| dc.description.abstract | This research scrutinizes the influence of loss aversion—a prevalent behavioral
bias—on the market efficacy of real estate corporations listed on the HOSE and HNX
exchanges. A sample of 68 real estate firms was meticulously chosen from a total of 82
entities cataloged within the same industry, adhering to the NAICS 2007 criteria (The
North American Industry Classification System). This selection criterion was predicated
on the system’s extensive acceptance, comprehensive scope, endorsement by numerous
global organizations, congruence with Vietnam’s VSIC 2007 framework, and its
systematic approach to sector classification. The objective of this study is to bridge the
research void concerning the real estate segment in the Vietnamese stock market,
particularly in terms of variable measurement methodologies. To this end, the investigation
analyzes the repercussions utilizing an extensive panel dataset, encompassing quarterly
data from 2018 to 2023. The analytical method employed is the fixed effect regression
model (FEM), which is refined through the application of Driscoll-Kraay standard errors.
The empirical outcomes reveal a pronounced interconnection between the market
performance of firms and the loss aversion bias, manifesting a negative correlation. These
findings underscore the criticality of investor psychological fallacies in molding stock
market performance. The study proffers significant contributions to the understanding of
behavioral finance mechanisms, enhancing cognizance of how behavioral elements
influence stock movements and, consequently, their valuation. | en_US |
