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The regression result for herding in positive market returns (test for Heteroskedasticity)
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Vietnamese stock market is considered immature and unstable as the outside influence of economy and the weakness of market system. Herding behavior tends to exist in emerging market with lack in transparency, efficient information and macro financial management. Therefore, this research is conducted to examine the existence of herding in Vietnamese...
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Citations
... Testing was conducted in two phases from 2005 to 2008 and 2008 to 2013. Herding does not exist before and during crisis (Dao & Tu, 2015). In another work the authors examined Vietnam stock market daily data for the period from January 2005 to April 2015 and found the herding behavior during different asymmetric market conditions (Vinh & Phan, 2016). ...
This paper includes the detection of Herd Behavior and bubbles in ASEAN countries and some other countries as well through different methods and get a clear picture regarding that.
... Since 2008, the Vietnam Stock Exchange has been unstably recovered from the massive drop down which has motivated investor's herding behaviors to purchase stocks. Moreover, the stock market in Vietnam is considered as an Emerging Market with low performance of financial management, lack of information transparency which is also affected by economy and the market system weakness (Dao and Tu 2014). Therefore, the EM Z-Score Model is an appropriate estimating instrument to predict the company's performance as it concentrates on the market credit risk in order to arrive at the final modified rating (Altman, 2005). ...
This paper analyzes the economic health of Vietnam’s construction industry. The sample data have been collected from 32 construction companies listed on Ho Chi Minh Stock Exchange during 2013 to 2014. Their financial reports have been taken into account to examine the business condition by using the Altman Z-score Model and the Emerging Market Model. In these two models, the impact of Growth, Tangibility, Debt Ratio, Size and Cash Conversion Cycle are proved to be negative in relation with the firm’s performance in the original Z-sore. We find out in our analysis that the Emerging Market Model is the more appropriate model for assessing the health of Vietnam’s construction firms. In addition, further hypothesis tests are conducted to provide a regression analysis of the correlation between the Z-score and the five factors mentioned above. The regression has revealed that none of these factors has positive or negative impacts on Vietnam’s construction enterprises.
