Luong Tram Anh, N. Hoai, Nguyen Thi Mai Trang, Dau Thao Vy, Le Ha Vi, Le Thi Phuong Uyen
{"title":"市场流动性对股票收益的影响:来自越南股票市场的经验证据","authors":"Luong Tram Anh, N. Hoai, Nguyen Thi Mai Trang, Dau Thao Vy, Le Ha Vi, Le Thi Phuong Uyen","doi":"10.57110/2588-1108/vnujeb.4789","DOIUrl":null,"url":null,"abstract":"The stock market plays an increasingly important role in restructuring the economy in Vietnam. Among many evaluation criteria, market liquidity is one of the essential factors showing the development of the stock market. This study aims to understand the influence of market liquidity on the performance of the Vietnamese stock market from 2011 to 2020. The research results show that market liquidity positively affects the Vietnamese market's excess return, and this result is unchanged with control variables. This finding contrasts with the liquidity risk premium theory, but it contributes to the debate over the role of investor sentiment in the markets.","PeriodicalId":270329,"journal":{"name":"VNU JOURNAL OF ECONOMICS AND BUSINESS","volume":"16 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2022-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The Impact of Market Liquidity on Stock Returns: Empirical Evidence from the Vietnamese Stock Market\",\"authors\":\"Luong Tram Anh, N. Hoai, Nguyen Thi Mai Trang, Dau Thao Vy, Le Ha Vi, Le Thi Phuong Uyen\",\"doi\":\"10.57110/2588-1108/vnujeb.4789\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"The stock market plays an increasingly important role in restructuring the economy in Vietnam. Among many evaluation criteria, market liquidity is one of the essential factors showing the development of the stock market. This study aims to understand the influence of market liquidity on the performance of the Vietnamese stock market from 2011 to 2020. The research results show that market liquidity positively affects the Vietnamese market's excess return, and this result is unchanged with control variables. This finding contrasts with the liquidity risk premium theory, but it contributes to the debate over the role of investor sentiment in the markets.\",\"PeriodicalId\":270329,\"journal\":{\"name\":\"VNU JOURNAL OF ECONOMICS AND BUSINESS\",\"volume\":\"16 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2022-10-25\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"VNU JOURNAL OF ECONOMICS AND BUSINESS\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.57110/2588-1108/vnujeb.4789\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"VNU JOURNAL OF ECONOMICS AND BUSINESS","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.57110/2588-1108/vnujeb.4789","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
The Impact of Market Liquidity on Stock Returns: Empirical Evidence from the Vietnamese Stock Market
The stock market plays an increasingly important role in restructuring the economy in Vietnam. Among many evaluation criteria, market liquidity is one of the essential factors showing the development of the stock market. This study aims to understand the influence of market liquidity on the performance of the Vietnamese stock market from 2011 to 2020. The research results show that market liquidity positively affects the Vietnamese market's excess return, and this result is unchanged with control variables. This finding contrasts with the liquidity risk premium theory, but it contributes to the debate over the role of investor sentiment in the markets.
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