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Duyệt Tạp chí tiếng Anh theo Chủ đề "Adverse selection"

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  • Ấn phẩm
    Exchange-Traded Funds (ETFs) and Stock Liquidity: Vietnamese Evidence
    (Kinh Tế Quốc Dân, 2019) Nguyen, Thi Minh Hue; Do, Phuong Huyen
    The paper examines how the introduction of Vietnamese exchange-traded funds (ETFs) impacts on the liquidity of the underlying stocks. We found that the component stock’s liquidity decreased after Deutsche Bank Xtrackers (DBX) - the fist Vietnamese-based ETF - was introduced in 2008, but signifiantly improved after the introduction of the other two ETFs, the VanEck Vectors Vietnam ETF (VNM) in 2009 and the E1VFVN30 in 2014. In addition, the stock liquidity change is more pronounced for the stocks that had lower weight in the ETFs. The empirical fidings may result in policy implications about the effcts of ETF creation on the Vietnam stock market under diffrent trends of the stock market. ETF creation not only provides a new and alternative investment, but is also a diversifid and transparent investment tool for Vietnamese investors.