Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/334061 
Year of Publication: 
2021
Citation: 
[Journal:] Asian Journal of Economics and Banking (AJEB) [ISSN:] 2633-7991 [Volume:] 5 [Issue:] 3 [Year:] 2021 [Pages:] 324-342
Publisher: 
Emerald, Leeds
Abstract: 
Purpose - This paper aims to explore the influence of the COVID-19 outbreak and the Government’s disease control measures on the stock returns and liquidity of Vietnam-listed companies in the financial services sector. Design/methodology/approach - The authors have conducted a panel data regression analysis using data from 50 banking, insurance and finance companies listed in Vietnam’s two biggest stock exchanges (HNX and HOSE) within the period from January 30th, 2020 to May 15th, 2021. Findings - The regression results indicate that the daily growth in the total number of confirmed cases caused by COVID-19 has significant negative effects on the stock market returns and liquidity. Nevertheless, the Government’s imposition of lockdown yields significant and positive outcomes on stock performance. In addition, the study reveals remarkable differences in returns of large-cap and small-cap stocks under the impact of the COVID-19 pandemic. Research limitations/implications - The study indicates government and regulators should act more actively to limit the outbreak of the virus, improve investor confidence as well to support the financial services industry and deal with the outbreak of the pandemic later. Originality/value - This is the first study to explore the influence of the COVID-19 outbreak and the Government’s disease control measures on the stock returns and liquidity of Vietnam-listed companies in the financial services industry.
Subjects: 
COVID-19
Daily stock returns
Liquidity
Financial services industry
Vietnam
JEL: 
C23
G10
G14
G15
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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