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- Title
Transition Economy and Equity Home Bias: The Case of Vietnam.
- Authors
BLENMAN, LLOYD; LE, BEN
- Abstract
In Vietnam, we find strong evidence that foreign investors hold higher percentage stakes in firms located in the south of Vietnam, firms listed on the Hochiminh stock exchange, firms with low past returns and firms that are listed longer on the exchanges. The coefficients on firm size and firm age since IPO are consistently positive and robust. Average firm size is higher for state owned enterprises (SOEs), and foreign investors strongly prefer investing in large firms. Foreign investors show strong preference for investing in non-SOEs. Risk factors such as government ownership stakes, systematic risk and price volatility negatively influence foreign ownership percentage. Their effects are less pronounced on the stocks that trade on the more developed stock exchange market, Hochiminh.
- Subjects
VIETNAM; TRANSITION economies; EQUITY (Real property); GOVERNMENT ownership; GOVERNMENT business enterprises; STOCK exchanges
- Publication
Quarterly Journal of Finance & Accounting, 2014, Vol 51, Issue 3/4, p107
- ISSN
1939-8123
- Publication type
Article
- DOI
10.2307/qjfinacct.51.3-4.107