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Herding in frontier stock markets: evidence from the Vietnamese stock market
Author(s) -
Bui Nha Duc,
Nguyen Loan Thi Bich,
Nguyen Nhung Thi Tuyet,
Titman Gordon Frederick
Publication year - 2018
Publication title -
accounting and finance
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.645
H-Index - 49
eISSN - 1467-629X
pISSN - 0810-5391
DOI - 10.1111/acfi.12253
Subject(s) - vietnamese , herding , stock market , frontier , herd behavior , financial economics , stock (firearms) , economics , stock market bubble , stock exchange , market depth , primary market , market maker , business , monetary economics , finance , geography , context (archaeology) , philosophy , linguistics , archaeology , forestry
Abstract By using the model of Chang et al . ([Chang, E. C., 2000]) with some modification and extension, this paper provides three main contributions to investor behavior literature in frontier stock markets, specifically the Vietnamese stock market. First, the study found the evidence of herd behavior in Vietnam, a frontier market, in both industry and market contexts. Second, the results show that investor herd behavior is driven by both up and down market scenarios. Third, the study observes that U.S. stock market affects herd behavior in the Vietnamese stock market. However, the Hong Kong stock market only impacts market information.