Trading of foreign investors and stock returns in an emerging market Evidence from Vietnam

被引：29

作者：

Xuan Vinh Vo ^{[1
,2
]}

机构：

[1] Univ Econ Ho Chi Minh City, 59C Nguyen Dinh Chieu St Dist 3, Ho Chi Minh City, Vietnam

[2] CFVG Ho Chi Minh City, 91 Ba Thang Hai St,Dist 10, Ho Chi Minh City, Vietnam

来源：

INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS | 2017年 / 52卷

关键词：

Feedback traders; Foreign investors; Trading; Stock returns; Emerging markets; Vietnam; EQUITY FLOWS; VOLUME; VOLATILITY; OWNERSHIP; BEHAVIOR; DYNAMICS; IMPACT;

D O I：

10.1016/j.irfa.2017.05.007

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This article investigates the impact of foreign investors' trading on stock returns in Vietnam, a key emerging market. We utilize a time series data set of foreign investors' trading volume and market returns of the Ho Chi Minh City stock exchange over an extended time frame before and after global financial crisis. The results indicate that foreign investors are positive feedback traders in Vietnam stock market. The findings also reveal the timing ability and trading strategy of foreign investors. The paper offers strong implications for market participants and portfolio investment. (C) 2017 Elsevier Inc. All rights reserved.

引用

页码：88 / 93

页数：6

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