شواهدی از ویتنام در مورد تأثیر مقررات افشای اطلاعات بر بازار سهام
ترجمه نشده

شواهدی از ویتنام در مورد تأثیر مقررات افشای اطلاعات بر بازار سهام

عنوان فارسی مقاله: تأثیر مقررات افشای اطلاعات بر بازارهای سهام: شواهدی از ویتنام
عنوان انگلیسی مقاله: The effects of information disclosure regulation on stock markets: Evidence from Vietnam
مجله/کنفرانس: تحقیقات در تجارت بین المللی و امور مالی - Research In International Business And Finance
رشته های تحصیلی مرتبط: حسابداری
گرایش های تحصیلی مرتبط: حسابداری مالی، حسابداری مدیریت
کلمات کلیدی فارسی: افشاي اطلاعات، واكنش بخشي، بازده های غیر طبیعی، پيش بيني بازار، ريسك سيستماتيك
کلمات کلیدی انگلیسی: Information disclosure، Sectoral reaction، Abnormal returns، Market anticipation، Systematic risk
نوع نگارش مقاله: مقاله پژوهشی (Research Article)
نمایه: Scopus - Master Journals List - JCR
شناسه دیجیتال (DOI): https://doi.org/10.1016/j.ribaf.2019.101082
دانشگاه: Faculty of Finance and Banking, Ton Duc Thang University, Ho Chi Minh City, Vietnam
صفحات مقاله انگلیسی: 10
ناشر: الزویر - Elsevier
نوع ارائه مقاله: ژورنال
نوع مقاله: ISI
سال انتشار مقاله: 2020
ایمپکت فاکتور: 1/620 در سال 2019
شاخص H_index: 31 در سال 2020
شاخص SJR: 0/647 در سال 2019
شناسه ISSN: 0275-5319
شاخص Quartile (چارک): Q2 در سال 2019
فرمت مقاله انگلیسی: PDF
وضعیت ترجمه: ترجمه نشده است
قیمت مقاله انگلیسی: رایگان
آیا این مقاله بیس است: خیر
آیا این مقاله مدل مفهومی دارد: ندارد
آیا این مقاله پرسشنامه دارد: ندارد
آیا این مقاله متغیر دارد: ندارد
کد محصول: E14411
رفرنس: دارای رفرنس در داخل متن و انتهای مقاله
فهرست مطالب (انگلیسی)

Abstract

1- Introduction

2- Literature review

3- Methodology

4- Data

5- Findings

6- Conclusion

References

بخشی از مقاله (انگلیسی)

Abstract

This paper investigates the effects of regulation pertaining to information disclosure on the Vietnam stock market. Using the event study methodology, we examine sectoral reactions, in terms of risk and return, following the announcements on information disclosure regulation in Vietnam. To validate the results, we also conduct several robustness tests such as the removal of firm-specific information and the use of a wide variety of ARCH models such as GARCH (1,1). We find evidence indicating that when the market anticipates a piece of regulation on information disclosure, most sectors experience negative reactions two and five days before the first announcement. Positive reactions are observed on the event date, as well as two and five days afterwards. Furthermore, we document a difference between the Ho Chi Minh Stock Exchange (HOSE) and the Hanoi Stock Exchange (HNX) in terms of market reaction. The results also show that the sectors experience changes in short-term systematic risk. Our contributions to the literature are threefold. First, we focus on a complete and more updated set of the Vietnam stock market’s information disclosure regulation. Second, our study examines the effects of a series of events on a single regulation at sectoral and firm levels in an emerging market. Third, in addition to sectoral analysis, we analyse the Vietnam stock market reaction at the firm level.

Introduction

The impact of regulatory announcements on stock market reaction has been examined extensively in the literature. In developed markets, for instance, Sawkins (1996); Antoniou and Pescetto (1997); Dnes et al. (1998); Robinson and Taylor (1998); Morana and Sawkins (2000) and Pescetto (2008) look at the UK market whilst Binder (1985) and Teets (1992) study the US market. In addition, many studies have examined the effects of a single regulation or a series of events pertaining to a single regulation in developed markets. In general, firms tend to face a higher level of risk when a new regulation is introduced (DeLong and Saunders, 2011; Bailey et al., 2006; Eleswarapu et al., 2004). One of the most important regulations on the stock market is information disclosure regulation as this type of regulation directly affects firms as well as investors in terms of information efficiency and transparency (i.e. reducing information asymmetry).