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

[journal article]

Truong, Loc Dong; Lanjouw, Ger; Lensink, Robert

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Abstract This paper 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. The 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.
Document language English
Publication Year 2008
Page/Pages p. 3519-
Journal Applied Economics, 42 (2008) 27
Status Postprint; peer reviewed
Licence PEER Licence Agreement (applicable only to documents from PEER project)