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Article

Pascal Nguyen, Younes Ben Zaied and Thu Phuong Pham

This paper aims to investigate whether idiosyncratic volatility is a priced risk factor in the Australian stock market.

Abstract

Purpose

This paper aims to investigate whether idiosyncratic volatility is a priced risk factor in the Australian stock market.

Design/methodology/approach

The authors use the change in idiosyncratic volatility around acquisition announcements and the related stock price revaluation to test whether the idiosyncratic risk is priced. If the idiosyncratic risk is priced, increases (decreases) in idiosyncratic volatility should be associated with decreases (increases) in the acquirer’s stock price, as the latter’s future cash flows are discounted at a higher (lower) rate. The sample consists of 2,656 completed acquisitions by Australian listed firms over the period January 1990 to October 2014 for which deal value represents more than 5 per cent of the acquirer’s market value.

Findings

Increases (decreases) in idiosyncratic risk are associated with significant decreases (increases) in firm value. This negative relationship is robust to the presence of outliers; is unaffected by the incidence of the 2007-2008 financial crisis; holds using alternative measures of idiosyncratic risk; and is more significant after excluding the resources sector. Firms with a higher idiosyncratic risk prior to the acquisition, and firms avoiding stock to pay for the acquisition, experience a more significant stock price increase in relation to a decrease in idiosyncratic risk.

Research limitations/implications

Considering the small size of the Australian economy, investors may have less scope to mitigate idiosyncratic risk. As a consequence, idiosyncratic risk is associated with the positive excess return, contrary to what standard asset pricing theory assumes. The results support Merton’s (1987) hypothesis that investors are exposed to idiosyncratic risk due to imperfect portfolio diversification and receive compensation for bearing that risk.

Practical implications

The pricing of idiosyncratic risk may also explain why the Australian stock market has historically offered a high equity risk premium. A practical implication would be for international investors to take advantage of the diversification constraints of local investors to capture higher risk premiums and achieve superior returns.

Originality/value

While prior studies demonstrate that stocks with higher idiosyncratic risk are associated with higher subsequent returns, the authors show that an increase in idiosyncratic risk is associated with a decrease in stock prices using acquisition announcements as shocks to a firm’s idiosyncratic risk. In other words, the results arise from within-firm variations rather than from cross-sectional differences in stock returns.

Details

The Journal of Risk Finance, vol. 20 no. 4
Type: Research Article
ISSN: 1526-5943

Keywords

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Article

Thu Phuong Pham

The purpose of this paper is to examine the changes in the price impact of trades in the major Korean stock market following the introduction of disclosure to all traders…

Abstract

Purpose

The purpose of this paper is to examine the changes in the price impact of trades in the major Korean stock market following the introduction of disclosure to all traders of the top five brokers on the buy-side and the top five brokers on the sell-side of trades in real time for each stock in the KOSDAQ market.

Design/methodology/approach

The paper uses several alternative metrics for the price impact of trades. The study applies estimation methodology that accounts for the potential endogeneity of other market quality proxies, which are used as control variables in price impact regressions, by utilizing two-stage-least-square methods with fixed effect specification.

Findings

This study finds that the permanent price impact (information effect) of both buyer- and seller-initiated trades increases, which indicates that information is disseminated quicker in a transparent market. Uninformed trades have a larger permanent price impact than informed trades on both the buy and sell sides. The liquidity price effects are found to be mixed for buys and sells.

Research limitations/implications

The study supports the current policy of the Korean Exchange to publicly display the five most active broker IDs on both the buy and sell sides, as it attracts both informed and liquidity traders, leading to faster price discovery in a more transparent market. However, a future study which analyzes the change in the market quality in both local markets would provide a complete picture of the effects of the policy.

Originality/value

Earlier studies documenting the effect of broker ID disclosure on market quality used effective spreads, market depth or order book imbalance as market quality measures. This study contributes to the existing literature by examining the changes in direct measures of the private information effect and liquidity effect of trades in a stock market – the Korean Stock Exchange – when the other part of the exchange (the KOSDAQ stock market) shifts to public broker ID transparency at the same transparency level.

Details

International Journal of Managerial Finance, vol. 11 no. 1
Type: Research Article
ISSN: 1743-9132

Keywords

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Article

Hao Thi Kim Do, Dung Phuong Hoang and Thuy Thu Pham

This paper aims to examine the factors affecting travelers’ decision to select more than one destination in their trips. Drawn from the rational choice theory, this study…

Abstract

Purpose

This paper aims to examine the factors affecting travelers’ decision to select more than one destination in their trips. Drawn from the rational choice theory, this study posits that the selection of multi-destination tours, as a rational choice, is determined by the travelers’ perception of costs and benefits associated with that choice.

Design/methodology/approach

The conceptual model was developed from both an exploratory research with in-depth interview and the literature. A logistic regression model linking four explanatory variables representing perceived benefits and costs of multi-destination option with travelers’ choice of multi-destination trips. The conceptual model is controlled for diversity of travel purposes; tour group size; type of travel arrangement and travelers’ demographic characteristics while the research context of multi-destination travel within Phu Yen – Dak Lak – Gia Lai – Binh Dinh helps control for the characteristics of the destination set (spatial proximity and traffic convenience). The conceptual model was tested based on data collected from 1,361 Vietnamese travelers who have ever visited at least one of the four provinces.

Findings

This study finds that perceived benefits in terms of diversifying tourism experiences and perceived costs of traveling in multiple places compared to taking single trips represent the most significant drivers for tourists’ selection of multi-destination tours. In addition, the diversity of travel purposes and tour group size have a positive and significant impact on the demand for traveling more than one destination in a trip. Moreover, the richer, older and married travelers have a significantly higher tendency to select multi-destination packages.

Practical implications

The research findings provide important strategic implications for promoting multi-destination trips, thereby, maximizing economic benefits from tourism.

Originality/value

While multi-destination travel patterns have been examined empirically in individual studies sporadically without a common theoretical background, this research makes some progress on this front by using the rational choice theory to connect the relative contributions of those factors to the travelers’ choice of multi-destination trips. Specifically, this study provides a new perspective in explaining the selection of multi-destination trips – from tourists’ perceptions about costs and benefits associated with that choice.

Details

International Journal of Tourism Cities, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2056-5607

Keywords

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Article

Chuong Hong Pham, Hung Vu Nguyen, Mai Thi Thu Le, Long Thanh Do and Phuong Thi Tung Nguyen

This paper employed the self-determination theory (SDT) to examine the synergistic impacts of intrinsic, extrinsic and prosocial motivations in promoting sustained…

Abstract

Purpose

This paper employed the self-determination theory (SDT) to examine the synergistic impacts of intrinsic, extrinsic and prosocial motivations in promoting sustained pro-environmental consumption behaviors (PECB). To provide evidence for the study’s theoretical framework, the authors focus on the behavior of reducing single-use plastics.

Design/methodology/approach

A mall-intercept survey for consumption of single-use plastic products in three big cities of Vietnam (Hanoi, Da Nang and Ho Chi Minh city) was conducted to test the theoretical framework. In total, 468 consumers completed the questionnaires. Data were analyzed with SPSS and AMOS.

Findings

Intrinsic and prosocial motivations are found to be significant predictors of sustained PECB. More importantly, beyond the direct effects of intrinsic and prosocial motivations, the authors also found positive interaction effects between intrinsic and extrinsic motivation and between intrinsic and prosocial motivation on encouraging sustained PECB.

Originality/value

This research offers a new insight for encouraging sustained PECB. Different from the extant perspectives which usually deal with initiating PECB, the authors emphasize sustaining the behavior. Moreover, this research examines the interaction effects between intrinsic and extrinsic motivations and between intrinsic and prosocial motivations in sustaining PECB.

Details

Asia Pacific Journal of Marketing and Logistics, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1355-5855

Keywords

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Article

Nga Thi Tuyet Phan and Terry Locke

The purpose of this paper is to explore the influence of culture on the sense of self-efficacy in teaching English as a Foreign Language of a group of university teachers…

Abstract

Purpose

The purpose of this paper is to explore the influence of culture on the sense of self-efficacy in teaching English as a Foreign Language of a group of university teachers in Vietnam. Research exploring the relationship between culture and self-efficacy is extremely rare despite the acknowledged importance of culture in the formation of self-efficacy beliefs.

Design/methodology/approach

This study took the form of qualitative research with diverse, data collection instruments: individual interviews, focus group discussions, observations and journaling.

Findings

Findings indicate that certain features of the Vietnamese cultural context impacted on the way the study teachers constructed their sense of self-efficacy. Specifically, under the influence of a Vietnamese sense of belonging, the study teachers tended to rely more on efficacy-building information from other people rather than from themselves. The perception of inequality in power may have heightened negative emotional arousal, thus contributing to a negative sense of self-efficacy among the teachers. The Vietnamese concept of face and the high status of teachers in the social hierarchy in part mediated teachers’ sense of self-efficacy.

Social implications

The perceived burden of performing both parenting and teaching roles and responsibilities may have diminished the self-efficacy in teaching of female teachers.

Originality/value

The contribution and implications of the study are discussed.

Details

English Teaching: Practice & Critique, vol. 15 no. 1
Type: Research Article
ISSN: 1175-8708

Keywords

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Article

Nguyen Cong Phuong, Tran Dinh Khoi Nguyen and Ha Phuoc Vu

The paper aims to examine how the change in political ideology and institutions affects corporate governance (CG) of the state-owned enterprise (SOE) in Vietnam, as well…

Abstract

Purpose

The paper aims to examine how the change in political ideology and institutions affects corporate governance (CG) of the state-owned enterprise (SOE) in Vietnam, as well as its consequences.

Design/methodology/approach

To link macro-level institutional change to micro level of the reform process of the Vietnamese SOE governance, we draw from the “Varieties of Capitalism” (VoC) framework adopt a triangulation approach for data collection.

Findings

The paper shows the CG of SOEs is a variant of capitalist CG. Changes in the function, state control and structure of governance in the Vietnamese SOEs have been shaped by the political ideology and institution. It also shows that the political and bureaucratic interferences of the state in SOEs are for political interests rather than for firms’ effectiveness.

Research limitations/implications

The political ideology has existed in major aspects of the governance structure of the SOEs as a part of the party’s effort to maintain its economic legitimacy and a government of “control and domination”.

Practical implications

The findings of this study can be seen as a reference for the Vietnamese Government and governments of other developing countries in making incremental improvements in existing institutions rather than choosing the “best” model of CG.

Originality/value

The paper contributes to the literature by applying the VoC framework to analyse the change in SOE governance in a transition country while preserving the communist ideology. It can deepen our understanding of the SOE governance in Vietnam and enrich comparative studies of CG in the transition countries.

Details

Managerial Auditing Journal, vol. 35 no. 5
Type: Research Article
ISSN: 0268-6902

Keywords

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Article

Robert Gregory

The purpose of this paper is to discuss the causes and circumstances of what has become systemic corruption in Vietnam, and the reasons why the moves taken by the regime…

Abstract

Purpose

The purpose of this paper is to discuss the causes and circumstances of what has become systemic corruption in Vietnam, and the reasons why the moves taken by the regime to combat it have been largely ineffective so far.

Design/methodology/approach

The paper offers a commentary based on published secondary sources.

Findings

The paper concludes that the immediate prospects for any substantial reduction in the level of corruption in Vietnam appear to be bleak. Endemic corruption, especially in the form of elite rent-seeking, is likely to remain strong. However, the paper sketches two more possible scenarios on anti-corruption prospects in the country for the intermediate future.

Originality/value

The paper relies on secondary sources in providing a macro-level discussion of corruption in Vietnam.

Details

Asian Education and Development Studies, vol. 5 no. 2
Type: Research Article
ISSN: 2046-3162

Keywords

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Article

Dao Dinh Nguyen, Xinran Zhang and Trang Huyen Nguyen

The objective of this study is to estimate the gender wage gap in Vietnam and its rural and urban areas, especially with the presence of foreign firms.

Abstract

Purpose

The objective of this study is to estimate the gender wage gap in Vietnam and its rural and urban areas, especially with the presence of foreign firms.

Design/methodology/approach

The authors use cross-sectional data from three rounds of the Vietnam Household Living Standards Survey (VHLSS 2008, 2012, and 2016) to investigate this issue. The unconditional quantile regression and Oaxaca–Blinder (OB) decomposition are used in this article.

Findings

The article finds the gender wage gap favouring men, especially in higher quantiles of the wage distribution. The gap in urban Vietnam was higher than in rural areas. The OB decomposition indicates that gender wage gap is mainly driven by gender discrimination. The differences in return to participation in foreign companies only contributed significantly and positively to such a gap in some models. It suggests that the gap in those models is affected by gender discrimination in employment opportunities in foreign companies. Regarding the endowment effect, some models provide the significantly negative impacts of foreign firms on gender wage inequality.

Originality/value

The study suggests that policies to reduce the gender wage gap should pay more attention to foreign firms, especially at higher wage classes.

Details

Journal of Economic Studies, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0144-3585

Keywords

Content available
Article

Thi Kieu Van Tran, Ehsan Elahi, Liqin Zhang, Habibullah Magsi, Quang Trung Pham and Tuan Minh Hoang

The purpose of this paper is to estimate a recent trend in climate change and its impact on livelihood of community living in Nam Dinh province, Vietnam. Further, it aims…

Abstract

Purpose

The purpose of this paper is to estimate a recent trend in climate change and its impact on livelihood of community living in Nam Dinh province, Vietnam. Further, it aims to increase the government attention for adaptation measures by providing awareness of climate change and its negative impacts on livelihood.

Design/methodology/approach

For study purpose, cross-sectional and secondary data sets were used. The community perceptions about climate change were recorded by face-to-face interviews of 500 respondents from Nam Dinh province, Vietnam in April 2015 by using a well-structured questionnaire, whereas secondary data were collected from the statistical yearbook of General Statistics Office of Vietnam. To accomplish the study objectives, Cobb–Douglas production function and Likert scale were used to estimate the community perceptions of climate change and impact of climate change on livelihood, respectively.

Findings

Results depict that climate change negatively impacted on the productivity of rice and livestock. Particularly, frequently occurring of droughts, floods and salinity intrusion negatively impacted on rice productivity, while livestock productivity is decreased by frequent occurring of flood storms in study area.

Originality/value

The study results suggest a government support is essential to achieve sustainable livelihoods for coastal communities living in the Red River Delta, particularly some adaptation measures in the context of climate change are required in study area.

Details

International Journal of Climate Change Strategies and Management, vol. 11 no. 5
Type: Research Article
ISSN: 1756-8692

Keywords

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Article

Nguyen To Lan

This article traces the transformation of hát bội, a form of traditional opera in Southern Vietnam, from its primary role as entertainment into a religious activity after…

Abstract

Purpose

This article traces the transformation of hát bội, a form of traditional opera in Southern Vietnam, from its primary role as entertainment into a religious activity after the Reform (Đổi Mới) were enacted in 1986.

Design/methodology/approach

This research is based on ethnological fieldwork complemented by a review of historical documents and of the available literature on hát bội, cultural policies and on data collected from interviews with artists and spectators at the festival at the shrine to the Lady of the Realm.

Findings

Before 1986, hát bội was performed either as a stand-alone entertainment during the fair portion of community festivals or as part of religious ceremonies. The Reform and the accompanying relaxation of state control over religion and culture promoted the resurgence of popular religious fairs across the nation. New opportunities for hát bội to revive opened, artists left state-sponsored troupes to join private companies that catered to religious festivals. But almost exclusive involvement in religious rites has led to artistic stasis for private hát bội troupes.

Originality/value

This research constitutes novel insights of how the Reform in Vietnam affects the transformation of a traditional performance form.

Details

Asian Education and Development Studies, vol. 9 no. 1
Type: Research Article
ISSN: 2046-3162

Keywords

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