Purpose Nowadays, the issues related to pro-environmental, sustainable and green consumption behaviors are attracting significant attention from both scholars and practitioners. However, in the context of emerging countries, less research effort has been invested in this topic, especially in investigating young consumer purchase behavior. The purpose of this study is to investigate factors driving young adult Vietnamese consumers’ purchase intention toward green apparel products with emphasis on the role of materialistic values. Design/methodology/approach In this research, a conceptual framework is proposed integrating the theory of planned behavior (TPB) model with an important consumer value, materialism. To test the research model and hypotheses, a survey of a sample of 245 young adults (under 25 years old) was conducted in Hanoi, the capital city and one of the two most populous cities in Vietnam. All the scales used in this study were established in the literature, and the scales’ reliability and validity were assessed through Cronbach’s alpha and confirmatory factor analysis. The structural equation modeling (SEM) was used to test the proposed model and hypotheses. Findings In this study, six hypotheses were tested and five out of six received support from the data. Specifically, the results of SEM showed that all three antecedents from the TPB model (i.e. attitude, subjective norms and perceived behavioral control) were positive contributors to green apparel purchase intention, of which subjective norms were found to be the most influential predictor of purchase intention. With regard to the roles of the three components of materialism, the findings provided empirical evidence for supporting the positive impact of “success” and the negative impact of “centrality” on the attitude toward green apparel purchase, while “happiness” component was not found to have a significant impact on attitude. In this study, income as a control variable was found to be positively related to purchase intention toward green apparel products. Originality/value There is a little research on the relationship between specific values and environment-friendly behaviors, especially in the context of emerging economies such as Vietnam. In addition, it has been suggested that the relationship between materialistic values and green purchase behavior is still unclear. Thus, it is important to have a deeper understanding of the role of materialistic values in green apparel purchase among young adult consumers in the context of Vietnam, an Asian emerging country where only modest research effort has been given to explore this important topic.

We construct the complete network of tail risk spillovers among major cryptocurrencies using the Least Absolute Shrinkage and Selection Operator (LASSO) quantile regression. We capture important features of the network, including major risk-driving and major risk-receiving currencies, and the evolution of the tail dependence among the currencies over time. Importantly, we reveal a striking finding that the right tail dependence among the cryptocurrencies is significantly stronger than the left tail counterpart. This unique characteristic may have contributed to the rise in popularity of cryptocurrencies over the last few years. Our portfolio analysis reveals that diversification in cryptocurrency investment can be accomplished simply by employing the naïve equal-weighted scheme even when transaction costs are taken into account.

We propose new systematic tail risk measures constructed using two different approaches.The first is a non-parametric measure that captures the tendency of a stock to crash at the same time as the market, while the second is based on the sensitivity of stock returns to innovations in market crash risk. Both tail risk measures are associated with a significantly positive risk premium after controlling for other measures of downside risk, including downside beta, coskewness and cokurtosis. Using the new measures, we examine the relevance for investors of the tail risk premium over different horizons.

Our paper employs a data set that comprises real‐time data, which, in our study, is defined as the best known data available to investors at the time of making decision. The research was inspired by comments by industry leaders at an international conference in finance in Vietnam in 2016, basically implying that academic research findings were not useful to investors because they had not done in the way that investors think and do. Drawing on an alike experiment study using real‐time data for a period from October 2010 to April 2014, our paper documents that the value and liquidity effect do not exist in Vietnam, and the size effect is weak. Specifically, we find that growth and high‐liquidity stocks outperform and do not find strong evidence for the outperformance of small stocks. This finding contradicts the general literature, which suggests that value, low liquidity, and small stocks outperform but supports similar contradicting findings for emerging markets. The findings from our research are important to investors in Vietnam market because they are drawn on the decision‐making basis that investors in this market normally do. Our research findings also suggest the use of a multifactor pricing model that is relevant for valuing stocks in Vietnam. In addition, to check the reliability of our data set and the robustness of our conclusions, we repeated the same procedure using two samples of historical data and compared with results from our data. The additional analysis confirms the reliability of our data and findings.

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