3,756
Views
0
CrossRef citations to date
0
Altmetric
FINANCIAL ECONOMICS

Determinants of the possibilities by investors’ risk-taking: Empirical evidence from Vietnam

ORCID Icon, , & | (Reviewing editor)
Article: 1917106 | Received 29 Sep 2020, Accepted 10 Apr 2021, Published online: 25 Apr 2021

References

  • Ackert, L. F., & Deaves, R. (2010). Decision-making and markets. Behavioral Finance Psychology, 425, 86–23. USA: Cengage Learning. https://www.cengage.com/c/behavioral-finance-psychology-decision-making-and-markets-1e-ackert/9780324661170PF/
  • Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179–211. https://doi.org/10.1016/0749-5978(91)90020-T
  • Ajzen, I., & Fishbein, M. (1977). Attitude-behavior relations: A theoretical analysis and review of empirical research. Psychological Bulletin, 84(5), 888–918. https://doi.org/10.1037/0033-2909.84.5.888
  • Alpert, M., & Raiffa, H. (1982). A progress report on the training of probability assessors. In D. Kahneman, P. Slovic, & A. Tversky (Eds.), Judgment under uncertainty: Heuristics and biases (pp. 294–305). Cambridge University Press.
  • Atkinson, J. W. (1957). Motivational determinants of risk-taking behavior. Psychological Review, 64(6, Pt.1), 359–372. https://doi.org/10.1037/h0043445
  • Biais, B., Hilton, D., Mazurier, K., & Pouget, S. (2005). Judgemental overconfidence, self-monitoring, and trading performance in an experimental financial market. Review of Economic Studies, 72(2), 287–312. https://doi.org/10.1111/j.1467-937X.2005.00333.x
  • Bikhchandani, S., Hirshleifer, D., & Welch, I. (1992). A theory of Fads, fashion, custom, and cultural change as informational cascades. Journal of Political Economy, 100(5), 992–1026. https://doi.org/10.1086/261849
  • Broihanne, M. H., Merli, M., & Roger, P. (2014). Overconfidence, risk perception and the risk-taking behavior of finance professionals. Finance Research Letters, 11(2), 64–73. https://doi.org/10.1016/j.frl.2013.11.002
  • Burggraf, T., Huynh, T. L. D., Rudolf, M., & Wang, M. (2020). Do FEARS drive Bitcoin? Review of Behavioral Finance, ahead-of-print(ahead–of–print). https://doi.org/10.1108/RBF-11-2019-0161
  • Coombs, C. H. (1969). Portfolio theory: A theory of risky decision making. La Decision, Centre National de la Recherche Scientifique.
  • Coombs, C. H., & Meyer, D. E. (1969). Risk-preference in coin-toss games. Journal of Mathematical Psychology, 6(3), 514–527. https://doi.org/10.1016/0022-2496(69)90021-2
  • Diamond, D. (1989). Reputation acquisition in debt markets. Journal of Political Economy, 97(4), 828–862. https://doi.org/10.1086/261630
  • Dickason, Z., & Ferreira, S. (2018). Establishing a link between risk tolerance, investor personality and behavioural finance in South Africa. Cogent Economics & Finance, 6(1). https://doi.org/10.1080/23322039.2018.1519898
  • Fabozzi, F. J., Fung, C. Y., Lam, K., & Wong, W. K. (2013). Market overreaction and underreaction: Tests of the directional and magnitude effects. Applied Financial Economics, 23(18), 1469–1482. https://doi.org/10.1080/09603107.2013.829200
  • Glaser, M., & Weber, M. (2007). Overconfidence and trading volume. Geneva Risk Insurance Review, 32(1), 1–36. https://doi.org/10.1007/s10713-007-0003-3
  • Graham, J. R. (1999). Herding among investment newsletters: Theory and evidence. Journal of Finance, 54(1), 237–268. https://doi.org/10.1111/0022-1082.00103
  • Guo, X., McAleer, M., Wong, W. K., & Zhu, L. X. (2017). A Bayesian approach to excess volatility, short-term under reaction and long-term overreaction during financial crises. North American Journal of Economics and Finance, 42, 346–358. https://doi.org/10.1016/j.najef.2017.08.001
  • Guo, X., & Wong, W. K. (2016). Multivariate stochastic dominance for risk averters and risk seekers. RAIRO - Operations Research, 50(3), 575–586. https://doi.org/10.1051/ro/2016026
  • Ha, T. M., Shakur, S., & Pham Do, K. H. (2020). Food risk in consumers’ eye and their consumption responses: Evidence from Hanoi survey. Journal of Asian Business and Economic Studies, ahead-of-print(ahead–of–print), Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/JABES-12-2019-0126
  • Hirshleifer, D., & Thakor, A. V. (1992). Managerial conservatism, project choice, and debt. Review of Financial Studies, 5(3), 437–470. https://doi.org/10.1093/rfs/5.3.437
  • Hong, H., Kubik, J. D., & Solomon, A. (2000). Security analysts career concerns and herding of earnings forecasts. RAND Journal of Economics, 31(1), 121–144. https://doi.org/10.2307/2601032
  • Hsee, C. K., & Weber, E. U. (1998). Cross-cultural differences in risk perception,but cross-cultural similarities in attitudes towards perceived risk. Management Science, 44(9), 1205–1217.
  • Huynh, T. L. (2020a). The COVID-19 risk perception: A survey on socioeconomics and media attention. Econ. Bull, 40(1), 758–764. http://www.accessecon.com/Pubs/EB/2020/Volume40/EB-20-V40-I1-P64.pdf
  • Huynh, T. L. D. (2020b). Data for understanding the risk perception of COVID-19 from Vietnamese sample. Data in Brief, 30(June), 105530. https://doi.org/10.1016/j.dib.2020.105530
  • Huynh, T. L. D. (2020c). “If you wear a mask, then you must know how to use it and dispose of it properly!”: A survey study in Vietnam. Review of Behavioral Economics, 7(2), 145–158. https://doi.org/10.1561/105.00000121
  • Huynh, T. L. D. (2020d). Does culture matter social distancing under the COVID-19 pandemic? Safety Science, 130(October), 104872. https://doi.org/10.1016/j.ssci.2020.104872
  • Huynh, T. L. D. (2020f). Replication: Cheating, loss aversion, and moral attitudes in Vietnam. Journal of Economic Psychology, 78(June), 102277. https://doi.org/10.1016/j.joep.2020.102277
  • Huynh, T. L. D., Wu, J., & Duong, A. T. (2020e). Information asymmetry and firm value: Is Vietnam different? The Journal of Economic Asymmetries, 21(June), e00147. https://doi.org/10.1016/j.jeca.2019.e00147
  • Jia, J., Dyer, J. S., & Butler, J. C. (1999). Measures of perceived risk. Management Science, 45(4), 519–532. https://doi.org/10.1287/mnsc.45.4.519
  • Kahneman, D., & Tversky, A. (2013). Prospect theory: An analysis of decision under risk. In Handbook of Fundamentals of Financial Decision Making, Part I (pp. 99–127).  Worldscientific.
  • Keefer, D. L., & Bodily, S. E. (1983). Three-point approximations continuous random variables. Management Science, 29(5), 595–609. https://doi.org/10.1287/mnsc.29.5.595
  • Lam, K., Liu, T. S., & Wong, W. K. (2010). A pseudo-Bayesian model in financial decision making with implications to market volatility, under- and overreaction. European Journal of Operational Research, 203(1), 166–175. https://doi.org/10.1016/j.ejor.2009.07.005
  • Lam, K., Liu, T. S., & Wong, W. K. (2012). A new pseudo Bayesian model with implications to financial anomalies and investors behaviors. Journal of Behavioral Finance, 13(2), 93–107. https://doi.org/10.1080/15427560.2012.680993
  • Li, B., Wang, J., Huang, D., & Hoi, S. C. (2018). Transaction cost optimization for online portfolio selection. Quantitative Finance,18(8), 1411–1424.
  • Lin, M. C. (2005). Returns and investor behavior in Taiwan: Does overconfidence explain this relationship? Review of Pacific Basin Financial Markets and Policies, 8(3), 405–446. https://doi.org/10.1142/S0219091505000476
  • Mahdzan, N. S., Zainudin, R., Abd Sukor, M. E., Zainir, F., & Ahmad, W. M. W. (2020). An exploratory study of financial well-being among Malaysian households. Journal of Asian Business and Economic Studies, 27(3), 285–302. https://doi.org/10.1108/JABES-12-2019-0120
  • Menkhoff, L., Schmidt, U., & Brozynski, T. (2006). The impact of experience on risk taking, overconfidence, and herding of fund managers: Complementary survey evidence. European Economic Review, 50(7), 1753–1766. https://doi.org/10.1016/j.euroecorev.2005.08.001
  • Ngo, T. T., Le, M. Q., & Ngo, T. P. (2019). Incorporating risk into technical efficiency for Vietnam’s and ASEAN banks. Journal of Asian Business and Economic Studies, 26(1), 2–16. https://doi.org/10.1108/JABES-10-2018-0083
  • Nosić, A., & Weber, M. (2010). How riskily do i invest? The role of risk attitudes, risk perceptions, and overconfidence. Decision Analysis, 7(3), 282–301. https://doi.org/10.1287/deca.1100.0178
  • Odean, T. (1998). Volume, volatility, price, and profit when all traders are above average. Journal of Finance, 53(2), 1887–1934. https://doi.org/10.1111/0022-1082.00078
  • Phan, T. C., Rieger, M. O., & Wang, M. (2018). What leads to overtrading and under-diversification? Survey evidence from retail investors in an emerging market. Journal of Behavioral and Experimental Finance, 19, 39–55. https://doi.org/10.1016/j.jbef.2018.04.001
  • Rahman, S., Lee, C.-F., & Xiao, Y. (2017). The investment performance, attributes, and investment behavior of ethical equity mutual funds in the US: An empirical investigation. Review of Quantitative Finance and Accounting, 49(1), 91–116. https://doi.org/10.1007/s11156-016-0581-1
  • Rieger, M. O., Nguyen, T. M., Schnur, B., & Wang, M. (2020). Taking more risk tomorrow: Time horizons and investment decisions. Applied Economics Letters, 28(6), 1–5. https://doi.org/10.1080/13504851.2020.1761522
  • Russo, J. E., & Schoemaker, P. J. (1992). Critical IT (information technology) issues: The next ten years.. Sloan Management Review, 33(4), 7–17.
  • Shiller, R. C. (2000). Irrational exuberance. Philosophy and Public Policy Quarterly,20(1), 18–23.
  • Strobel, J., Salyer, K. D., & Lee, G. S. (2018). Uncertainty, agency costs and investment behavior in the Euro area and in the USA. Journal of Asian Business and Economic Studies, 25(1), 122–143. https://doi.org/10.1108/JABES-04-2018-0007
  • Vrecko, D., Klos, A., & Langer, T. (2009). Impact of presentation format and self-reported risk aversion on revealed skewness preferences. Decision Analysis, 6(2), 57–74. https://doi.org/10.1287/deca.1090.0141
  • Weber, E. U. (1997). The utility of measuring and modeling perceived risk. In A. A. J. Marley (Ed.), Choice, Decision, and Measurement: Essays in Honor of R. Duncan Luce (45–57). Erlbaum. https://www8.gsb.columbia.edu/researcharchive/articles/12859
  • Weber, E. U., & Blais, A. R. (2006). A Domain-Specific Risk-Taking (DOSPERT) scale for adult populations. Judgment and Decision Making, 1(1), 33–47. http://journal.sjdm.org/06005/jdm06005.htm
  • Weber, E. U., & Hsee, C. K. (1998). Cross-cultural differences in risk perception, but cross-cultural similarities in attitudes towards perceived risk. Management Science, 44(9), 1205–1218. https://doi.org/10.1287/mnsc.44.9.1205
  • Weber, E. U., & Milliman, R. (1997). Perceived risk attitudes: Relating risk perception to risky choice. Management Science, 43(2), 122–143. https://doi.org/10.1287/mnsc.43.2.123
  • Weber, E. U., Siebenmorgen, N., & Weber, M. (2005). Communicating asset risk: How name recognition and the format of historic volatility information affect risk perception and investment decisions. Risk Analysis, 25(3), 597–609. https://doi.org/10.1111/j.1539-6924.2005.00627.x
  • Wong, W. K. (2007). Stochastic dominance and mean-variance measures of profit and loss for business planning and investment. European Journal of Operational Research, 182(2), 829–843. https://doi.org/10.1016/j.ejor.2006.09.032
  • Wong, W. K., Chow, S. C., Hon, T. Y., & Woo, K. Y. (2018). Empirical study on conservative and representative Heuristics of Hong Kong small investors adopting momentum and contrarian trading strategies. International Journal of Revenue Management, 10(2), 146–167. https://doi.org/10.1504/IJRM.2018.091836
  • Wongchoti, U., Tian, G., Hao, W., Ding, Y., & Zhou, H. (2020). Earnings quality and crash risk in China: An integrated analysis. Journal of Asian Business and Economic Studies, 28(1), 2–19. https://doi.org/10.1108/JABES-02-2020-0012
  • Zia, L., Sindhu, M., Hashmi, S., & Zhang, X. (2017). Testing overconfidence bias in Pakistani stock market. Cogent Economics & Finance, 5(1), 1289656. https://doi.org/10.1080/23322039.2017.1289656.