BANKING ACADEMY FOREIGN LANGUAGE FACULTY ----- ----- GRADUATION THESIS Assessing the factors that affect the behavior of individual investors on the Vietnamese stock market Supervisor : Associate Prof. Tran Thi Xuan Anh Student name : Nguyen Thi Huyen Class : K20 ATCC Faculty : Foreign Language Student ID : 20A7510078 Hanoi, May, 2021 CERTIFICATE OF ORIGINALITY I declare that this thesis is my work, with the consultation of Associate Professor Ph.Tran Thi Xuan Anh. The results and figures are honest and accurate, do not copy any other thesis. The entire content of this thesis is presented on my own and compiled from legally cited sources If I find out that copying other research results is found, I take full the responsibility Students perform Nguyen Thi Huyen i ACKNOWLEDGEMENTS I would like to express my deep gratitude to Banking Academy for creating good conditions in terms of facilities and quality of training for me to study.
I would like to express my deep and sincere gratitude to my Tran Thi Xuan Anh lecturer who has directly guided for me to complete this thesis. She has provided invaluable guidance throughout this thesis. It was a great privilege and honor to work and study under her guidance I would like to say thanks to teachers of the faculty of foreign language - Banking Academy In addition, I am extremely grateful to my parents for their love, caring and sacrifices for educating and preparing me for my future. I am extending my thanks to friends for their help and support during my study at banking academy.
Thank you sincerely! ii TABLE OF CONTENTS Abstract .2 Background of the study .3 Objectives of study .4 Significance of study .5 Scope and limitation of the study .6 Definitions of terms. 4 Chapter 2: Review of related literature 2.1 The Behavioral Finance Theory -Introduction of the theory. 5 -The basic contents of behavioral finance theory. 6 -Review of previous studies about behavioral finance theory .2 Two methods by which the investment decision is influenced -The fundamental analysis.
7 -The technical analysis. Theoretical and Conceptual framework Chapter 3. Locate of the study. Data gathering procedure.
Population and Sample description. Reliability and validity. 14 CHAPTER 4: FINDINGS AND DISCUSSION 4. Classification of investors by gender.
Classification of investors by age. Classification of investors by the annual income. Classification of investors by the academic level .Classification of investors by the risk preference. Factors impacting investors in the Vietnam stock market 4.1 The level of impact of the “Reputation of the issuing company” factor on individual investors' behavior.
The degree of impact of the "Reputation of the issuing company" factor on individual investors' behavior in terms of gender .2 The degree of impact of the "Reputation of the issuing company" factor on individual investors' behavior in terms of age .3 The degree of impact of the "Reputation of the issuing company" factor on individual investors' behavior in terms of annual income .4 The degree of impact of the "Reputation of the issuing company" factor on individual investors' behavior in terms of educational level .5 The degree of impact of the "Reputation of the issuing company" factor on individual investors' behavior in terms of risk preference. The degree of impact of the "Fundamental analysis" method on the behavior of individual investors. The level of impact of the “Fundamental analysis” method on individual investors' behavior in terms of gender criteria. The level of impact of the “Fundamental analysis” method on individual investors' behavior in terms of age.
The level of impact of the “Fundamental analysis” method on individual investors' behavior in terms of the annual income. The level of impact of the “Fundamental analysis” method on individual investors' behavior in terms of the educational level. The level of impact of the “Fundamental analysis” method on individual investors' behavior in terms of the risk preference. The degree of impact of the "Technical analysis" method on individual investors' behavior.
The level of impact of the “Technical analysis” method on individual investors' behavior in terms of gender. The level of impact of the “Technical analysis” method on individual investors' behavior in terms of age. The level of impact of the “Technical analysis” method on individual investors' behavior in terms of the annual income. The level of impact of the “Technical analysis” method on individual investors' behavior in terms of the educational level.
The level of impact of the “Technical analysis” method on individual investors' behavior in terms of the risk preference .4 The degree of impact of the " Recommendation of counselors" factor on individual investors' decision…. The level of impact of the “Recommendation of counselors” factor on individual investors' behavior in terms of gender criteria. The level of impact of the “Recommendation of counselors” factor on individual investors' behavior in terms of age. The level of impact of the “Recommendation of counselors” factor on individual investors' behavior in terms of the annual income.
The level of impact of the “Recommendation of counselors” factor on individual investors' behavior in terms of the educational level. The level of impact of the “Recommendation of counselors” factor on individual investors’ behavior in terms of the risk preference. The degree of impact of the "Herd behavior" factor on individual investors' behavior: 4. The level of impact of the “Herd behavior” factor on individual investors' behavior in terms of gender.
The level of impact of the “Herd behavior” factor on individual investors' behavior in terms of age. The level of impact of the “Herd behavior” factor on individual investors' behavior in terms of the annual income. The level of impact of the “Herd behavior” factor on individual investors' behavior in terms of the educational level. The level of impact of the “Herd behavior” factor on individual investors' behavior in terms of the risk preference.
The degree of impact of the " Overconfidence" factor on individual investors’ behavior. The level of impact of the “Overconfidence” factor on individual investors' behavior in terms of gender. The level of impact of the “Overconfidence” factor on individual investors' behavior in terms of age. The level of impact of the “Overconfidence” factor on individual investors' behavior in terms of the annual income.
The level of impact of the “Overconfidence” factor on individual investors' behavior in terms of the educational level. The level of impact of the “Overconfidence” factor on individual investors' behavior in terms of the risk preference. Assessing factors affecting investor behavior on the Vietnamese stock market in the current time 4. The reputation of the issuing company factor.
The "Fundamental analysis" method. The “ Technical analysis” method .4 The “Recommendation of counselors” factor. The “Herd behavior” factor .6 The “Overconfidence” factor. 45 vii -Advantages - Disadvantages CHAPTER 5: CONCLUSION AND RECOMMENDATION 5.
Summary of the findings. Individual investors on the Vietnam stock market b. Companies listed on the stock market d. State management agencies 5.
51 viii LIST OF TABLES Table 4.1: The level of impact of the "Reputation of the issuer" factor by gender Table 4.2: The level of impact of the "Reputation of the issuer" factor by age Table 4.3: The level of impact of the "Reputation of the issuer" factor by the annual income Table 4.4: The level of impact of the "Reputation of the issuer" factor by the educational level Table 4.5: The level of impact of the "Reputation of the issuer" factor by the risk preference Table 4.1: The level of impact of the "Fundamental analysis” method by gender Table 4.2: The level of impact of the "Fundamental analysis” method by age Table 4.3: The level of impact of the "Fundamental analysis” by the annual income Table 4.4: The level of impact of the "Fundamental analysis” method by the educational level Table 4.5: The level of impact of the "Fundamental analysis” method by the risk reference Table 4.1: The level of impact of the "Technical analysis” method by gender Table 4.2: The level of impact of the "Technical analysis” method by age Table 4.3: The level of impact of the "Technical analysis” method by the annual income Table 4.4: The level of impact of the "Technical analysis” method by the educational level Table 4.5: The level of impact of the "Technical analysis” method by the risk preference ix Table 4.1: The level of impact of the “Recommendation of counselors” factor by gender Table 4.2: The level of impact of the “Recommendation of counselors” factor by age Table 4.3: The level of impact of the “Recommendation of counselors” factor by the annual income Table 4.4: The level of impact of the “Recommendation of counselors” factor by the educational level Table 4.5: The level of impact of the “Recommendation of counselors” factor by the risk preference Table 4.1: The level of impact of the “Herd behavior” factor by gender Table 4.2: The level of impact of the “Herd behavior” factor by age Table 4.3: The level of impact of the “Herd behavior” factor by the annual income Table 4.4: The level of impact of the “Herd behavior” factor by the educational annual Table 4.5: The level of impact of the “Herd behavior” factor by the risk preference Table 4.1: The level of impact of the “Overconfidence” factor by gender Table 4.2: The level of impact of the “Overconfidence” factor by age Table 4.3: The level of impact of the “Overconfidence” factor by the annual income Table 4.4: The level of impact of the “Overconfidence” factor by the educational level Table 4.5: The level of impact of the “Overconfidence” factor the risk preference x LIST OF FIGURES Pie chart 4. Classification of investors by gender Pie chart 4. Classification of investors by age Pie chart 4. Classification of investors by annual income Pie chart 4.
Classification of investors by academic level Pie Chart 4. Classification of investors by risk preference Pie chart 4.1 The level of impact of the " the reputation of the issuing company" factor Pie chart 4.2 The level of impact of the " Fundamental analysis " method Pie chart 4.3 The level of impact of the " Fundamental analysis " method The chart 4.4 Level of impact of “Consultant's recommendation” factor Pie chart 4.5: The level of impact of the " Herd behavior " factor Pie chart 4.