Stock Market Efficiency in Thin Trading Markets: The Case of the Vietnamese Stock Market

T. Dong Loc; G. Lanjouw; B.W. Lensink

doi:10.1080/00036840802167350

Stock Market Efficiency in Thin Trading Markets: The Case of the Vietnamese Stock Market

T. Dong Loc, G. Lanjouw, B.W. Lensink

Research output: Contribution to journal › Article › Academic › peer-review

28 Citations (Scopus)

Abstract

This article reviews developments in the Stock Trading Centre (STC) in Ho Chi Minh City, Vietnam, the main stock market in the country, since its start in 2000. It presents information about developments in the number of stocks traded, trading activity and stock-price developments. This article focuses on the question whether the market is weak-form efficient. An important element of the investigation concerns the possible bias of the results caused by the thin trading that characterizes the STC. Stock-market returns are corrected for this. The main conclusion is that the STC is not efficient in the weak form.

Original language	English
Pages (from-to)	3519-3532
Journal	Applied Economics
Volume	42
Issue number	27
DOIs	https://doi.org/10.1080/00036840802167350
Publication status	Published - 2010

Keywords

random-walk hypothesis
hong-kong
exchange
variance
behavior
returns
prices
index
tests

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10.1080/00036840802167350

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title = "Stock Market Efficiency in Thin Trading Markets: The Case of the Vietnamese Stock Market",

abstract = "This article reviews developments in the Stock Trading Centre (STC) in Ho Chi Minh City, Vietnam, the main stock market in the country, since its start in 2000. It presents information about developments in the number of stocks traded, trading activity and stock-price developments. This article focuses on the question whether the market is weak-form efficient. An important element of the investigation concerns the possible bias of the results caused by the thin trading that characterizes the STC. Stock-market returns are corrected for this. The main conclusion is that the STC is not efficient in the weak form.",

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AU - Lanjouw, G.

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N2 - This article reviews developments in the Stock Trading Centre (STC) in Ho Chi Minh City, Vietnam, the main stock market in the country, since its start in 2000. It presents information about developments in the number of stocks traded, trading activity and stock-price developments. This article focuses on the question whether the market is weak-form efficient. An important element of the investigation concerns the possible bias of the results caused by the thin trading that characterizes the STC. Stock-market returns are corrected for this. The main conclusion is that the STC is not efficient in the weak form.

AB - This article reviews developments in the Stock Trading Centre (STC) in Ho Chi Minh City, Vietnam, the main stock market in the country, since its start in 2000. It presents information about developments in the number of stocks traded, trading activity and stock-price developments. This article focuses on the question whether the market is weak-form efficient. An important element of the investigation concerns the possible bias of the results caused by the thin trading that characterizes the STC. Stock-market returns are corrected for this. The main conclusion is that the STC is not efficient in the weak form.

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KW - hong-kong

KW - exchange

KW - variance

KW - behavior

KW - returns

KW - prices

KW - index

KW - tests

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Stock Market Efficiency in Thin Trading Markets: The Case of the Vietnamese Stock Market

Abstract

Keywords

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