L’analyse fondamentale et la prévisibilité de rentabilités boursières sur le marché vietnamien
Author: Nguyen, Manh Ha
Under the direction of: Olivier Darne and Thi Hong Hanh Pham
Nantes University
Texte français
Keywords: Economy, Vietnam, Stock market, Finance, Share income, Profitability, Investors.
Abstract
Over the past fourteen years, the scale and scope of the stock market in Vietnam has increased day by day. However, Vietnam’s stock market still lacks organization, transparency and professionalism. During the 1960s, Eugene Fama proposed the capital market efficiency hypothesis (HEM). As a result, prices would always be equal to the right price and would evolve according to a random walk according to the surprises brought by new information. In the case of the Vietnamese stock market, many questions arise : is the market currently efficient ? What forms of efficiency ? In the world, there have been many studies using fundamental analysis in predicting the profitability and earnings of stocks with very positive results. Research has shown that the application of fundamental analysis can produce abnormal profitability. From the investors’ point of view, abnormal profitability is very attractive. Their study is necessary before it can be widely adopted in the Vietnamese market. From the point of view of the overall market, if you can apply the fundamental analysis of the prediction of the profitability of the stock market, it means that the Vietnamese stock market is not efficient. The objective of this thesis project is to answer these questions of the application of fundamental analysis in the Vietnamese market, and thus seek solutions for the improvement of this market.
