019) - This paper investigates the relation between analyst coverage and stock liquidity with a focus on the role of information produced by financial analysts. Using a comprehensive dataset across 41 countries for the period 2000–2010, we document two novel findings. First, analyst coverage is positively correlated with stock liquidity. Second, the positive effect of analyst following on stock liquidity is attributed to the weak institutional environment. These findings suggest that financial analysts provide more public information to market participants and thus improve stock liquidity. This effect is attenuated in a country with a stronger institutional environment.
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- Journal Article
Author: Xuan Vinh Vo (2016) - This article sheds light on the question of whether asset growth is a strong candidate for firm stock returns prediction in the emerging market of Vietnam. We test for the asset investment effects in stock returns at the firm level by examining the relationship between the rate of asset growth and subsequent stock returns. We use a large and unique dataset of market and accounting variables of firms listed on the Ho Chi Minh City Stock Exchange for the period from 2008 to 2012. Employing the method similar to Gray and Johnson (2011), our results indicate that asset growth has no significant effect on stock returns in Vietnam stock market. Our results tend to support the findings of Fa...
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- Journal Article
Author: Xuan Vinh Vo (2018) - This article sheds further light on the bank lending behavior of Vietnam, an important emerging market. Motivated by the fact that most of emerging economies tend to finance economic growth by bank lending, we analyze the determinants of bank lending using a sample of Vietnamese banks. Employing a number of econometric estimation approaches for robust result, we find that bank lending behavior is significantly depending on bank specific characteristics and macroeconomic factors. We do not find a significant impact of bank market structure on bank lending. The current paper has strong implications in the context of Vietnam where the problem of high non-performing loans has taken heavy ...
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- Journal Article
Author: Xuan Vinh Vo (2018) - This study examines the link between bank restructuring and bank efficiency in Vietnamese banks employing the Data Envelopment Analysis (DEA) and Stochastic Frontier Analysis (SFA) approach. The data sample includes 26 commercial banks over the period 1999–2015. Our finding indicates that Vietnamese government’s restructuring policies in the first stage have not been beneficial for banks implementing restructuring. Regarding the effect of different restructuring methods, we show that the privatization of state-owned commercial banks, state intervention and mergers and acquisitions (M&As) do not substantially improve efficiency. Besides, we find that bank efficiency declines during ban...
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- Journal Article
Author: Jonathan A. Batten (2016) - This paper investigates risk shifting in commercial banks in the emerging market of Vietnam, where banks fund domestic asset portfolios almost exclusively from deposits and with limited issuance of securities. We investigate the relationship between these banks’ income diversification strategies and their overall level of risk during the recent period of deregulation and global financial crisis. Our results show that those commercial banks that have shifted to non-interest income activities in fact face higher levels of risk. This finding is at odds with theories that argue that diversification is a strategy for risk reduction and has broader implications for domestic system stability...
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- Journal Article
Author: Dong Phong Nguyen (2018) - Emerging and developing countries around the world are playing an increasingly important role in the global economy. They move up in the global value chain very quickly. However, these countries constantly facing a plethora of challenges covering a wide range of issues. This paper addresses some key challenges confronting Vietnam economy which potentially deteriorate its economic growth prospects. These include economic slowdown, credit booming, the rise of protectionism around the world, and risk from greater opening of the domestic markets. Addressing these challenges are important for Vietnam to maintain its comparative advantage and foundation for economic growth.
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- Journal Article
Author: Mobeen Ur Rehman (2020) - The emergence of new asset classes since the last couple decades has aroused interest of the international investment community to earn optimal returns on their portfolios by including such asset classes. Among these assets, cryptocurrencies and precious metals present opportunity for investors to yield optimal portfolio returns. Our work aims to investigate the relationship between cryptocurrencies and precious metals returns based on daily pricing data from March 2017 to August 2019. Our study employs application of quantile cross spectral framework to investigate changing correlation patterns across different quantile distribution under short-, medium- and long run investment horiz...
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- Journal Article
Author: Jonathan Batten (2018) - This article investigates the determinants of bank profitability in Vietnam covering the period from 2006 to 2014. Employing a number of econometric panel data methods with a unique dataset, the findings of the article indicate that bank size, capital adequacy, risk, expense, and productivity have strong impacts on profitability. We also find that bank industry characteristics and macroeconomic variables affect bank profitability. However, we find that the direction of causality is not uniform across profitability measures.
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- Conference Paper
Author: Dong Phong Nguyen (2016) - Trade has been suggested as an important contribution for economic growth in many countries. Moreover, trade has been the popular subject for policy making process and international relations. In this research, we investigate the determinants of international trade employing the bilateral data set of trade between a number of emerging countries and their trading partners as a dependent variables. We also use a large number of variables as dependent variables that potentially drive international trade. We use a disaggregated data set over an extended time period.
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- Journal Article
Author: Dong Phong Nguyen (2017) - In this research, we investigate the determinants of international trade, employing a dataset of bilateral trade and economics characteristics in the ASEAN+3 countries. We include a large number of dependent variables that potentially drive international trade. We also use various standard gravity model variables to maintain consistency with the current literature. The results provide some important insights into the determinants of bilateral trade and offer policy implications regarding the promotion of international trade for governments worldwide. In particular, we find that output asymmetry between countries positively explains bilateral trade. Moreover, the findings suggest that ...
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- Journal Article
Author: Xuan Vinh Vo (2018) - This paper examines the determinants of capital flows to emerging economies. We analyze the determinants of foreign direct investment (FDI) flows into Vietnam as a unique case. The paper contributes to the current literature in the sense that we focus on the characteristics of the source countries and bilateral relationship between the source and destination countries. Employing different econometric techniques, our results confirm the push factor determinants of FDI. Further, the paper highlights the importance of bilateral relationship between the source and the destination countries in attracting FDI
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- Journal Article
Author: Xuan Vinh Vo (2017) - Capital structure decision is an important corporate behavior which draws strong interest from different stakeholders. It is more important in emerging markets due to their unique legal, cultural and institutional characteristics. This paper sheds further light on the question of whether capital structure determinants are different in emerging markets. We utilize a new and unique data set containing firm specific attributes over the period from 2006 to 2015. Employing GMM estimator to control for endogeneity, the results indicate that the determinants of capital structure are different for long-term and short-term indicators.
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- Journal Article
Author: Xuan Vinh Vo (2018) - Firms with government ownership in transitional economies are normally in advantageous position because they have many political and financial privileges. A question which naturally arises is that whether firms with government ownership need to take more risk to maintain competitive edge and obtain innovation. This paper sheds further light on that question by providing an investigation into the impact of government ownership on the firm’s risk-taking behavior in Vietnam, a successful transitional economy. The study uses a number of econometric techniques of panel data estimation for efficient and consistent results. Overall, the paper reports that firms with higher state ownership te...
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- Journal Article
Author: Xuan Vinh Vo (2017) - Most of previous studies on stock price informativeness tend to focus on the context of mature stock markets while this issue is more acute in emerging equity markets where regulatory and institutional structure are weak. This paper examines the relationship between foreign ownership and stock price informativeness in Vietnam stock market. We utilize a data set covering firm attributes of non-financial firms listed on the Ho Chi Minh City stock exchange over the period 2007–2015. Employing different estimation techniques for panel data, the empirical results indicate that foreign investors improve stock price informativeness in Vietnam stock market. The finding from this paper confirm...
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- Journal Article
Author: Xuan Vinh Vo (2019) - This paper examines the role of foreign investors in promoting stock price efficiency in emerging stock markets relying on the fact that stock prices in these markets are influenced by both local and global factors. We employ a data sample of Vietnamese‐listed firms on the Ho Chi Minh City stock exchange over the period from 2006 to 2015. We utilize the panel data estimation analysis. The results show that foreign investors accelerate the incorporation of available information into local stock prices. The finding reinforces the important role of foreign investors in domestic stock markets of emerging economies.
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- Conference Paper
Author: Xuan Vinh Vo (2015) - The literature on institutional ownership and stock return volatility often ignores small emerging countries. However, this issue is more profound, due to the large size of institutional investors and small stock market size, in emerging equity markets. This paper examines the effects of the institutional ownership on the firm-level volatility of stock returns in Vietnam. Our data cover most of non-financial firms listed on the Ho Chi Minh City stock exchange for the period 2006–2012. Employing different analysis techniques for panel data and controlling for possible endogeneity problems, our empirical results suggest that institutional investors stabilize the stock return volatility....
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- Journal Article
Author: Xuan Vinh Vo (2016) - The literature on institutional ownership and stock return volatility often ignores small emerging countries. However, this issue is more profound, due to the large size of institutional investors and small stock market size, in emerging equity markets. This paper examines the effects of the institutional ownership on the firm-level volatility of stock returns in Vietnam. Our data cover most of non-financial firms listed on the Ho Chi Minh City stock exchange for the period 2006–2012. Employing different analysis techniques for panel data and controlling for possible endogeneity problems, our empirical results suggest that institutional investors stabilize the stock return volatility....
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- Conference Paper
Author: Brian M. Lucey (2017-09-28) - Which factors drive the price of gold? Many papers have addressed this question from different
angles; the answer depends on the researchers’ view and definition of the precious metal:
investment asset, industrial asset, or a mixture of both? While most researchers focus on the
influence of macroeconomic variables on the price of gold, this paper investigates the relationship
between a set of macroeconomic variables and the physical demand for the yellow metal across a
multitude of countries. Different panel and non-panel models are used and tested for goodness of
fit in order to derive empirical insights into the drivers of physical demand.
Results for total gold demand indicate a po...
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- Journal Article
Author: Xuan Vinh Vo (2017) - This study investigates the relationship between capital structure and shareholder value in Vietnam. We use accounting and stock market data for firms listed on the Ho Chi Minh City stock exchange during the period 2007–2013. Our analysis shows a negative relation between financial leverage and shareholder value, indicative of a proportionately greater cost to debt financing than benefit for Vietnamese firms. Moreover, we find that only low leveraged firms are likely to create value for shareholders. Our study has implications for Vietnamese firm's preferred capital structure and for investors who contemplate to invest in Vietnamese stock markets.
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- Journal Article
Author: Xuan Vinh Vo (2016) - Vietnam financial market development is an interesting topic which draws attention from many economists worldwide. In this article, we review and highlight some key financial developments in Vietnam. Particularly, we focus on reviewing recent banking system and stock market developments in Vietnam. We observe that there is a significant improvement in the Vietnam financial system in the last few decades. Obviously, the Vietnam financial market has been gradually becoming more integrated into the global market. Similar to other emerging economies, the integration process poses various challenges for the current institutional and legal framework in the financial system.
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