| dc.description.abstract | This study investigates the relation between equity flows and returns in Vietnam’s stock market using daily trade data of domestic and foreign investors obtained from Cophieu68 website for selected companies in HOSE and HNX from 01st December 2006 to 16th June 2012. The findings show that purchases flows of domestic and foreign investors are positively related to past returns suggesting they act as positive feedback traders in their purchases trades. Sales flows of domestic investors are positively related to past returns proposing they exhibit contrarian investors in their sales trade. However, sales flows of foreign investors are not related to past returns. Referring to the linkage between returns and past equity flows, the results give evidence that past equity flows of both domestic and foreign investors are not related to returns.
Keywords: Domestic investors, Foreign investors, Equity flows, Returns, Investor behavior, Positive feedback trading, Contrarian trading, Vector Autoregressive (VAR) model, Granger Causality test, Impulse responses functions. | en_US |
