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Conclusions and policy suggestions

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Conclusions and policy suggestions

Examining factors affecting stock market performance in VietnamAbstractThis paper tests whether innovations in macroeconomic variables are risks that

Conclusions and policy suggestions are rewarded in the stock market. Financial theory suggests that the following macroeconomic variables should systematically affect stock market retu

rns: the spread between expected and unexpected inflation. GDP. FDI. exchange rate and money supply. We find that these sources of data are significan Conclusions and policy suggestions

tly influence on VN-lndex.IntroductionIn Vietnam, the change of macroeconomic policies often happens suddenly, thus affecting the psychology of invest

Conclusions and policy suggestions

ors, the stock market (stock market) and the general activities of the economy. Therefore, analyzing the impact of macroeconomic factors on the econom

Examining factors affecting stock market performance in VietnamAbstractThis paper tests whether innovations in macroeconomic variables are risks that

Conclusions and policy suggestions will contribute to solutions to overcome when there are negative impacts of macroeconomic factors on the stock market as well as help develop appropr

iate stock market with the economic situation.This study aims to measure the impact of six macroeconomic factors including: inflation (represented by Conclusions and policy suggestions

consumer price index). M2 money supply. VND / USD exchange rate, inflation, total trading volume, gross domestic product and foreign direct investment

Conclusions and policy suggestions

to stock price indexes are being applied at Vietnam Stock Exchange (VN-Index). Research results show that in the long term exchange rate, foreign dir

Examining factors affecting stock market performance in VietnamAbstractThis paper tests whether innovations in macroeconomic variables are risks that

Conclusions and policy suggestions impact on most stock price indexes in the long term.At present, there are many articles and researches about the impact ofmacroeconomic factors on th

e stock market. However, in each time and different conditions, the impact factors and the level of impact on the stock market will not be the same. E Conclusions and policy suggestions

specially in the current condition of Vietnam stock market with many companies was listed on stock market, the difference may be very large.In order t

Conclusions and policy suggestions

o achieve this goal, the next chapter will present the theoretical basis of the research problem. After that, the research method and model test resul

Examining factors affecting stock market performance in VietnamAbstractThis paper tests whether innovations in macroeconomic variables are risks that

Conclusions and policy suggestions URE REVIEWIn Vietnam, the change of macroeconomic policies often happens suddenly, thus affecting the psychology of investors, the stock market and th

e general activities of the economy. Therefore, analyzing the impact of macroeconomic factors on the economy in general and the stock market in partic Conclusions and policy suggestions

ular is a necessary and useful thing. When identifying macroeconomic factors affecting the stock market, it will contribute to solutions to overcome w

Conclusions and policy suggestions

hen there are negative impacts of macroeconomic factors on the stock market as well as help develop appropriate stock market with the economic situati

Examining factors affecting stock market performance in VietnamAbstractThis paper tests whether innovations in macroeconomic variables are risks that

Conclusions and policy suggestions nt conditions, the impact factors and the level of impact on the stock market will not be the same. Especially in the cun ent condition of Vietnam sto

ck market with the introduction of many new indexes in HOSE - Index such as VN30. VNMidcap. VNIOO, VNSmallcap. VNAllshare, the difference may be very Conclusions and policy suggestions

large.To achieve this goal, the next section will present the theoretical basis of the research problem. After that, the research method and model tes

Conclusions and policy suggestions

t results. Finally, comment on research results and conclusions.Moreover, there are many reasons that affect Vietnam stock market and some the most we

Examining factors affecting stock market performance in VietnamAbstractThis paper tests whether innovations in macroeconomic variables are risks that

Conclusions and policy suggestions tock market that are Exchange rale. Inflation. Money Supply, GDP and 11)1.1.1.Definitions1.1.1.Vietnam Stock Marketrhe slock market refers to the coll

ection of markets and exchanges where regular activities of buying, selling, and issuance of shares of publicly-held companies lake place. Such financ Conclusions and policy suggestions

ial activities arc conducted through institutionalized formal exchanges marketplaces which operate under a defined set of regulations. There can be mu

Conclusions and policy suggestions

ltiple stock trading venues in a country or a region which allow transactions in stocks and other forms of securities. (Investopia. 2019)1.1.2.Inflati

Examining factors affecting stock market performance in VietnamAbstractThis paper tests whether innovations in macroeconomic variables are risks that

Conclusions and policy suggestions over a period of time. It is the constant rise in the general level of prices w here a unit of currency buys less than it did in prior periods. Often

expressed as a percentage, inflation indicates a decrease in the purchasing power of a nation’s currency. (Investopia. 2019)1.1.3.Money supplyThe mone Conclusions and policy suggestions

y supply is the entire stock of currency and other liquid instruments circulating in a country's economy as of a particular time. The money supply can

Conclusions and policy suggestions

include cash, coins, and balances held in checking and savings accounts, and other near money substitutes, l-eonomisls analyze the money supply as a

Examining factors affecting stock market performance in VietnamAbstractThis paper tests whether innovations in macroeconomic variables are risks that

Conclusions and policy suggestions estment (FDI) is an investment made by a firm or individual in one country into business interests located in another country. Generally. FD1 takes pl

ace when an investor establishes foreign business operations or acquires foreign business assets, including establishing ownership or controlling inte Conclusions and policy suggestions

rest in a foreign company. Foreign direct investments are distinguished from portfolio investments in which an investor merely purchases equities of f

Conclusions and policy suggestions

oreign-based companies. (Investopia, 2019)1.1.5.Exchange rateAn exchange rate is the value of one nation's currency versus the currency of another nat

Examining factors affecting stock market performance in VietnamAbstractThis paper tests whether innovations in macroeconomic variables are risks that

Conclusions and policy suggestions takes $1.13 to buy €1. (Investopia. 2019)1.1.6.GDPGross Domestic Product (GDP) IS a broad measurement of a nation’s overall economic activity. GDP is

the monetary value of all the finished goods and sen ices produced within a country’s borders in a specific time period.GDP includes all private and p Conclusions and policy suggestions

ublic consumption, government outlays, investments, additions to private inventories, paid-in construction costs and the foreign balance of trade (exp

Conclusions and policy suggestions

orts are added, imports are subtracted). It may be contrasted with Gross National Product (GNP). which measures the overall production of an economy's

Examining factors affecting stock market performance in VietnamAbstractThis paper tests whether innovations in macroeconomic variables are risks that

Conclusions and policy suggestions can be calculated on a quarterly basis as well (in the United States, for example, the government releases an annualized GDP estimate for each quarte

r and also for an entire year). (Investopia. 2019)1.2. Impact of different factors on performance of stock market1.2.1. InflationThe relationship betw Conclusions and policy suggestions

een stock market performance and inflation is imperative for investors because stocks are expected to provide protection from the effects of inflation

Conclusions and policy suggestions

(Mbulawa, 2015). However. A number of researches conducted to examine the effect of inflation on stock returns in both developed and developing econo

Examining factors affecting stock market performance in VietnamAbstractThis paper tests whether innovations in macroeconomic variables are risks that

Conclusions and policy suggestions found a negative relationship between the performance of the stock market and inflation. Some significant studies from Pearce and Roley (1985) and Har

douvelis (1988) showed no significant correlation between the stock returns and inflation and this proves that there is need for further exploration i Conclusions and policy suggestions

nto the topic. To seek clarity on the relationship between inflation and stock price movements, further research must be done to investigate the behav

Conclusions and policy suggestions

ior of the two variables. This study intends to address the question: what is the effect of inflation on stock market returns in the VSM? There are a

Examining factors affecting stock market performance in VietnamAbstractThis paper tests whether innovations in macroeconomic variables are risks that

Conclusions and policy suggestions ion and the stock market. The author used expected inflation and expected inflation to consider the impact of inflation on the stock price index and t

he results show that there is a negative impact of inflation on stock prices. Mohammed Omran and John Pointon (2001) also found negative impacts of in Conclusions and policy suggestions

flation on the Egyptian stock market in the short and long term. In 2011, Adel Al Sharkas and Marwan Alzoybi conducted research on the subject of Stoc

Conclusions and policy suggestions

k prices and inflation; Experimental evidence in countries such as Jordan. Saudi Arabia. Kuwait. Morocco . With the VAR model, the author supported th

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