Stock Market Reactions to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership’s Approval: Evidence from Vietnam

Son Tung Ha, Thi Hong Hanh Pham and Thi Nguyet Anh Nguyen
Additional contact information
Son Tung Ha: NEU - National Economics University [Hanoï, Vietnam]
Thi Hong Hanh Pham: LEMNA - Laboratoire d'économie et de management de Nantes Atlantique - IEMN-IAE Nantes - Institut d'Économie et de Management de Nantes - Institut d'Administration des Entreprises - Nantes - UN - Université de Nantes
Thi Nguyet Anh Nguyen: NEU - National Economics University [Hanoï, Vietnam]

Post-Print from HAL

Abstract: We examine the stock market performance of Vietnam's listed firms in response to the country's approval of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Employing an event study methodology, we first calculate the abnormal returns of all listed Vietnamese firms around the CPTPP's approval date. Then, we attempt to link these abnormal returns to firms' characteristics. We find evidence that the announcement of the CPTPP's approval is associated with positive abnormal returns for Vietnam's listed firms. We also find considerable heterogeneity in the magnitude and pace of the impacts of the CPTPP's approval on market returns across Vietnam's two stock exchanges. However, we fail to reject the null hypothesis that the market did not react to the CPTPP's approval at the sectoral level.

Keywords: Financial event study; Abnormal returns; Comprehensive and Progressive Agreement for Trans-Pacific Partnership; Vietnamese stock exchanges (search for similar items in EconPapers)
Date: 2021-09-15
References: Add references at CitEc
Citations:

Published in Journal of Economic Integration, 2021, 36 (3), pp.462-490. ⟨10.11130/jei.2021.36.3.462⟩

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04477630

DOI: 10.11130/jei.2021.36.3.462

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().