The Impact of Political Connection on IPO Activity in Vietnam; National Governance, Ownership Structure and Stock Price Informativeness: Evidence from Vietnam; Asset Pricing Models: Further Evidence in the Vietnamese Stock Market
Doctoral Thesis
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| Định dạng: | Dissertation |
| Ngôn ngữ: | en_US |
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Hanyang University
2023
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| Truy cập trực tuyến: | https://scholar.dlu.edu.vn/thuvienso/handle/DLU123456789/115753 |
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| Thư viện lưu trữ: | Thư viện Trường Đại học Đà Lạt |
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oai:scholar.dlu.edu.vn:DLU123456789-1157532023-10-05T16:57:12Z The Impact of Political Connection on IPO Activity in Vietnam; National Governance, Ownership Structure and Stock Price Informativeness: Evidence from Vietnam; Asset Pricing Models: Further Evidence in the Vietnamese Stock Market Bùi, Thị Kim Dung Kang, Hyoung-goo Vietnamese stock market IPO Doctoral Thesis This study is composed of three essays related to Vietnamese stock markets with the following titles: (i) The impact of political connection on IPO activity in Vietnam, (ii) National governance, ownership structure, and stock price informativeness: Evidence from Vietnam, (iii) Asset pricing models: further evidence in the Vietnamese stock market. This first essay investigates how the Vietnamese Communist Party’s Central Committee’s political connection impacts IPO (Initial Public Offering) activity by using data from 9th to 12th National Congress. Using a sample of 600 enterprises in Vietnam between 2006 and 2018, we examine the Central Committee's political connection and the post-IPO performance in three aspects: the underpricing, accounting performance, and leverage. The finding shows that the Central Committee’s political connection has a significant impact on the IPO underpricing of state-owned enterprises. In addition, this kind of political connection reveals a negative effect on accounting performance and a positive impact on the leverage of state firms. This finding suggests that political connection plays an important role in firm’s post-IPO performance, especially in Communist regimes countries like Vietnam. The second essay explores the relationship between state ownership and stock price informativeness in the context of a transitional economy where the national governance system has not yet fully developed. Drawing on the sample of the Vietnamese stock market over a 10-year period from 2009 to 2018, we explore how national governance quality determines the impact of ownership structure on stock price informativeness. Our findings suggest that government-owned firms tend to have higher synchronous (lower informative) stock prices. Furthermore, better national governance quality could enhance the incorporation of firm-specific information into the stock price. We also explore the impact of anti-corruption on stock price informativeness of state-controlled firms and private firms. We find that private firms seem to have more benefits once corruption is controlled. These findings suggest that in emerging economies, institutional channels perform an influential role in mediating the informativeness of private firms' stock prices. The third essay examines the factors explaining average returns in the Vietnam stock markets for the 2010-2019 period. We use the Fama-French five-factor model with a proposed additional factor - momentum - to jointly test the performance of different models. We find that the Fama French five-factor model can explain more asset pricing anomalies than the other models. Investment, profitability, and momentum seem to significantly contribute to the explanation of average portfolio returns. The result reveals that market, size, and value factors are the most important factors in explaining the cross-section of average returns in the Vietnamese stock market. 2023-04-16T23:06:23Z 2023-04-16T23:06:23Z 2021 Dissertation https://scholar.dlu.edu.vn/thuvienso/handle/DLU123456789/115753 en_US application/pdf Hanyang University |
| institution |
Thư viện Trường Đại học Đà Lạt |
| collection |
Thư viện số |
| language |
en_US |
| topic |
Vietnamese stock market IPO |
| spellingShingle |
Vietnamese stock market IPO Bùi, Thị Kim Dung The Impact of Political Connection on IPO Activity in Vietnam; National Governance, Ownership Structure and Stock Price Informativeness: Evidence from Vietnam; Asset Pricing Models: Further Evidence in the Vietnamese Stock Market |
| description |
Doctoral Thesis |
| author2 |
Kang, Hyoung-goo |
| author_facet |
Kang, Hyoung-goo Bùi, Thị Kim Dung |
| format |
Dissertation |
| author |
Bùi, Thị Kim Dung |
| author_sort |
Bùi, Thị Kim Dung |
| title |
The Impact of Political Connection on IPO Activity in Vietnam; National Governance, Ownership Structure and Stock Price Informativeness: Evidence from Vietnam; Asset Pricing Models: Further Evidence in the Vietnamese Stock Market |
| title_short |
The Impact of Political Connection on IPO Activity in Vietnam; National Governance, Ownership Structure and Stock Price Informativeness: Evidence from Vietnam; Asset Pricing Models: Further Evidence in the Vietnamese Stock Market |
| title_full |
The Impact of Political Connection on IPO Activity in Vietnam; National Governance, Ownership Structure and Stock Price Informativeness: Evidence from Vietnam; Asset Pricing Models: Further Evidence in the Vietnamese Stock Market |
| title_fullStr |
The Impact of Political Connection on IPO Activity in Vietnam; National Governance, Ownership Structure and Stock Price Informativeness: Evidence from Vietnam; Asset Pricing Models: Further Evidence in the Vietnamese Stock Market |
| title_full_unstemmed |
The Impact of Political Connection on IPO Activity in Vietnam; National Governance, Ownership Structure and Stock Price Informativeness: Evidence from Vietnam; Asset Pricing Models: Further Evidence in the Vietnamese Stock Market |
| title_sort |
impact of political connection on ipo activity in vietnam; national governance, ownership structure and stock price informativeness: evidence from vietnam; asset pricing models: further evidence in the vietnamese stock market |
| publisher |
Hanyang University |
| publishDate |
2023 |
| url |
https://scholar.dlu.edu.vn/thuvienso/handle/DLU123456789/115753 |
| _version_ |
1819838052153950208 |