Although the sample size is relative high (N = 188) and satisfy the requirements of statistical methods; however, it is suggested to have a larger sample size in further research to reflect more accurately the realistic situation of Vietnam stock market. Additionally, respondents are chosen from ten leading securities companies, gerneralization for the whole population is not perfectly fulfilled although random sampling is applied.
Behavioral finance and its measurements are very new to investors in Vietnam.
There is very limited number of references for applications of behavioral finance in
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50
Vietnam as well as measurements of investment performance based on the perceptions of the investors. Moreover, the investment performance, which is assessed by the subjective awareness of the investors, has some limited sides. S ome investors may not know their own expected return rates for their investments as well as the average return rate of the stock market. Therefore, the measurements of investment performance should combine the investors’ assessment with secondary data of the market to enhance the accuracy of the measurements
This study is one of the volunteers using heuristic factors in Vietnam with the measurements of 5-point Likert. It is necessary to have further researches to confirm the findings of this research with the larger sample size and the more diversity of respondents.
It is also suggested to conduct the further researches to improve the measurements of heuristics as well as adjust them to fit the case of Vietnam security market.
The further researches are also suggested to apply heuristic factors to explore the behaviors influencing the decisions of institutional investors at the Stock Exchanges of Vietnam. These researches can help to test the suitability of applying heuristics for all kinds of security markets with all components of investors.h
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QUESTIONAIRES (English version) Dear Mr. / Mrs.
I am a graduate student financial administration sector in HCMC University of Economics. I am currently in the process of doing thesis on "Studies of heuristic factors influencing on decision making and securities investment performance of individual investors in Vietnam". Therefore, I hope you, as an individual investor, making his point through the questionnaire attached below.
I respectfully request that you spend 5-10 minutes to help me complete the questionnaire. The results obtained from this survey will not only help us complete thesis, but also help investors obtain useful information for their investment decisions. All data collected will be kept confidential and be presented in the synthesis report, ensure that all personal information from being disclosed.
I am very grateful for your help, wish you are always the successful investors on the stock market of Vietnam. If you may need, we are ready to provide a general report of this survey refer to grandparents.
For further information please contact:
Nguyen Thi Thanh Thuy, Email: thuy.nguyentt90@gmail.com
I. PERSONAL INFORMATION
1. Gender Male Female
2. Age
18-25 26-35 36-45 46-55 Over 55
3. Marital Status: Single Married Divorced
4. Education level
High school and lower Under-graduate Bachelor
Master PhD degree Others
5. Years of working
Under 5 years < 10 years over 10 years
6. Please estimate your average monthly income (USD)
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Under 300 300-600 600-1000 More than 1000
7. How long have you attended the stock market
under 1 year 1-3 year 3-5 year
5-10 year Over 10 years
8. Please name the security company that you are holding an account for stock investment
Saigon Securities Incorporation
Hochiminh City Securities Corporation
ACB Securities Company Ltd.
Viet Capital Securities Joint Stock Company
VNDirect Securities Corporation
MB Securities Joint Stock Company
FPT Securities Joint Stock Company
Vietcombank Securities Company Ltd.
Maybank Kim Eng Securities Joint Stock Company
BIDV Securities Joint Stock Company
Rong Viet Security Joint Stock Company
Sao Viet Securities Joint Stock Company
9. Have you attended any course of stock investment
Yes Not yet
If yes, please answer question 10, if not yet please jump to question11 10. How long does the course of stock investment that you attended take?
3 months 6 months over 6 months
11. The total amount of money (USD) that you have invested at the Hochiminh Stock Market (too many levels)
Under 10,000 10,000-50,000 Over 50,000
12. The total amount of money (USD) that you have invested at the Hochiminh security market during last year. (too many levels)
Under 10,000 10,000-50,000 Over 50,000
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II. HEURISTIC FACTORS INFLUENCING YOUR INVESTMENT DECISION Please evaluate the degree of your agreement with the impacts of heuristic factors on your investment decision making:
Statement Extremely
disagree
Disagree Neutral Agree Extremely agree
13. You buy "hot" stocks and avoid stock that have performed poorly in the recent past
1 2 3 4 5
14. You forecast the changes in stock prices in the future based on the recent stock prices
1 2 3 4 5
15.You use trend analysis of some representative stocks to make investment decision for all stocks that you invest
1 2 3 4 5
16. You rely on your previous experiences in the market for your next investment
1 2 3 4 5
17. In your opinion, it is safe to invest in local stocks rather than to buy international stocks
1 2 3 4 5
18. You consider the information from your close friends and relatives as the reliable reference for your investment decisions
1 2 3 4 5
19. You uses predictive skills for investment decision making
1 2 3 4 5
20. You believe that your skills and knowledge of stock market can help you to outperform the market
1 2 3 4 5
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21. You are sure you can make correct investment decision
1 2 3 4 5
III. YOUR DECISION MAKING
Please give your opinion about the levels of agreement for the following statements:
Statements Extremely
disagree
Disagree Neutral Agree Extremely agree
21. Your investment has a lower risk compared to the market in general
1 2 3 4 5
22. Your investment in stocks has high degree of safety
1 2 3 4 5
23. Your investment has the ability to meet interest payments
1 2 3 4 5
IV. YOUR INVESTMENT PERFORMANCE
Please give your opinions about the levels of agreement for the following statements:
Factors Extremely
disagree
Disagree Neutral Agree Extremely agree
24. You feel satisfied with your investment decisions in the last year (including selling, buying, choosing stocks and deciding stock volume)
1 2 3 4 5
25. The return rate of your recent stock investment meets your expectation
1 2 3 4 5
26. Your investment in stocks has demonstrated increased revenue growth in last year
1 2 3 4 5
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BẢNG CÂU HỎI (Vietnamese version) Kính gửi: Ông/Bà
Tôi là sinh viên cao học ngành quản trị tài chính tại trường ĐH Kinh Tế TPHCM.
Tôi hiện đang trong quá trình làm luận văn tốt nghiệp về đề tài “Nghiên cứu các nhân tố phỏng đoán tác động đến quyết định và kết quả đầu tư chứng khoán của nhà đầu tư cá nhân tại Việt Nam”. Chính vì vậy, tôi mong Ông/Bà, với tư cách là nhà đầu tư cá nhân, đưa ra các quan điểm của mình thông qua bảng câu đính kèm dưới đây.
Tôi kính mong Ông/Bà dành 5-10 phút để giúp tôi hoàn tất bảng câu hỏi. Kết quả thu được từ bảng khảo sát này không những giúp chúng tôi hoàn thành tốt luận văn mà còn giúp các nhà đầu tư có được những thông tin bổ ích cho quyết định đầu tư của mình.
Tất cả số liệu thu thập sẽ được giữ kín và được trình bày dưới báo cáo tổng hợp, đảm bảo mọi thông tin cá nhân không bị tiết lộ.
Tôi rất biết ơn sự giúp đỡ của quý Ông/Bà và chúc Ông/Bà luôn là nhà đầu tư thành công trên sàn chứng khoán Việt Nam. Nếu Ông/Bà có nhu cầu, chúng tôi sẵn sàng cung cấp báo cáo tổng hợp của cuộc khảo sát này để ông bà tham khảo.
Mọi chi tiết xin liên hệ:
Nguyễn Thị Thanh Thúy, Email: thuy.nguyentt90@gmail.com I. THÔNG TIN CÁ NHÂN
1. Giới tính Nam Nữ
2. Tuổi
18-25 26-35 36-45 46-55 Over 55
3. Tình trạng hôn nhân: Single Married Divorced
4. Trình độ học vấn
Cấp 3 trở xuống Cao đẳng trung học chuyên nghiệp
Đại học
Thạc sĩ Tiến sĩ Khác
5. Số năm kinh nghiệm làm việc
Dưới 5 năm 5-10 năm Trên 10 năm
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