(Luận văn) the impacts of behavioral factors on individual investors decision making at the ho chi minh stock exchange

to tn gh MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HOCHIMINH CITY p ie w n ad lo th yj an lu la ip uy NGUYEN HAI NAM n va m ll fu THE IMPACTS OF BEHAVIORAL FACTORS ON INDIVIDUAL n oi INVESTORS’ DECISION MAKING AT THE HO CHI MINH tz STOCK EXCHANGE z ht vb k jm gm om l.c MASTER OF BUSINESS ADMINISTRATION THESIS an Lu n va re y te th HoChiMinh City – 2012 to tn MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HO CHI MINH CITY gh p ie w n ad lo NGUYEN HAI NAM th yj la ip uy an lu THE IMPACTS OF BEHAVIORAL FACTORS ON INDIVIDUAL n va INVESTORS’ DECISION MAKING AT THE HO CHI MINH Business Administration 60.34.05 z ht vb Major: Major Code: tz n oi m ll fu STOCK EXCHANGE k jm l.c gm om MASTER OF BUSINESS ADMINISTRATION THESIS an Lu n va Supervisor: DR TRAN HA MINH QUAN re y te th HoChiMinh City – 2012 to tn gh ACKNOWLEDGEMENT p ie I would like to express my heartfelt gratitude and deepest appreciation to my w n research Supervisor, Dr Tran Ha Minh Quan for his intensive support, valuable ad lo suggestions, guidance and encouragement during the course of my study th I would like to express my sincere gratitude to all of my teachers at Faculty of yj ip uy Business Administration and Postgraduate Faculty, University of Econimics Ho an lu la Chi Minh City for their teaching and guidance during my MBA course I would like to express my gratefulness to my friends working at the Ho Chi n va Minh Stock Exchange and securities companies, who help me to arrange m ll fu interviews and distribute questionnaires I am also thankful to beneficiary customers who participated in the interviews and the survey n oi I would like to specially express my thanks to all of my classmates, my tz friends from for their support and encouragement z I would also like to avail this opportunity to express my appreciation to vb ht Professor Nguyen Dong Phong, UEH Board of Directors for creating MBA jm k program in English and Dr Tran Ha Minh Quan for his support during the gm course om l.c Finally, I heartily dedicate this study to my beloved parents, my younger brother Duc Vinh, and my wife, Doan Phuong who have encouraged and an Lu supported me during my study n va re y te th Page i to tn gh ABSTRACT p ie This study investigates the impacts of behavioral factors on the investment w n decisions of individual investors in stock market It applies behavioral finance ad lo theory to explore the possible behavioral factors influencing individual investors’ th investment decisions then identify the impact levels of those factors using data yj ip uy from respondents of 180 individual investors at the Ho Chi Minh Stock an lu la Exchange (HOSE) According to the findings of this study, there are four behavioral factors n va affecting the investment decisions of individual investors at HOSE: Heuristic, m ll fu Market, Prospect, and Herding The impacts of four behavioral factors on individual investors’ decision making at HOSE are in varying degrees from high n oi impact to low impact: Market factor has highest impact; Heuristic and Prospect tz have moderate impact; while Herding factor only has low impact z ht vb jm k Keywords: “Behavioral finance”, ”Behavioral factors”, “Individual investors’ decision-making”, “Ho Chi Minh Stock Exchange”, “HOSE”, “Vietnam” om l.c gm an Lu n va re y te th Page ii to tn gh CONTENTS p ie Acknowledgement i w Abstract ii n ad lo Contents iii th List of Tables v yj ip uy List of Figures vi CHAPTER1: INTRODUCTION la an lu 1.1 Research background n va 1.2 Problem statement 1.3 Research objectives and research questions m ll fu 1.4 Research scope n oi 1.5 Research structure tz CHAPTER 2: LITERATURE REVIEW z 2.1 Traditional finance theory versus behavioral finance vb ht 2.2 Behavioral factors impact the process of investors’ decision-making jm 2.2.1 Heuristic theory k gm 2.2.2 Prospect theory 12 om l.c 2.2.3 Market factors 13 2.2.4 Herding effect 15 Lu 2.3 Research model 19 an va CHAPTER 3: RESEARCH METHODOLOGY 21 n 3.1 Introduction 21 3.5 Data process and analysis 27 Page iii th 3.4 Design of Measurements and Questionnaire 25 y te 3.3 Data collection method 23 re 3.2 Research design 22 (Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange to tn gh CHAPTER 4: RESEARCH RESULT AND FINDING DISSCUSSION 30 p ie 4.1 Introduction 30 w 4.2 Characteristic of sample 30 n 4.3 Measurement Reliability Test using Cronbach’s Alpha 33 ad lo 4.4 Factor analysis of behavioral variables influencing the individual investment th yj decisions 35 uy la ip 4.5 Impact Levels of Behavioral Factors on the Individual Investors’ Investment Decisions 37 an lu 4.6 Finding discussion 41 n va 4.6.1 Impacts of Heuristic Variables 42 m ll fu 4.6.2 Impacts of Prospect Variables 43 n oi 4.6.3 Impacts of Market Variables 45 tz 4.6.4 Impacts of Herding Variables 46 CHAPTER 5: CONCLUSION AND RECOMMENDATIONS 47 z ht vb 5.1 Introduction 47 jm 5.2 Conclusions 47 k 5.3 Contributions of the study 48 gm 5.4 Recommendations for Individual Investors 49 l.c om 5.5 Limitations and further researches 50 Lu References 52 an Appendix 55 va n Appendix 59 re y te Appendix 61 th Page iv (Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange (Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange to tn gh LIST OF TABLES p ie w Table 2.1: Behavioral factors influencing the investment decision-making 18 n ad lo Table 3.1: Type of measurements for personal information 25 Table 3.2: Type of measurements for behavioral variables 26 th yj Table 4.1: Sex of respondents 30 uy la ip Table 4.2: Age of respondents 31 an lu Table 4.3: Time for attending stock market 31 Table 4.4: Attending course of stock exchange 32 n va Table 4.5: Amount of investment last year 32 m ll fu Table 4.6: Cronbach’s Alpha Test for items of Factors 34 n oi Table 4.7: Factor analysis (EFA) for behavioral variables 36 tz Table 4.8: Impacts of variables on investment decision at HOSE 38 Table 4.9: Results of the hypotheses 41 z ht vb k jm om l.c gm an Lu n va re y te th Page v (Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange (Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange to tn gh LIST OF FIGURES p ie w Figure 2.1: The research model of behavioral factors’ impacts on investment n ad lo decisions of Individual investors at HOSE 21 Figure 3.1: The research process 22 th yj an lu la ip uy n va tz n oi m ll fu z ht vb k jm om l.c gm an Lu n va re y te th Page vi (Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange (Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange CHAPTER t to INTRODUCTION ng hi ep 1.1 Research background w n Stock market is a market where stocks are bought and sold (Zuravicky, lo ad 2005) It has the important role on the development of an economy It can be u yj th considered as the yardstick for economic strength and healthy Stock market is a source of financing investment Besides, stock market also performs a yi pl function as a signaling mechanism to managers regarding investment n ua al decisions and a catalyst for corporate governance (Supat, 1998) Additionally, va stock market may push the development of an economy through efficient n allocation of resources and better utilization of resources (Supat, 1998) fu m ll However, stock market is best known for being the most effective t n oi channel for company’s capital raise (Zuravicky, 2005) There are some reasons that make interesting to people when investing in stock market The z z first reason is because of “long-term growth of capital, dividends, and a hedge vb ht against the inflationary erosion of purchasing power” (Zuravicky, 2005) The jm other reason that makes the stock market more attractive than other types of k gm investment is its liquidity (Bencivenga et al., 1996) Liquidity allows l investors to trade stocks easily and quickly while firms still have permanents m co use of capital for stable development (Bencivenga et al., 1996) Most people Lu invest in stocks because they want to be the owners of the firm, from which an te control over the firms Regularly, shareholders need to own specific amount re (Zuravicky, 2005) However, many people buy stocks for the purpose of n va they benefit when the company pay dividends or when stock price increases y of shares to be in the board of directors who can make strategic decisions and set directions for the firms (Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange Page (Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange Vietnam stock market, which established from 2000, is still a frontier t to or pre-emerging market due to the quality of market criteria (FTSE, 2011) In ng hi comparison to developed markets (such as the USA, the UK, Japan, EU,…) ep and emerging markets (such as Mexico, China, India,…), Vietnam stock market appears to be much smaller in terms of scale and maturity w n ad lo However, Vietnam stock market with reprentativeness from Ho Chi Minh Stock Exchange (HOSE) has been developed significantly in both the u yj th number of listed stocks and transaction value for 11 years During that period, yi the price movement at HOSE seems to fluctuate unpredictably In addition, pl n ua al Vietnamese investors’ decisions are still difficult for financial analysts to understand Many comments and recommendations given by security va companies or even global financial organizations did not match with what has n m ll fu really happened At the early of 2008, when VN-Index was standing at around n oi 830 points, Yoong, the analysis manager of Mekong Securities was confident t to assert that VN-Index would go up to 1140 point in 2008 (Tu, 2008) z Publishing the same opinion, HSBC and many security companies affirmed z ht vb that VN-Index would be likely to reach 1,100 point by the end of 2008 jm (HSBC, 2007) Belief in the growth of stock market did not help these k analysts to save the VN-Index from remarkable declination In a forecast at gm l the early of 2009, HSBC predicted that 2009 would be another difficult year m co and the Ho Chi Minh stock market would be volatile with some large up and Lu down swings, but end up at the same level as 2008, around 316 points an (HSBC, 2009) This forecast is not accurate as at the end of 2009, VN-Index (Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange Page y investors rationally maximize their wealth by following basic financial rules te for Ho Chi Minh stock market in this context These theories assume that re forecast methods based on the conventional financial theories are not suitable n va was 1.5 times more than that of 2008 Therefore, it is possible to state that the (Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange four behavioral variables: following the decisions of the other investors t to (buying and selling; choice of trading stocks; volume of trading stocks; speed ng hi of herding) The findings suggest that the Hypothesis H1 is supported ep Q2: At which impact levels the behavioral factors influence the individual investors’ decisions at the Ho Chi Minh Stock Exchange? w n ad lo The impact of four behavioral factors on individual investors’ decision making at HOSE is in varying degrees from high impact to low impact u yj th Market variables such as market information, price changes, and past trends yi of stock have the highest impact on investment decision-making While all pl n ua al four variables of Herding factor, representativeness variable of Heuristic factor, and one metal accounting variable of Prospect have lowest impact on va investment decision-making Remain variables belong to Prospect and n m ll fu Heuristic have moderate impact t n oi 5.3 Contributions of the study z The study draws an overall picture of impacts of behavioral factors on z ht vb the investment decisions of individuals at the Ho Chi Minh Stock Exchange jm The study is based on the approaches of behavioral finance, which is different k from prior studies in Vietnam mainly based on traditional finance gm l This research is one of very few studies of factors impacting the stock m co investment decisions using behavioral finance in Vietnam The study tries to Lu use a full set of behavioral factors to assess their impacts on Vietnamese an individual investors while prior studies only consider the impacts of some Page 48 y (Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange te application of behavioral finance in frontier and emerging stock markets re focus mainly on herding effects This study increases the numbers of n va limited dimensions of behavioral factors, for examples Tran (2007) which (Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange Beside the individual investors who may benefit directly from the t to findings of this study, the security organizations can use these findings as ng hi reference for their analysis and prediction of the trends of the security market ep The joint-stock companies, which raise the capital from stockholders, can use the results of this study to have good decisions to attract the investors to buy w n ad lo their stocks u yj th 5.4 Recommendations for individual investors at HOSE yi The findings show that Heuristic has moderate impacts on the pl n ua al investment decisions of individual investors Therefore, individual investors at the HOSE should be affected by Heuristic at an acceptable level to utilize va them in certain circumstances to improve the investment results For example, n m ll fu with the overconfidence, investors can utilize it to difficult tasks and to n oi forecast the future trends Vietnamese are very reactive and tend to be under- t confident in some cases, so that this recommendation seems to be suitable for z Vietnamese investors to improve their investment result However, z ht vb overconfident traders tend to underestimate the associated risks of active jm stock investment, which can affect badly to their investment result Therefore, k an acceptable advice for the investors such as example with overconfidence is gm l great for their investment if they can use it in the clever and suitable ways m co The findings show that, herding also has impact (even low) on Lu investment decisions However, Vietnam stock market is not mature and lack an of reliable information, so that individual investors should choose good (Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange Page 49 y them limit the risks and increase the chances to have good investment results te information of stock market The cooperation of a crowd of investors can help re They can establish the forums to support each other in finding reliable n va investment partners or alliance to consider as references for their investment (Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange In term of Prospect, recommendations given to investors are that they t to should consider carefully before making investment decisions, but should not ng hi care too much about the prior loss for their later investment decisions This ep can limit the good chances of investment and impact badly the psychology of the investors and lead to bad investments Besides, the investors should w n ad lo reduce their regret in investment by avoiding selling decreasing stocks and selling increasing ones As discussed above, this can lead to the fact that the u yj th investors can keep all losing stocks and this impact negatively the investment yi result Finally, the investors should not divide their investment portfolio into pl n ua al separate accounts because each element of the portfolio may have a strict relation to the others and the treating each element as an independence can be n va result a bad investment m ll fu n oi 5.5 Limitations and further researches t The study has some limitations as the following: z • Although the sample size is relative high (N = 180) and satisfy the z ht vb requirements of statistical methods; however, it is suggested to have a larger k of Vietnam stock market jm sample size in further research to reflect more accurately the realistic situation gm l • Object of this study is only individual investors from HOSE m co • Behavioral finance and its measurements are very new to investors in Lu Vietnam an This study is one of the volunteers using behavioral finance in te re this research with the larger sample size and the more diversity of n va Vietnam It is necessary to have further researches to confirm the findings of y respondents (Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange Page 50 (Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange It is also suggested to conduct the further researches to improve the t to measurements of behavioral finance as well as adjust them to fit the case of ng hi Vietnam security market ep The further researches are also suggested to apply behavioral finance to explore the behaviors influencing the decisions of institutional investors at the w n ad lo Stock Exchanges of Vietnam These researches can help to test the suitability of applying behavioral finance for all kinds of security markets with all u yj th components of investors yi pl n ua al n va m ll fu t n oi z z ht vb k jm gm l m co an Lu n va te re y (Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange Page 51 (Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange REFERENCES t to ng hi Allen, D W and Evans, A D (2005) Bidding and overconfidence in ep experimenting financial markets Journal of Behavioral Finance, 6(3), 108– 120 w n Barberis, N and Huang, M (2001) Mental Accounting, Loss Aversion, and lo ad Individual Stock Returns The Journal of Finance, 56 (4), 1247-1292 u yj th Barberis, N and Thaler, R (2003) A Survey of Behavioral Finance Handbook yi of the economics of finance Volume 1B Financial markets and asset pricing, pl 1053-1123 n ua al Bencivenga, V R., Smith, B D and 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(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange(Luận.văn).the.impacts.of.behavioral.factors.on.individual.investors.decision.making.at.the.ho.chi.minh.stock.exchange Page 52 y