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RISS 인기검색어
- 검색키워드
- 저자 : Tri M. HOANG (검색결과 5 건)
- 무료
- 기관 내 무료
- 유료
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Asymmetric Effects of Oil Price Shock on Stock Markets in Vietnam
Tri M. HOANG 한국유통과학회 2021 The Journal of Asian Finance, Economics and Busine Vol.8 No.6
This research uses a combination of the SVAR model and the non-linear ARDL (NARDL) to investigate the long-term and short-term asymmetric effect of oil price structural shocks on the index of the Ho Chi Minh stock exchange and Hanoi stock exchange. The data selected include the world crude oil output, the imported crude oil price, the real economic activities index, the index of Ho Chi Minh stock exchange (Vn-Index), and the index of Hanoi stock exchange (HNXI). Data frequency is monthly periods from October 2011 to October 2020. The SVAR results show that a demand shock has a major long-run effect on Vietnamese stock markets, while a supply shock has no such impact. The NADRL’s finding reveals that only positive and negative aggregate demand shock imposes strong effects on Vietnam stock indices in the long run. In terms of asymmetry features, the Wald coefficient test for NADRL shows that the supply shock and oil marketspecific demand shock have asymmetric effects on the index of the Ho Chi Minh stock market in the long run. Major findings suggest that market controllers have to speed up their development of the domestic oil market. Investors have to pay attention to the demand information.
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Jumps Across Asset Classes and Their Diversification Benefits
Tri M. HOANG 한국유통과학회 2021 The Journal of Asian Finance, Economics and Busine Vol.8 No.6
This study considers the jump correlations across gold, imported crude oil, the Ho Chi Minh stock exchange (VN-Index), the Ha Noi stock exchange index (HNX-Index), and their impacts on diversification benefits. Understanding jumps is critical for investors because crossasset diversification is reduced when jumps occur often and are correlated. Results indicate the presence of jumps in all assets. The average correlation between the asset classes is –0.025, indicating that diversifying across asset classes reduces the jump risk to which an investor is exposed. The findings highlight the downside of assessing the advantages of diversification across asset classes solely on the basis of returns. While this can seem to be of little importance, diversification is likely to result in a substantial reduction in jump risk. An analysis of the domestic oil price surge, the gold ban as a payment vehicle under Government Resolution No: 11/NQ-CP, and the Covid-19 pandemic show the benefits of cross-asset diversification from a jump risk standpoint. According to the results, jump correlations do not always have a negative impact on diversification benefits. A return shift in one asset and a transition in the other asset in the same direction are common characteristics of co-jumps between assets.
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The Impact of COVID-19 on Individual Industry Sectors: Evidence from Vietnam Stock Exchange
Thi Hoang Lan TU,Tri M. HOANG 한국유통과학회 2021 The Journal of Asian Finance, Economics and Busine Vol.8 No.7
The paper examines the impact of the COVID-19 pandemic on the stock market prices. The vector autoregression model (VAR) has been used in this analysis to survey 341 stocks on the Ho Chi Minh City Stock Exchange (HOSE) for the period from January 23, 2020 to December 31, 2020. The empirical results obtained from the analysis of 11 economic sectors suggest that there is a statistically significant impact relationship between COVID-19 and the healthcare and utility industries. Additional findings show a statistically significant negative impact of COVID-19 on the utility share price at lag 1. Analysis of impulse response function (IRF) and forecast error variance decomposition (FEVD) show an inverse reaction of utility stock prices to the impact of COVID-19 and a gradual disappearing shock after two steps. Major findings show that there is a clear negative effect of the COVID-19 pandemic on share prices, and the daily increase in the number of confirmed cases, indicate that, in future disease outbreaks, early containment measures and positive responses are necessary conditions for governments and nations to protect stock markets from excessive depreciation. Utility stocks are among the most severely impacted shares on financial exchanges during a pandemic due to the high risk of immediate or irreversible closure of manufacturing lines and poor demand for basic amenities.
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Tung Van TRAN,Tri M. HOANG 한국유통과학회 2021 The Journal of Asian Finance, Economics and Busine Vol.8 No.4
This study examines the effect of international capital flows on corporate capital structures in Vietnam by analyzing panel data from all non-financial listed firms from 2005 to 2014 using pooled ordinary least square (OLS) with a variance estimator. The analysis includes a comparison of the signs and significance of the variable coefficients from the perking order and static trade-off theories to the empirical results to determine the optimum approach to the corporate capital structure given Vietnam’s high-inflation environment. The results indicate that international capital flows have a positive relation to the debt ratio in the long term, and the relationship is more robust for 2005–2009 than for 2010–2014. Corporate capital structures adjusted to changes in the business environment in different sub-periods (2005–2009 and 2010–2014). When the economic environment became more favorable, the pecking order theory’s predictive power increased, and that of trade-off theory lessened. Manufacturing and non-manufacturing firms required different capital structure decisions to fuel their operations and grow under foreign competition. The analysis demonstrates that firms should intensify their use of long-term debt relative to the availability of capital, which is an implication not only for firms in particular but also for industrial innovation overall.
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Huan Quang NGO,Thang Quyet NGUYEN,Nguyen Thanh LONG,Tung Van TRAN,Tri M. HOANG 한국유통과학회 2019 The Journal of Asian Finance, Economics and Busine Vol.6 No.3
The paper aims to examine the factors affecting brand and student decision in buying fresh milk. Combining qualitative and quantitative research methods, this study used self-completed questionnaires to investigate 520 students in Ho Chi Minh City. The results of the study show that that there are five key determinants affecting the dairy brand and student decision in buying fresh milk, including: (1) product quality, (2) fair price, (3) product promotion and customer services, (4) product convenience, and (5) reference group’s attitude to the brand. In addition, it is also found that product brand has a direct and positive impact on the student decision. The finding in this study is quite different from other existing literatures in terms of the importance level of the determinants of the student decision in buying fresh milk; specifically, in deciding to buy their fresh milk, students are often interested in the promotion and customer service, the product convenience, and the reference group for the purchase, more than in the quality and price of the product. From these findings, some managerial implications are proposed for policy-makers and relevant enterprises to have appropriate policies and strategies for their business development.
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