Testing the existence of herd behavior among investors on the Ha Noi Stock Exchange
Main Article Content
Abstract
This article aims to present testing results on the existence of herd behavior (or herb psychology) on the Hanoi Stock Exchange. Data were the value series of HNX-Index and the closing price of the stocks traded on the Hanoi Stock Exchange of the weekly frequency from 01 January 2009 to 30 June 2015. The CSSD method (Cross-sectional standard deviation) and regression analysis were used to analyze collected data. The results show that there was the existence of herd impacts among investors on the Hanoi Stock Exchange.
Article Details
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
Keywords
Cross-sectional standard deviation (CSSD), Hanoi Stock Exchange (HNX), herd behavior.
References
[2]. Chen, G., Oliver, M. & Xu, Y. (2004), When will investors herd? – Evidence from the Chinese Stock Markets, School of Accounting and Finance at the Hong Kong Polytechnic University.
[3]. Christie, W.G. & Huang, C. R. (1995), “Following the pied piper: Do individual returns herd around the market?”, Financial Analysts Journal, 51 (4), p. 31-37.
4]. Trương Đông Lộc, Trần Thanh Bình (2013), “Hiệu ứng bầy đàn của các nhà đầu tư trên Sở Giao dịch Chứng khoán Thành phố Hồ Chí Minh”, Tạp chí Ngân hàng, (Số 15), tr. 46-52.
[5]. Per, O. (2010), Herd Behavior on the Swedish Stock Exchange, Master Thesis in Finance, Jonkoping University.
[6]. Nguyễn Ngọc Vũ (2010), “Tính toán hệ số bêta (β) của một số công ty niêm yết tại Sàn Giao
dịch Chứng khoán Hà Nội”, Tạp chí Khoa học và Công nghệ, Đại học Đà Nẵng, (Số 2), tr. 169-175.
[7]. Vuong, Q. H., Farber, A. & Nguyen, V. H. (2006), “Policy impactson Vietnam Stock Market: A case of anomalies and disequilibria 2000 – 2006”, CEB Working paper, (06/005).