Stock liquidity and ownership structure during and after the 2008 Global Financial Crisis: Empirical evidence from an emerging market
Ly Thi Hai Tran,
Thao Thi Phuong Hoang and
Hoa Xuan Tran
Emerging Markets Review, 2018, vol. 37, issue C, 114-133
This paper examines the impact of ownership structure, whether state owned, foreign owned or institutionally owned, on Vietnamese stock market liquidity in different market conditions. We find that state ownership is associated with lower liquidity after the 2008 financial crisis. Institutional ownership shows a weak influence on liquidity in the post-crisis period. During the financial crisis, however, liquidity declines could not be attributed to ownership structure. Our results imply that foreign investors have not yet played a significant role in driving stock market liquidity in Vietnam, which is counter to findings in the existing literature concerning liquidity in more developed markets. Our results are consistent across conventional liquidity measures and a composite liquidity measure.
Keywords: Financial crisis; Ownership; Stock liquidity; Emerging market (search for similar items in EconPapers)
JEL-codes: G10 G12 G15 G23 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ememar:v:37:y:2018:i:c:p:114-133
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