Luận văn thạc sĩ Ảnh hưởng của phát hành bổ sung lên giá cổ phiếu - nghiên cứu thực nghiệm tại thị trường chứng khoán thành phố Hồ Chí Minh năm 2007 và 2010

B À ÀNH B - NGHIÊN C C T 2007 VÀ 2010 LU TH TP.H Chí Minh - 2012 KINH T ÊN GIÁ B À B ÊN GIÁ C NGHIÊN C ÀNH – T Chuyên ngành: Kinh t ài – Ngân hàng Mã s LU NG TS H TP.H Chí Minh - 2012 : L “ ành b ên giá c Nghiên c 2010”, TS H tơi Các s hồn tồn trung th - cơng trình nghiên c àn Tác gi i M DANH M DANH M DANH M ÌNH V PH 1 Tính c M ài nghiên c ên c ph ên c Ý ngh a khoa h K ý ngh ài ài ÊN C ÀNH B ÀNH B ÊN TH 1.1 T ành b 1.2 T ành b 1.2.1 Phát hành b 1.2.2 Bi ành b 1.2.3 Nguyên nhân d ành b nghiên c 1.3.1 Nghiên c ành b 11 11 ên c 1.3.3 Nh 14 24 ii I 26 26 2.1.1 Th 27 2.1.2 Phân lo ành c ung t 32 2.1.3 Tình hình phát hành c khốn 36 37 inh l 2.2.2 ình 38 ng r 39 ÊN C 41 3.1 Su l ình Su ình tích 41 3.1.1 Theo tiêu chí Giá tr 3.1.2 Theo t 46 48 3.1.3 Theo tiêu chí Nhóm ngành 51 3.2 R K DANH M TÀI LI 53 À KI 55 ÌNH C iii DANH M AAR: Su AR: Su CAR: Su ình (Average Abnormal Return) turn) ình tích l mulative Abnormal Returns) EMH: Gi SEO : Phát hành c XR: Ngày giao d -Right day) iv DANH M FFJR: Fama, Fisher, Jensen Roll v DANH M B 3.1: AAR CAR t B 3.2: Phân lo v B ày sau 14 ngày k sinh l ày XR 44 trung bình c 47 3.3: Phân lo trung bình tích l Giá tr B BI theo 50 3.4: Phân lo trung bình c pháp phát hành… .50 B 3.5: Phân lo trung bình c ngành .52 B 3.6: R B 3.7: R àn th 53 chí phân lo 54 vi DANH M Hình 2.1: T Hình 2.2: L Vi -2010 30 hát t Hình 2.3: T Hình 2.4: Dịng v Hình 2.5: Giá tr ÌNH V -2010 30 ti tín d th ch -2010 31 -2010 31 -2010 32 -1- PH Tính c M ài Th àm nghi V khơng h khốn Vi ã có nh s nh v cơng ty niêm y phát huy vai trị t ãn r ành nh ch Phát hành b àm c ù có gi ị nh phi êm y th Trên th b b s Su ình (Average abnormal returns) xung quanh ngày s day), ã có r nghiên c c th hành b ìm hi ên giá ch ên c v ùng m ì th sung lên giá c M b ài “ - Nghiên c ành b Th ch ã Tp.HC M ty phát hành nghiên c nghiên c ài lu ki ành ên giá c sau ngày Giao d iêu g Các nghiên c khác th ên c ành c b : SU STT 10 11 12 … 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 Mã c ABT AGF ALT ALT BBC BBC BHS BMC BMC BT6 CII CLC … HAP HAS HAS HAX HBC UNI VFC VGP VID VID VIP VIP VIS VNM VSH R(-65) 0.05 (0.03) 0.00 0.00 0.00 (0.01) (0.02) 0.05 0.05 (0.02) (0.05) 0.00 … (0.03) 0.01 0.03 (0.01) (0.01) 0.01 0.05 0.04 (0.05) 0.02 R(-64) 0.01 (0.03) 0.00 0.01 (0.00) 0.00 0.02 0.05 0.05 0.00 0.04 0.02 … 0.01 0.00 (0.03) (0.02) (0.03) 0.03 0.00 (0.05) 0.02 (0.01) R(-63) 0.00 (0.03) 0.01 0.04 (0.01) 0.01 (0.02) 0.05 0.05 0.00 (0.03) 0.01 … (0.01) 0.01 0.03 (0.05) 0.03 0.04 (0.01) (0.05) 0.01 0.02 R(-62) 0.03 0.05 0.01 0.00 (0.03) 0.05 0.01 0.04 (0.05) (0.02) 0.01 (0.05) … (0.02) 0.04 (0.01) (0.05) 0.05 0.05 0.00 (0.05) (0.01) 0.05 R(-61) 0.05 0.04 0.00 0.00 0.05 0.04 0.03 0.05 (0.02) (0.02) 0.01 0.05 … (0.02) (0.03) (0.01) 0.04 0.04 0.02 (0.02) (0.05) (0.01) 0.00 0.01 (0.05) (0.01) (0.02) (0.01) (0.04) 0.03 (0.03) (0.01) 0.03 (0.01) 0.00 0.00 0.04 (0.01) 0.04 0.00 (0.05) 0.01 0.01 … … … … … … … … … … … … … … … … … … … … … … … … … … … … … R(-20) (0.01) 0.01 (0.04) (0.03) (0.03) 0.02 (0.04) 0.05 (0.01) (0.01) 0.04 0.04 … 0.01 (0.01) 0.02 0.02 0.00 0.00 (0.05) 0.01 (0.02) 0.05 0.05 (0.01) 0.00 0.05 (0.01) R(-19) 0.01 0.03 (0.04) (0.03) 0.00 (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) 0.05 … (0.01) (0.02) (0.02) 0.02 (0.05) 0.04 (0.02) 0.00 (0.01) 0.02 0.05 0.00 (0.05) 0.05 (0.02) R(-18) (0.05) 0.00 0.02 0.00 (0.01) (0.01) (0.04) (0.04) (0.02) 0.04 (0.01) 0.00 … (0.01) 0.02 0.00 0.03 (0.02) (0.01) 0.00 0.02 (0.02) (0.02) 0.03 0.03 (0.02) 0.04 (0.01) R(-17) 0.03 (0.01) 0.03 0.04 (0.04) 0.00 0.04 (0.05) 0.05 (0.01) (0.01) (0.01) … 0.00 0.01 0.01 0.05 0.04 0.00 0.03 (0.01) (0.03) 0.04 0.00 0.01 0.02 0.00 (0.02) R(-16) 0.00 0.01 0.04 0.05 (0.05) (0.01) (0.03) (0.04) (0.00) (0.01) 0.01 (0.04) … 0.02 0.00 0.00 0.05 0.04 0.05 0.00 (0.02) 0.04 0.04 0.04 (0.01) 0.05 0.05 0.01 CH STT 10 11 12 … 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 Mã c ABT AGF ALT ALT BBC BBC BHS BMC BMC BT6 CII CLC … HAP HAS HAS HAX HBC UNI VFC VGP VID VID VIP VIP VIS VNM VSH VNI(-66) 1030.90 1147.66 1022.40 937.46 825.11 920.48 964.96 1058.71 892.07 994.73 1054.69 734.66 … 1048.19 1038.80 930.46 972.56 968.88 921.31 518.58 1062.10 1113.19 995.83 VNI(-65) 1054.26 1159.15 1041.33 947.19 844.91 921.19 983.09 1091.38 887.62 984.43 1040.99 747.82 … 1043.99 1042.79 934.74 961.42 931.18 930.46 524.59 1039.66 1085.30 1000.33 VNI(-64) 1074.46 1133.31 1049.32 983.62 865.71 921.31 1023.05 1095.75 905.48 981.31 1059.79 754.63 … 1049.58 1048.19 935.17 940.36 905.53 934.74 528.42 1045.29 1089.60 994.73 VNI(-63) VNI(-62) VNI(-61) 1073.19 1083.25 1129.02 1132.23 1141.59 1155.68 1074.57 1058.71 1091.38 1015.43 1019.96 1020.04 885.43 914.79 947.15 930.46 934.74 935.17 1027.70 1040.13 1016.39 1052.86 1030.90 1054.26 909.07 902.58 901.17 979.23 982.43 972.56 1066.56 1085.41 1107.52 753.81 751.77 741.27 … … … 1045.28 1034.43 1033.69 1043.99 1049.58 1045.28 946.22 963.61 958.67 925.44 907.95 923.14 923.89 935.48 937.46 935.17 946.22 963.61 525.92 525.75 524.25 1060.02 1057.36 1040.75 1098.64 1093.77 1077.88 984.43 981.31 979.23 1010.27 1072.16 512.40 1054.69 1023.04 1034.24 511.54 1040.99 1029.85 1031.79 521.38 1059.79 1017.68 1068.71 516.95 1066.56 1015.73 1071.33 513.74 1085.41 995.83 1055.10 517.11 1107.52 … … … … … … … … … … … … … … … … … … … … … … … … … … … … … VNI(-21) 931.18 1020.04 1034.68 1012.82 1117.25 973.59 1068.71 965.72 1095.53 963.61 1000.33 1132.23 … 887.93 915.34 998.22 1014.09 1024.04 1002.71 809.86 883.90 972.56 935.17 754.63 920.48 1077.36 741.27 1000.33 VNI(-20) 905.53 1039.63 1027.58 1010.53 1111.63 993.75 1071.33 1001.12 1092.48 958.67 994.73 1141.59 … 890.02 900.26 998.75 1046.86 1024.68 998.22 778.88 896.91 961.42 946.22 753.81 921.19 1062.10 757.71 994.73 VNI(-19) 923.89 1066.04 1012.98 1010.27 1099.82 1002.71 1055.10 998.09 1064.20 975.82 984.43 1155.68 … 895.72 887.93 983.52 1084.39 994.17 998.75 744.15 910.05 940.36 963.61 751.77 921.31 1039.66 788.82 984.43 VNI(-18) 935.48 1054.69 983.00 1023.04 1090.56 998.22 1027.53 968.88 1069.78 1009.88 981.31 1170.67 … 892.07 890.02 971.49 1099.48 977.30 983.52 734.66 938.21 925.44 958.67 741.27 930.46 1045.29 816.51 981.31 VNI(-17) 937.46 1040.99 965.72 1029.85 1072.16 998.75 1050.90 931.18 1065.09 1015.91 979.23 1158.27 … 887.62 895.72 977.17 1106.60 1013.56 971.49 747.82 935.68 907.95 975.82 757.71 934.74 1060.02 825.11 979.23 VNI(-16) 947.19 1059.79 1001.12 1017.68 1034.24 983.52 1048.98 905.53 1075.92 1014.09 982.43 1114.21 … 905.48 892.07 975.92 1087.76 1012.82 977.17 754.63 909.15 923.14 1009.88 788.82 935.17 1057.36 844.91 982.43 SU STT 10 11 12 … 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 Mã c ABT AGF ALT ALT BBC BBC BHS BMC BMC BT6 CII CLC … HAP HAS HAS HAX HBC UNI VFC VGP VID VID VIP VIP VIS VNM VSH E(-65) 0.02 0.01 0.02 0.01 0.02 0.00 0.02 0.03 (0.00) (0.01) (0.01) 0.02 … (0.00) 0.00 0.00 (0.01) (0.04) 0.01 0.01 (0.02) (0.03) 0.00 E(-64) 0.02 (0.02) 0.01 0.04 0.02 0.00 0.04 0.00 0.02 (0.00) 0.02 0.01 … 0.01 0.01 0.00 (0.02) (0.03) 0.00 0.01 0.01 0.00 (0.01) E(-63) (0.00) (0.00) 0.02 0.03 0.02 0.01 0.00 (0.04) 0.00 (0.00) 0.01 (0.00) … (0.00) (0.00) 0.01 (0.02) 0.02 0.00 (0.00) 0.01 0.01 (0.01) E(-62) 0.01 0.01 (0.01) 0.00 0.03 0.00 0.01 (0.02) (0.01) 0.00 0.02 (0.00) … (0.01) 0.01 0.02 (0.02) 0.01 0.01 (0.00) (0.00) (0.00) (0.00) E(-61) 0.04 0.01 0.03 0.00 0.04 0.00 (0.02) 0.02 (0.00) (0.01) 0.02 (0.01) … (0.00) (0.00) (0.01) 0.02 0.00 0.02 (0.00) (0.02) (0.01) (0.00) 0.01 (0.04) (0.00) (0.01) 0.01 (0.00) 0.02 0.02 (0.01) 0.04 (0.01) 0.01 (0.00) 0.00 (0.01) 0.02 (0.02) (0.02) 0.01 0.02 … … … … … … … … … … … … … … … … … … … … … … … … … … … … … E(-20) (0.03) 0.02 (0.01) (0.00) (0.01) 0.02 0.00 0.04 (0.00) (0.01) (0.01) 0.01 … 0.00 (0.02) 0.00 0.03 0.00 (0.00) (0.04) 0.01 (0.01) 0.01 (0.00) 0.00 (0.01) 0.02 (0.01) E(-19) 0.02 0.03 (0.01) (0.00) (0.01) 0.01 (0.02) (0.00) (0.03) 0.02 (0.01) 0.01 … 0.01 (0.01) (0.02) 0.04 (0.03) 0.00 (0.04) 0.01 (0.02) 0.02 (0.00) 0.00 (0.02) 0.04 (0.01) E(-18) 0.01 (0.01) (0.03) 0.01 (0.01) (0.00) (0.03) (0.03) 0.01 0.03 (0.00) 0.01 … (0.00) 0.00 (0.01) 0.01 (0.02) (0.02) (0.01) 0.03 (0.02) (0.01) (0.01) 0.01 0.01 0.04 (0.00) E(-17) 0.00 (0.01) (0.02) 0.01 (0.02) 0.00 0.02 (0.04) (0.00) 0.01 (0.00) (0.01) … (0.00) 0.01 0.01 0.01 0.04 (0.01) 0.02 (0.00) (0.02) 0.02 0.02 0.00 0.01 0.01 (0.00) E(-16) 0.01 0.02 0.04 (0.01) (0.04) (0.02) (0.00) (0.03) 0.01 (0.00) 0.00 (0.04) … 0.02 (0.00) (0.00) (0.02) (0.00) 0.01 0.01 (0.03) 0.02 0.03 0.04 0.00 (0.00) 0.02 0.00 stt 10 11 12 …… 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 Mã c ABT AGF ALT ALT BBC BBC BHS BMC BMC BT6 CII CLC …… HAP HAS HAS HAX HBC UNI VFC VGP VID VID VIP VIP VIS VNM VSH AAR S(AAR) AR(-65) 0.02 (0.04) (0.02) (0.01) (0.02) (0.01) (0.04) 0.01 0.05 (0.01) (0.04) (0.02) …… (0.02) 0.01 0.03 0.00 0.03 0.00 0.04 0.07 (0.02) 0.01 AR(-64) (0.00) (0.01) (0.01) (0.03) (0.03) (0.00) (0.02) 0.05 0.03 0.00 0.02 0.01 …… 0.00 (0.01) (0.03) 0.01 0.00 0.03 (0.00) (0.06) 0.02 (0.00) AR(-63) 0.00 (0.03) (0.01) 0.01 (0.03) 0.00 (0.03) 0.09 0.04 0.00 (0.04) 0.01 …… (0.01) 0.01 0.01 (0.03) 0.01 0.04 (0.00) (0.06) 0.01 0.04 AR(-62) 0.02 0.04 0.03 (0.00) (0.06) 0.04 (0.00) 0.07 (0.04) (0.03) (0.01) (0.05) …… (0.01) 0.03 (0.02) (0.03) 0.03 0.04 0.00 (0.04) (0.01) 0.05 AR(-61) 0.01 0.03 (0.03) (0.00) 0.01 0.04 0.06 0.03 (0.02) (0.01) (0.01) 0.06 …… (0.02) (0.02) (0.01) 0.03 0.04 (0.00) (0.01) (0.03) (0.00) 0.00 0.02 (0.03) (0.00) (0.01) …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… AR(-20) 0.02 (0.01) (0.04) (0.03) (0.03) (0.00) (0.05) 0.01 (0.01) (0.01) 0.05 0.03 …… 0.01 0.01 0.02 (0.01) (0.00) 0.00 (0.01) (0.00) (0.01) 0.03 0.05 (0.01) 0.02 0.03 (0.00) AR(-19) (0.01) 0.01 (0.03) (0.03) 0.01 (0.02) 0.01 (0.01) 0.02 (0.03) (0.00) 0.03 …… (0.01) (0.00) (0.01) (0.01) (0.02) 0.04 0.03 (0.01) 0.01 (0.00) 0.05 (0.00) (0.03) 0.00 (0.01) AR(-18) (0.06) 0.01 0.05 (0.01) (0.01) (0.01) (0.01) (0.01) (0.02) 0.01 (0.01) (0.01) …… (0.00) 0.02 0.01 0.02 (0.00) 0.00 0.02 (0.01) (0.00) (0.01) 0.04 0.02 (0.02) 0.01 (0.01) AR(-17) 0.03 0.00 0.05 0.03 (0.03) (0.00) 0.02 (0.01) 0.05 (0.02) (0.01) 0.00 …… 0.00 (0.00) 0.01 0.04 0.01 0.01 0.01 (0.01) (0.01) 0.03 (0.02) 0.00 0.01 (0.01) (0.01) AR(-16) (0.01) (0.01) 0.01 0.06 (0.01) 0.01 (0.03) (0.01) (0.01) (0.01) 0.00 (0.01) …… 0.00 0.00 0.00 0.06 0.04 0.04 (0.01) 0.01 0.03 0.01 0.00 (0.01) 0.05 0.02 0.01 (0.01) (0.01) (0.00) (0.01) (0.01) (0.04) 0.01 (0.05) (0.00) (0.01) (0.00) (0.01) 0.00 0.04 0.00 0.03 0.003 0.003 (0.001) 0.004 0.005 0.008 ……… (0.001) 0.002 (0.002) 0.003 0.004 PH GIÁ C STT Mã c phi P(-66) P(-65) P(-64) P(-63) P(-62) P(-61) …… P(-21) P(-20) P(-19) P(-18) P(-17) P(-16) HLA 46.300 47.700 48.800 46.500 45.000 45.800 …… 24.600 23.400 22.300 23.300 24.400 25.000 16.400 16.100 16.200 15.800 15.600 15.300 52.500 49.900 50.000 52.500 55.000 54.500 HLA 20.000 20.000 20.000 20.000 19.700 19.200 …… CII 71.000 71.000 70.500 73.000 72.000 72.000 …… LGL 51.500 54.000 54.000 51.500 49.000 48.200 …… 36.000 37.800 39.600 41.500 43.500 41.400 LGL 34.200 35.900 37.200 36.900 36.900 36.800 …… 25.400 24.500 24.800 26.000 26.000 25.500 KDH 49.500 51.500 52.500 52.000 51.500 50.500 …… 51.500 51.000 50.500 49.500 49.000 49.200 HDG …… 143.000 150.000 149.000 148.000 151.000 148.000 APC ……… ……… ……… ……… ……… ……… ……… …… ……… 31.000 ……… 30.000 ……… 30.000 ……… 29.000 ……… 29.500 ……… 28.600 ……… 95 GTT 16.800 17.600 17.600 16.900 16.100 15.400 …… 12.800 13.100 12.500 12.800 12.200 11.600 96 EIB 19.300 19.100 19.100 19.000 19.100 19.200 …… 17.400 17.000 17.000 17.200 17.300 17.300 97 TMS 28.500 28.500 28.500 29.000 28.300 28.500 …… 28.200 28.700 29.900 29.900 30.000 30.300 22.900 23.500 24.600 25.800 26.000 25.700 51.500 52.500 52.500 55.000 55.500 58.000 ……… 98 HLG 34.300 34.800 36.500 35.300 36.000 35.300 …… 99 ABT 52.000 52.000 51.500 51.500 52.500 52.500 …… 100 DQC 31.000 32.300 32.000 30.800 29.600 29.500 …… 25.700 24.500 24.500 24.000 24.400 25.600 101 TCL 44.200 43.000 41.800 41.200 42.200 41.100 …… 32.100 31.700 31.600 31.600 32.800 32.000 102 TCM 17.400 18.200 18.500 19.000 18.900 18.700 …… 18.300 18.600 19.100 19.100 18.600 18.700 15.400 15.400 15.000 15.000 14.900 14.200 58.000 59.500 60.000 60.000 60.000 60.500 103 BCE 18.600 17.700 18.000 17.200 17.500 17.400 …… 104 IMP 58.000 58.000 59.000 59.000 59.000 60.500 …… SU STT Mã c phi R(-65) R(-64) R(-63) R(-62) R(-61) …… R(-20) R(-19) R(-18) R(-17) R(-16) HLA 0.030 0.023 (0.047) (0.032) 0.018 …… (0.049) (0.047) 0.045 0.047 0.025 (0.018) 0.006 (0.025) (0.013) (0.019) (0.050) 0.002 0.050 0.048 (0.009) HLA 0.000 0.000 0.000 (0.015) (0.025) …… CII 0.000 (0.007) 0.035 (0.014) 0.000 …… LGL 0.049 0.000 (0.046) (0.049) (0.016) …… 0.050 0.048 0.048 0.048 (0.048) LGL 0.050 0.036 (0.008) 0.000 (0.003) …… (0.035) 0.012 0.048 0.000 (0.019) (0.019) …… (0.020) (0.010) 0.004 KDH 0.040 0.019 (0.010) (0.010) (0.010) (0.010) HDG …… 0.049 (0.007) (0.007) 0.020 (0.020) APC …… (0.032) 0.000 (0.033) 0.017 (0.031) … 95 96 ……… ……… ……… ……… ……… ……… ……… ……… ……… ……… ……… ……… GTT 0.048 0.000 (0.040) (0.047) (0.043) …… 0.023 (0.046) 0.024 (0.047) (0.049) 0.005 …… (0.023) 0.000 0.012 0.006 0.000 0.018 0.042 0.000 0.003 0.010 0.026 0.047 0.049 0.008 (0.012) EIB (0.010) 0.000 (0.005) 0.005 97 TMS 0.000 0.000 0.018 (0.024) 0.007 …… 98 HLG 0.015 0.049 (0.033) 0.020 (0.019) …… 99 ABT 0.000 (0.010) 0.000 0.019 0.000 …… 0.019 0.000 0.048 0.009 0.045 100 DQC 0.042 (0.009) (0.038) (0.039) (0.003) …… (0.047) 0.000 (0.020) 0.017 0.049 (0.026) …… (0.012) (0.003) 0.000 0.038 (0.024) 101 TCL (0.027) (0.028) (0.014) 0.024 102 TCM 0.046 0.016 0.027 (0.005) (0.011) …… 0.016 0.027 0.000 (0.026) 0.005 103 BCE (0.048) 0.017 (0.044) 0.017 (0.006) …… 0.000 (0.026) 0.000 (0.007) (0.047) 104 IMP 0.000 0.017 0.000 0.000 0.025 …… 0.026 0.008 0.000 0.000 0.008 CH STT Mã c phi VNI(-66) VNI(-65) VNI(-64) VNI(-63) VNI(-62) VNI(-61) …… VNI(-21) VNI(-20) VNI(-19) VNI(-18) VNI(-17) VNI(-16) HLA 589.890 605.650 617.380 609.540 607.110 616.580 …… 459.440 442.100 434.870 443.340 460.990 465.240 HLA 505.400 500.280 500.310 498.100 497.670 491.000 …… 449.710 450.200 455.130 452.940 454.520 451.710 CII 589.890 605.650 617.380 609.540 607.110 616.580 …… 459.440 442.100 434.870 443.340 460.990 465.240 494.770 517.050 532.530 534.460 533.340 520.900 449.010 448.720 449.520 457.580 457.870 453.320 LGL 581.490 587.120 561.710 539.650 537.530 555.540 …… LGL 499.460 499.930 509.080 507.340 505.190 506.210 …… KDH 519.600 518.930 520.720 511.270 508.300 494.900 …… 507.340 505.190 506.210 506.840 506.560 505.400 HDG 494.770 517.050 532.530 534.460 533.340 520.900 …… 531.510 531.860 516.080 510.850 519.730 515.990 APC 533.340 520.900 515.060 498.310 508.610 512.330 …… 519.730 515.990 511.580 506.530 512.120 503.390 ……… ……… ……… ……… ……… ……… ……… ……… ……… ……… ……… ……… ……… ……… ……… 95 GTT 504.020 503.650 506.550 500.820 496.910 498.550 …… 466.000 460.590 458.440 463.680 451.390 447.270 96 EIB 500.820 496.910 498.550 499.460 499.930 509.080 …… 463.680 451.390 447.270 449.010 448.720 449.520 97 TMS 499.460 499.930 509.080 507.340 505.190 506.210 …… 449.010 448.720 449.520 457.580 457.870 453.320 506.840 …… 448.720 449.520 457.580 457.870 453.320 453.900 98 HLG 499.930 509.080 507.340 505.190 506.210 99 ABT 506.840 506.560 505.400 500.280 500.310 498.100 …… 453.900 450.770 449.710 450.200 455.130 452.940 100 DQC 452.730 464.760 463.520 455.490 452.230 454.840 …… 454.250 442.170 445.050 445.210 448.610 455.120 101 TCL 464.760 463.520 455.490 452.230 454.840 447.920 …… 442.170 445.050 445.210 448.610 455.120 450.010 102 TCM 444.550 455.080 458.750 466.000 460.590 458.440 …… 444.160 448.950 457.270 457.130 449.400 451.260 449.010 …… 449.400 451.260 446.690 441.600 433.540 426.890 450.960 …… 451.590 449.930 457.420 464.350 465.560 460.760 103 104 BCE IMP 460.590 455.130 458.440 452.940 463.680 454.520 451.390 451.710 447.270 445.830 SU STT Mã c phi E(-65) E(-64) E(-63) E(-62) E(-61) E(-60) …… HLA 0.027 0.019 (0.013) (0.004) 0.016 0.003 …… HLA (0.010) 0.000 (0.004) (0.001) (0.013) 0.000 …… CII 0.027 0.019 (0.013) (0.004) 0.016 0.003 …… LGL 0.010 (0.043) (0.039) (0.004) 0.034 (0.001) …… LGL 0.001 0.018 (0.003) (0.004) 0.002 0.001 …… 0.017 …… (0.018) (0.006) (0.026) E(-20) E(-19) E(-18) E(-17) E(-16) 0.032 0.002 (0.038) (0.016) 0.019 0.040 0.009 (0.007) (0.002) 0.001 0.011 (0.005) 0.003 (0.006) 0.032 0.002 (0.038) (0.016) 0.019 0.040 0.009 0.023 (0.001) 0.045 0.030 0.004 (0.002) (0.023) (0.009) 0.004 (0.001) 0.002 0.018 0.001 (0.010) KDH 0.018 (0.003) (0.004) 0.002 0.001 (0.001) (0.002) HDG …… (0.002) 0.013 0.001 (0.030) (0.010) 0.017 (0.007) APC …… (0.010) 0.017 (0.007) (0.009) (0.010) 0.011 (0.017) 95 0.003 E(-21) ……… (0.001) E(-22) ……… ……… ……… ……… ……… ……… ……… ……… ……… ……… ……… ……… ……… ……… ……… GTT (0.001) 0.006 (0.011) (0.008) 0.003 0.002 …… 0.008 0.016 (0.012) (0.005) 0.011 (0.027) (0.009) 96 EIB (0.008) 0.003 0.002 0.001 0.018 (0.003) …… (0.005) 0.011 (0.027) (0.009) 0.004 (0.001) 0.002 97 TMS 0.001 0.018 (0.003) (0.004) 0.002 0.001 …… (0.009) 0.004 (0.001) 0.002 0.018 0.001 (0.010) 98 HLG 0.018 (0.003) (0.004) 0.002 0.001 (0.001) …… 0.004 (0.001) 0.002 0.018 0.001 (0.010) 0.001 99 ABT (0.001) (0.002) (0.010) 0.000 (0.004) (0.001) …… (0.010) 0.001 (0.007) (0.002) 0.001 0.011 (0.005) 100 DQC 0.027 (0.003) (0.017) (0.007) 0.006 (0.015) …… (0.002) (0.007) (0.027) 0.007 0.000 0.008 0.015 101 TCL (0.003) (0.017) (0.007) 0.006 (0.015) (0.030) …… (0.007) (0.027) 0.007 0.000 0.008 0.015 (0.011) 102 TCM 0.024 0.008 0.016 (0.012) (0.005) 0.011 …… (0.011) (0.005) 0.011 0.019 (0.000) (0.017) 0.004 (0.001) …… (0.000) (0.017) 0.004 (0.010) (0.011) (0.018) (0.015) 0.022 …… 0.015 0.012 (0.004) 0.017 0.015 0.003 (0.010) 103 104 BCE IMP (0.005) (0.005) 0.011 0.003 (0.027) (0.006) (0.009) (0.013) 0.004 0.012 stt Mã c phi A(-65) AR(-64) AR(-63) AR(-62) AR(-61) ………… AR(-20) AR(-19) AR(-18) AR(-17) AR(-16) 10 11 12 13 14 15 … 91 92 93 94 95 96 97 98 99 100 101 102 103 104 HLA HLA CII LGL LGL KDH HDG APC TMT TMT HSG HSG KMR SZL VIS …… PPI TV1 SBS DRH GTT EIB TMS HLG ABT DQC TCL TCM BCE IMP 0.004 0.010 (0.027) 0.039 0.049 0.042 0.000 0.000 0.000 0.008 (0.003) (0.001) 0.032 (0.007) (0.002) …… 0.002 0.000 0.000 0.000 0.048 (0.003) (0.001) (0.004) 0.001 0.015 (0.024) 0.022 (0.044) 0.005 0.004 (0.000) (0.026) 0.043 0.018 0.016 0.000 0.000 0.000 (0.022) 0.008 0.017 0.033 (0.006) (0.021) …… 0.005 0.000 0.000 0.000 (0.006) (0.003) (0.018) 0.052 (0.007) (0.007) (0.011) 0.008 0.006 0.014 (0.034) 0.004 0.048 (0.007) (0.005) 0.009 0.000 0.000 0.000 (0.031) 0.003 (0.004) (0.004) 0.002 (0.015) …… (0.018) 0.000 0.000 0.000 (0.028) (0.007) 0.021 (0.029) 0.010 (0.020) (0.007) 0.011 (0.018) 0.006 (0.028) (0.014) (0.010) (0.045) 0.004 (0.004) 0.000 0.000 0.000 0.003 0.018 0.025 (0.027) (0.015) (0.027) …… (0.001) 0.000 0.000 0.000 (0.040) 0.004 (0.020) 0.018 0.019 (0.032) 0.019 0.006 0.027 0.013 0.002 (0.012) (0.016) (0.050) (0.005) 0.007 0.000 0.000 0.000 0.020 0.014 (0.023) 0.031 (0.026) (0.003) …… (0.014) 0.000 0.000 0.000 (0.047) (0.013) 0.005 (0.021) 0.004 (0.009) (0.011) (0.006) (0.010) 0.014 ………… ………… ………… ………… ………… ………… ………… ………… ………… ………… ………… ………… ………… ………… ………… ………… ………… ………… ………… ………… ………… ………… ………… ………… ………… ………… ………… ………… ………… ………… (0.011) (0.019) (0.012) 0.005 (0.035) (0.005) 0.048 (0.025) 0.000 (0.024) (0.012) (0.010) (0.032) (0.024) (0.045) …… (0.055) 0.000 0.025 0.034 0.035 0.004 0.018 0.024 0.026 (0.020) (0.019) 0.006 (0.004) 0.030 (0.031) (0.005) 0.018 0.018 0.010 (0.012) 0.023 0.009 0.000 (0.037) 0.014 (0.002) (0.010) 0.002 0.042 …… (0.054) 0.000 (0.031) 0.029 (0.041) 0.009 0.040 0.029 0.002 (0.007) (0.004) 0.008 (0.016) (0.008) 0.025 (0.020) 0.031 0.044 0.030 (0.021) 0.003 (0.023) 0.000 0.006 0.017 (0.016) (0.009) 0.000 0.012 …… 0.012 0.000 0.032 0.005 0.013 0.008 (0.018) 0.048 0.047 (0.021) (0.008) 0.000 0.011 (0.015) 0.007 (0.016) 0.008 0.050 (0.001) (0.010) 0.003 0.006 0.000 0.004 0.001 0.001 (0.001) 0.014 0.057 …… 0.014 0.000 0.053 (0.047) (0.020) 0.006 0.003 0.018 (0.002) 0.009 0.023 (0.009) 0.012 (0.003) 0.015 (0.013) (0.018) (0.025) (0.009) 0.006 (0.013) (0.013) 0.000 (0.001) (0.003) (0.006) (0.016) 0.070 (0.034) …… 0.012 0.000 (0.043) (0.010) (0.040) (0.002) 0.020 (0.013) 0.050 0.035 (0.013) 0.001 (0.032) 0.019 AAR S(AAR) 0.001 0.002 0.002 (0.004) (0.001) (0.001) ………… 0.000 0.001 0.001 0.001 (0.002) PH GIÁ C t -51 -50 -49 -48 -47 -46 -45 …… -6 -5 -4 -3 -2 -1 tt …… 45 46 47 48 49 …… …… 147 138 72 120 …… 145 135 70 120 …… 145 129 70 126 …… 138 133 70 130 …… 144 139 74 124 …… 144 139 77 118 …… 140 133 81 123 …… …… …… …… …… …… 121 136 95 98 …… 127 136 95 96 …… 133 131 95 92 …… 133 125 95 87 …… 127 127 97 90 …… 125 127 100 93 …… 134.9 130.8 104.6 98.0 …… 108 109 91 81 …… 108 106 95 83 …… 108 107 100 85 …… 108 110 105 85 …… 104 110 110 84 …… 100 107 115 85 …… 96 107 120 84 …… …… …… …… …… …… 100 98 105 102 …… 100 98 105 102 …… 102 98 104 102 …… 104 97 104 107 …… 102 98 104 112 …… ABT AGF ALT ALT 95 VGP 96 VID 56 56 57 56 55 53 50 …… 68 68 67 65 67 68 67 …… 51 50 49 50 50 50 53.7 47 47 49 51 54 52 51 …… …… 99 VIP …… …… 89 90 86 84 86 86 86.8 74 78 81 85 83 85 85 …… 34 34 34 34 34 100 VIS 77 76 76 75 74 71 71 71 71 72 72 70 71 74.4 42 44 47 46 44 45 45 …… 44 42 43 43 43 98 VIP 58 60 60 60 60 59 60 59 59 58 56 55 54 54.5 50 51 51 50 49 49 50 …… 56 56 55 53 50 97 VID 51 48 50 53 50 49 50 …… 86 86 85 85 89 93 97.6 72 75 73 71 70 70 67 …… 92 90 89 86 88 …… 69 69 69 68 68 68 68 …… 185 176 168 160 168 176 183.3 175 183 192 183 192 200 190 …… 35 36 36 36 35 102 VSH 97 101 102 107 112 107 105 49 50 49 48 47 46 43.7 32 30 30 30 30 30 30 …… 60 60 59 57 57 101 VNM 43.8 45 43.7 44.2 42.6 43 43.5 42.8 41.2 39.5 37.6 39.4 41.3 43.3 …… 179 178 170 171 179 56 58 58 56 58.5 SU t -50 -49 -48 -47 -46 -45 -44 …… -6 -5 -4 -3 -2 -1 …… 44 45 46 47 48 49 …… …… (0.01) (0.02) (0.03) …… (0.04) 0.05 …… (0.05) 0.03 0.03 …… 0.04 0.05 0.05 (0.05) …… 0.05 (0.05) …… (0.03) (0.04) 0.05 0.04 …… (0.01) (0.05) 0.05 (0.02) …… …… …… …… …… …… 0.04 0.04 0.04 (0.04) …… 0.05 (0.02) …… 0.05 (0.04) (0.05) …… (0.05) (0.05) …… (0.05) 0.02 0.02 0.03 …… (0.02) 0.03 0.03 …… 0.08 0.03 0.05 0.05 …… (0.03) 0.04 0.02 …… 0.01 0.05 0.02 …… 0.03 0.05 (0.01) …… (0.04) 0.05 (0.01) …… (0.04) (0.03) 0.05 0.01 …… (0.05) 0.04 (0.01) …… 0.05 0.01 0.05 …… …… …… …… …… …… (0.01) 0.02 0.01 0.01 …… (0.01) (0.02) …… …… 0.02 (0.01) …… 0.02 (0.01) 0.05 …… (0.02) 0.01 0.05 …… ABT AGF ALT ALT 95 VGP 96 VID 0.01 (0.02) (0.01) (0.05) (0.05) 0.04 …… (0.01) (0.03) 0.02 0.02 (0.02) …… (0.02) (0.02) 0.01 0.01 0.08 0.04 0.04 0.05 (0.03) (0.03) 0.02 …… …… 99 VIP …… …… 0.05 0.02 (0.04) (0.02) 0.02 0.01 0.05 0.05 0.05 (0.02) 0.02 - …… (0.01) 0.05 (0.01) 0.01 (0.01) 100 VIS (0.01) (0.02) (0.01) (0.04) (0.01) 0.01 0.01 (0.03) 0.01 0.06 0.05 0.05 (0.01) (0.04) 0.02 (0.02) …… (0.02) (0.05) 0.01 0.02 (0.01) 98 VIP 0.03 0.01 (0.01) (0.01) 0.01 (0.01) (0.01) (0.03) (0.03) (0.02) (0.02) 0.01 0.02 0.01 (0.02) (0.01) (0.01) 0.02 0.01 …… 0.02 (0.02) (0.04) (0.05) 97 VID (0.05) 0.04 0.05 (0.05) (0.03) 0.03 0.04 …… (0.01) (0.01) 0.05 0.04 0.05 0.05 (0.03) (0.03) (0.01) (0.05) 0.05 …… (0.02) 0.03 (0.02) (0.01) (0.03) 0.02 …… (0.01) (0.01) …… (0.05) (0.05) (0.05) 0.05 0.05 0.04 0.05 0.05 (0.05) 0.05 0.04 (0.05) (0.05) …… 0.02 0.05 0.05 (0.01) (0.00) (0.03) 102 VSH 0.04 0.01 0.05 0.05 (0.04) (0.02) (0.04) 0.05 0.01 (0.02) (0.02) (0.02) (0.03) (0.05) (0.05) 0.03 …… (0.02) 0.01 (0.03) (0.03) - 101 VNM (0.05) 0.03 (0.03) 0.01 (0.04) 0.01 0.01 (0.04) (0.04) (0.05) 0.05 0.05 0.05 0.05 …… (0.01) (0.01) (0.04) 0.01 0.05 (0.02) (0.03) 0.04 (0.03) 0.04 R Window ABT [-50;-1] 0.030 [0;+49] 0.024 max sig 1.543 0.648 1.543 10% GIAM 0.029 0.016 0.032 0.031 …… …… 0.028 …… 0.023 …… 3.183 0.314 3.183 1.119 0.894 1.119 GIAM 1.497 …… 0.668 …… 1.497 …… 10% …… GIAM …… AGF ALT 1% GIAM ALT 95 VGP 96 VID 97 VID 98 VIP 99 VIP 100 VIS 0.021 0.030 0.021 0.063 0.025 0.026 0.036 0.033 0.023 0.021 0.028 0.034 0.482 2.076 2.076 0.117 8.553 8.553 0.941 1.062 1.062 TANG 1.233 0.811 1.233 GIAM 1.186 0.843 1.186 GIAM 0.692 1.446 1.446 1% TANG 1% TANG 10% TANG 101 VNM 0.037 0.032 1.312 0.762 1.312 GIAM 102 VSH 0.020 0.030 0.442 2.264 2.264 1% TANG PH GIÁ C t -51 -50 -49 -48 -47 -46 -45 … -7 -6 -5 -4 -3 -2 -1 tt … 43 44 45 46 47 48 49 HLA 37.1 37.9 39.7 38.5 36.6 34.8 36.0 …… 31.8 31.8 33.3 33.4 33.5 31.9 31.0 31.7 26.4 27.3 26.0 24.9 23.7 22.6 22.9 …… 24.1 25.3 25.1 25.7 26.0 25.3 24.8 HLA 17.4 16.6 16.5 17.3 16.9 16.8 16.6 …… 14.8 14.6 14.3 13.6 13.0 12.7 12.4 12.4 12.2 12.8 12.3 12.3 12.2 12.0 12.0 …… 11.9 12.0 12.0 12.2 12.0 12.0 11.9 CII 65.0 63.0 65.0 63.0 60.0 58.5 61.0 …… 64.5 67.5 68.5 66.0 64.5 61.5 62.0 64.1 42.7 44.8 42.6 42.0 41.8 39.8 38.5 …… 40.2 40.6 39.2 38.9 39.4 38.9 38.6 LGL 51.0 49.0 47.0 44.8 42.6 40.5 38.5 …… 36.0 35.8 34.5 36.2 34.6 33.0 33.0 35.0 28.3 28.6 29.0 29.2 29.2 29.5 29.2 …… 34.8 34.8 34.8 34.7 34.6 36.3 38.1 …… 97 98 99 100 101 102 103 104 …… TMS HLG ABT DQC TCL TCM BCE IMP …… 27.3 29.2 51.5 32.3 40.9 17.8 17.3 59.5 …… 27.9 28.2 49.6 31.7 42.0 17.4 17.0 58.5 …… 26.6 27.0 51.0 32.1 40.3 17.6 17.0 58.0 …… 26.8 26.0 49.0 30.5 40.5 17.3 16.8 57.0 …… 26.9 26.0 49.4 29.0 41.5 17.4 16.1 57.0 …… 25.6 24.7 50.0 29.0 40.3 17.3 16.4 57.0 …… 25.9 23.5 49.5 27.9 40.2 17.2 16.8 57.0 …… …… …… …… …… …… …… …… …… …… 30.4 24.0 56.0 23.7 29.0 18.5 16.2 62.5 …… 30.4 24.6 55.0 23.0 29.6 18.3 17.0 64.5 …… 30.4 23.9 55.0 23.2 29.0 18.5 17.3 64.5 …… 30.5 23.4 54.0 22.1 28.6 18.3 17.0 62.5 …… 30.5 23.5 54.5 21.3 28.1 18.9 17.0 59.5 …… 32.0 22.8 54.5 20.3 28.4 19.3 17.0 59.5 …… 33.2 22.9 54.0 19.3 27.6 19.1 16.9 62.0 …… 34.9 22.8 52.6 19.6 28.9 20.3 14.9 65.0 …… 27.8 15.1 43.8 15.0 26.3 19.4 13.3 57.5 …… 27.3 15.2 43.8 15.7 26.1 20.3 13.8 59.5 …… 26.0 14.6 44.0 15.8 25.0 21.2 13.8 61.5 …… 26.0 13.9 43.9 15.2 25.0 20.7 14.0 59 …… 26.9 13.3 43.0 15.6 25.6 19.7 13.8 56.5 …… 27.8 12.7 43.7 16.3 26.8 20.6 13.3 56 …… 27.5 12.5 43.9 17.1 28.1 21.6 13.3 57.5 …… …… …… …… …… …… …… …… …… …… 29.0 13.3 42.0 24.9 28.1 23.1 12 48.5 …… 28.5 12.7 40.6 26.1 28.1 23.1 11.6 48 …… 28.5 12.1 40.0 27.4 28.1 22.8 11.6 50 …… 29.0 12.7 42.0 26.6 28.1 23.1 11.1 50 …… 27.6 12.5 43.0 25.3 28.2 22.7 10.9 49.9 …… 27.6 12.5 42.9 24.6 29.6 22.1 11.1 49.9 …… 27.6 12.2 41.5 24.8 31.0 21.6 10.8 47.5 SU t -50 -49 -48 -47 -46 -45 -44 … -7 -6 -5 -4 -3 -2 -1 … 42 43 44 45 46 47 48 49 HLA 0.02 0.05 (0.03) (0.05) (0.05) 0.03 0.01 …… 0.04 0.00 0.05 0.00 0.00 (0.05) (0.03) 0.02 0.03 (0.05) (0.04) (0.05) (0.05) 0.01 0.00 …… (0.02) (0.03) 0.05 (0.01) 0.02 0.01 (0.03) (0.02) HLA (0.05) (0.01) 0.05 (0.02) (0.01) (0.01) 0.00 …… 0.00 (0.01) (0.02) (0.05) (0.04) (0.02) (0.02) 0.00 0.05 (0.04) 0.00 (0.01) (0.02) 0.00 (0.01) …… (0.05) (0.01) 0.01 0.00 0.02 (0.02) 0.00 (0.01) CII (0.03) 0.03 (0.03) (0.05) (0.03) 0.04 0.05 …… 0.05 0.05 0.01 (0.04) (0.02) (0.05) 0.01 0.03 0.05 (0.05) (0.01) (0.00) (0.05) (0.03) 0.01 …… 0.00 (0.02) 0.01 (0.03) (0.01) 0.01 (0.01) (0.01) LGL (0.04) (0.04) (0.05) (0.05) (0.05) (0.05) (0.05) …… (0.01) (0.01) (0.04) 0.05 (0.04) (0.05) 0.00 0.06 0.01 0.01 0.01 0.00 0.01 (0.01) 0.02 …… 0.05 (0.02) 0.00 0.00 (0.00) (0.00) 0.05 0.05 …… 97 98 99 100 101 102 103 104 …… TMS HLG ABT DQC TCL TCM BCE IMP …… 0.02 (0.03) (0.04) (0.02) 0.03 (0.02) (0.02) (0.02) …… (0.05) (0.04) 0.03 0.01 (0.04) 0.01 0.00 (0.01) …… 0.01 (0.04) (0.04) (0.05) 0.00 (0.02) (0.01) (0.02) …… 0.00 0.00 0.01 (0.05) 0.02 0.01 (0.04) 0.00 …… (0.05) (0.05) 0.01 0.00 (0.03) (0.01) 0.02 0.00 …… 0.01 (0.05) (0.01) (0.04) (0.00) (0.01) 0.02 0.00 …… 0.00 (0.02) (0.01) 0.00 0.02 (0.01) (0.01) 0.00 …… …… …… …… …… …… …… …… …… …… (0.05) 0.02 0.01 0.00 (0.03) 0.02 0.03 (0.04) …… 0.00 0.03 (0.02) (0.03) 0.02 (0.01) 0.05 0.03 …… 0.00 (0.03) 0.00 0.01 (0.02) 0.01 0.02 0.00 …… 0.00 (0.02) (0.02) (0.05) (0.01) (0.01) (0.02) (0.03) …… 0.00 0.00 0.01 (0.04) (0.02) 0.03 0.00 (0.05) …… 0.05 (0.03) 0.00 (0.05) 0.01 0.02 0.00 0.00 …… 0.04 0.00 (0.01) (0.05) (0.03) (0.01) (0.01) 0.04 …… 0.05 (0.00) (0.03) 0.01 0.05 0.06 (0.12) 0.05 …… (0.02) 0.01 0.00 0.05 (0.01) 0.05 0.04 0.03 …… (0.05) (0.04) 0.00 0.01 (0.04) 0.04 0.00 0.03 …… 0.00 (0.05) (0.00) (0.04) 0.00 (0.02) 0.01 (0.04) …… 0.03 (0.04) (0.02) 0.03 0.02 (0.05) (0.01) (0.04) …… 0.03 (0.05) 0.02 0.04 0.05 0.05 (0.04) (0.01) …… (0.01) (0.02) 0.00 0.05 0.05 0.05 0.00 0.03 …… 0.00 0.05 (0.02) 0.05 0.00 0.05 (0.02) (0.04) …… …… …… …… …… …… …… …… …… …… (0.00) 0.05 (0.01) 0.01 0.02 (0.03) (0.04) 0.00 …… 0.04 (0.04) (0.01) (0.02) 0.00 0.00 0.01 (0.02) …… (0.02) (0.05) (0.03) 0.05 0.00 0.00 (0.03) (0.01) …… 0.00 (0.05) (0.01) 0.05 0.00 (0.01) 0.00 0.04 …… 0.02 0.05 0.05 (0.03) 0.00 0.01 (0.04) 0.00 …… (0.05) (0.02) 0.02 (0.05) 0.00 (0.02) (0.02) (0.00) …… 0.00 0.00 (0.00) (0.03) 0.05 (0.03) 0.02 0.00 …… 0.00 (0.02) (0.03) 0.01 0.05 (0.02) (0.03) (0.05) R window [-50;-1] [0;+49] …… 97 98 99 100 101 102 103 104 …… TMS HLG ABT DQC TCL TCM BCE IMP …… 0.0274 0.04 0.0218 0.03 0.02 0.02 0.02 0.02 …… 0.0287 0.04 0.0196 0.03 0.03 0.03 0.03 0.03 HLA 0.03 0.03 CII 0.03 0.02 LGL 0.04 0.03 1.59 0.63 max sig HLA 0.04 0.03 0.92 1.09 1.09 0.0 TANG 1.89 0.53 1.89 5% GIAM 2.18 0.46 2.18 1% GIAM 1.59 10% GIAM …… 0.91 …… 1.10 …… 1.100 …… 0.0 …… TANG 1.02 0.98 1.017 0.0 GIAM 1.23 0.77 0.52 0.40 0.72 0.41 0.82 1.31 1.91 2.49 1.39 2.44 1.226 1.307 1.907 2.490 1.389 2.442 0.0 0.0 5% 1% 0.0 1% GIAM TANG TANG TANG TANG TANG ... ì th sung lên giá c M b ài “ - Nghiên c ành b Th ch ã Tp.HC M ty phát hành nghiên c nghiên c ài lu ki ành ên giá c sau ngày Giao d iêu g Các nghiên c khác th ên c ành c b : -2 - Các y ã hành c... Hình 2.1: T Hình 2.2: L Vi -2 010 30 hát t Hình 2.3: T Hình 2.4: Dịng v Hình 2.5: Giá tr ÌNH V -2 010 30 ti tín d th ch -2 010 31 -2 010 31 -2 010 32 -1 - PH Tính c M ài Th àm nghi... ày v vào ngày t = +1 m ti ình n chi 2010 0.61% T ày s ngày [-4 ;-2 ] Rõ ràng vi cu ình phát hành Sau ngày (XR) ùng (t ày +2) Trong ngày - nh ì nhà c ph t ngày -4 ì giá m ày t t - - - th -2 , hay