Herding in frontier stock markets: evidence from the Vietnamese stock market

By using the model of Chang et al. () 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 ma...

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Bibliographic Details
Published in:Accounting and finance (Parkville) 2018-11, Vol.58 (S1), p.59-81
Main Authors: Bui, Nha Duc, Nguyen, Loan Thi Bich, Nguyen, Nhung Thi Tuyet, Titman, Gordon Frederick, Smith, Tom
Format: Article
Language:English
Subjects:
Efficient market
Herd behaviour
Individual investors
Securities markets
Stock exchanges
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Summary:By using the model of Chang et al. () 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.
ISSN:0810-5391
1467-629X
DOI:10.1111/acfi.12253