Market efficiency in emerging economies - case of Vietnam
by Rakesh Gupta; Junhao Yang; Parikshit K. Basu
International Journal of Business and Globalisation (IJBG), Vol. 13, No. 1, 2014

Abstract: The objective of this paper is to test whether the Vietnamese equity markets are weak form efficient or not using ADF unit root test of non-stationarity. The research used data on daily, weekly, monthly and quarterly returns from HCMSE since its inception as a trading centre in 2000 until 2012. The analysis considered the influence of the global financial crisis period on the market efficiency of the Vietnam's stock market by considering data on pre-crisis, crisis and post-crisis periods. The research found that Vietnam's stock market is weak form efficient, at least in the later period. This may suggest that Vietnam's market is progressing towards weak form efficiency but the speed of transmission of information is slow. Thin trading in the market may also influence the speed of price adjustment in the stock market. Like most studies on market efficiency, results of this research should be considered with caution.

Online publication date: Sat, 26-Jul-2014

The full text of this article is only available to individual subscribers or to users at subscribing institutions.

 
Existing subscribers:
Go to Inderscience Online Journals to access the Full Text of this article.

Pay per view:
If you are not a subscriber and you just want to read the full contents of this article, buy online access here.

Complimentary Subscribers, Editors or Members of the Editorial Board of the International Journal of Business and Globalisation (IJBG):
Login with your Inderscience username and password:

Username:        Password:          Forgotten your password?

Want to subscribe?
A subscription gives you complete access to all articles in the current issue, as well as to all articles in the previous three years (where applicable). See our Orders page to subscribe.

If you still need assistance, please email subs@inderscience.com