By using the model of Chang et al. () with some modification and extension, this paper provides three main contributions to investor behavior literature in frontier stock markets, specifically the Vietnamese stock market. First, the study found the evidence of herd behavior in Vietnam, a frontier market, in both industry and market contexts. Second, the results show that investor herd behavior is driven by both up and down market scenarios. Third, the study observes that U.S. stock market affects herd behavior in the Vietnamese stock market. However, the Hong Kong stock market only impacts market information.
Surface-enhanced Raman scattering (SERS) is a non-invasive analytical technique that has ultra-sensitivity and high multiplex capability. Gold nanostars (AuNSs) with the unique near-infrared localised surface plasmon resonance has shown great...
This study examines herd behaviour in four Southeast Asian stock markets, namely Indonesia, the Philippines, Malaysia, and Vietnam. Empirical results indicate that except for the Philippines, herding exists in the other three markets. Stronger evidence of herding has been detected in these markets when the market is up. When the market is down, it is only the Malaysian market that exhibits signifi cant herding. The study further investigates herding by dividing the entire sample period into two sub-periods: pre-crisis and during economic crisis. We fi nd strong evidence of the existence of herding in Indonesia and Malaysia in both sub-periods. However, the fi ndings are mixed when we additionally examine herding in up and down market scenarios during the two sub-periods by using modifi ed models.
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