Keywords and phrases: rational expectations, behavioral finance, excessive volatility, trading volume, optimism, pessimism.
Received: October 13, 2022; Accepted: November 28, 2022; Published: December 17, 2022
How to cite this article: Nguyen Hoang Hung and Mai Duc Toan, Effects of behavioral finance on Vietnamese stock market, Advances and Applications in Statistics 84 (2023), 19-31. http://dx.doi.org/10.17654/0972361723002
This Open Access Article is Licensed under Creative Commons Attribution 4.0 International License
References:
[1] J. M. Keynes, The General Theory of Employment, Interest and Money, Macmillan, 1936. [2] J. F. Muth, Rational expectations and the theory of price movements, Econometrica 29 (1961), 315-335. [3] F. M. D. B. Werner and R. Thaler, Does the stock market overreact? The Journal of Finance 40 (1985), 793-805. [4] Neil D. Weinstein, Optimistic Biases about Personal Risks, Science, New Series 246 (1989), 1232-1233. [5] J. B. De Long and A. Shleifer, The stock market bubble of 1929: evidence from closed-end mutual funds, The Journal of Economic History 51(3) (1991), 675-700. [6] W. F. M. De Bondt and R. H. Thaler, Chapter 13 financial decision-making in markets and firms: a behavioral perspective, Handbooks in Operations Research and Management Science, Elsevier, 1995. [7] Wilma Otten, Optimism, Doctoral Thesis, University of Amsterdam, Published by Faculty of Social and Behavioural Sciences (FMG), 1995. [8] W. Otten and J. Van Der Pligt, Context effects in the measurement of comparative optimism in probability judgments, J. Soc. Clin. Psychol. 15 (1996), 80-101. [9] N. Barberis, A. Shleifer and R. Vishny, A model of investor sentiment, Journal of Financial Economics 49 (1998), 307-343. [10] K. Daniel, D. Hirshleifer and A. Subrahmanyam, Investor psychology and security market under- and overreactions, The Journal of Finance 53 (1998), 1839-1885. [11] T. Odean, Are Investors Reluctant to Realize their Losses? The Journal of Finance LIII (1998), 1775-1798. [12] C. Camerer and D. Lovallo, Overconfidence and excess entry: an experimental approach, The American Economic Review 89 (1999), 306-318. [13] E. Haruvy, D. O. Stahl and P. W. Wilson, Evidence for Optimistic and pessimistic behavior in normal-form games, Economics Letters 63 (1999), 255-259. [14] T. Odean, Do investors trade too much? The American Economic Review 89 (1999), 1279-1298. [15] R. J. Shiller, Chapter 20 Human behavior and the efficiency of the financial system, Handbook of Macroeconomics 1 (1999), 1305-1340. [16] D. Hirshleifer, Investor psychology and asset pricing, The Journal of Finance LVI (2001), 1533-1597. [17] C. A. Holt and S. K. Laury, Risk aversion and incentive effects, The American Economic Review 92 (2002), 1644-1655. [18] N. Barberis and R. Thaler, Chapter 18, A survey of behavioral finance, Handbook of the Economics of Finance, Elsevier, 2003. [19] M. Glaser and M. Weber, Overconfidence and trading volume, The Geneva Papers on Risk and Insurance Theory 32 (2007), 1-36. [20] L. Ackert and R. Deaves, Behavioral Finance: Psychology, Decision-making, and Markets, Cengage Learning, 2009. [21] G. A. Akerlof and R. J. Shille, Animal spirits: how human psychology drives the economy, and why it matters for global capitalism, Animal Spirits: How Human Psychology Drives the Economy, and Why it Matters for Global Capitalism, Princeton University Press, 2009. [22] W. Boynton, H. R. Oppenheimer and S. F. Reid, Japanese day-of-the-week return patterns: new results, Global Finance Journal 20 (2009), 1-12. [23] G. Harrison and E. Rutstrom, Expected utility theory and prospect theory: one wedding and a decent funeral, Experimental Economics 12 (2009), 133-158. [24] A. Dhaoui, What does matter in economy today: between rationality and animal spirits, Arab Economic and Business Journal (2011), 39-47. [25] A. Dhaoui, R. Farhani and G. Sr, Stock return and trading volume distribution across the day-of-the-week: evidence from Japanese Stock Market, Journal of Economic and Social Studies 2 (2012), 51-68. [26] N. D. Hien, N. Duy, L. Vu and N. N. Tram, Empirical research of disposition effects in Vietnam’s Stock Market, Journal of Economics and Development 14 (2012), 52-71. [27] A. Dhaoui, S. Bourouis and M. Boyacioglu, The impact of investor psychology on stock markets: evidence from France, Journal of Academic Research in Economics 5 (2013), 35-59. [28] Simon Gervais, J. B. Heaton and Terrance Odean, The Positive Role of Overconfidence and Optimism in Investment Policy, Publisher: Rodney L., 2002. [29] C. Oprean and C. Tanasescu, Effects of behavioural finance on emerging capital markets, Procedia Economics and Finance 15 (2014), 1710-1716. [30] H. Ton and K. Dao, The effects of psychology on individual investors’ behaviors: evidence from the Vietnam Stock Exchange, Journal of Management and Sustainability 4 (2014), 125-134. [31] V. Ramiah, X. Xu and I. A. Moosa, Neoclassical finance, behavioral finance and noise traders: a review and assessment of the literature, International Review of Financial Analysis 41 (2015), 89-100. [32] A. Dhaoui and S. Bacha, Investor emotional biases and trading volume’s asymmetric response: a non-linear ARDL approach tested in S&P500 stock market, Cogent Economics & Finance 5 (2017), 1-13. [33] D. Nguyen and M. Pham, Search-based sentiment and stock market reactions: an empirical evidence in Vietnam, The Journal of Asian Finance, Economics and Business 5 (2018), 45-56. [34] D. T. T. Phan, V. H. T. Le and T. T. H. Nguyen, Overconfidence bias, comparative evidences between Vietnam and selected ASEAN countries, The Journal of Asian Finance, Economics and Business 7 (2020), 101-113.
|