Foreign ownership in Vietnam stock markets - an empirical analysis

Xuan Vinh Vo

MPRA Paper from University Library of Munich, Germany

Abstract: This paper investigates foreign ownership in the Vietnam stock market from 2007 to 2009 employing a rich and detailed dataset. From the perspective of informational asymmetry, the paper examines the relationship between the foreign ownership level and attributes of Vietnamese listed firm in Ho Chi Minh City Stock Exchange. The findings of the paper indicate that foreign investors have preference for large firms, firms with high book-to-market ratio and firms with low leverage. Foreign investors also avoid firms with dominant shareholders and prefer to invest in firms where they can have influence. The results imply that foreign investors favor to invest in firms where they can avoid informational asymmetry.

Keywords: foreign ownership; firm attributes; foreign investors; Vietnam (search for similar items in EconPapers)
JEL-codes: G10 G11 G12 (search for similar items in EconPapers)
Date: 2010-02-02, Revised 2011-01-10
New Economics Papers: this item is included in nep-ifn and nep-tra
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:29863

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