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This paper aims to investigate whether or not the disposition effect exists in the Vietnam’s stock market, and if so, which factors influence that effect. The authors employ the transaction data, which is from June 1, 2010 through June 30, 2012, of 100 customers of a securities company. | 54 | Trần Thị Hải Lý | 54 - 67 Dispositon Effect Dispositon Effect – Evidence from Vietnamese Individuial Investors TRẦN THỊ HẢI LÝ Doctor of Philosophy, University of Economics HCMC Email: hailyth@ueh.edu.vn HUỲNH NGỌC THƯƠNG Master of Arts, Nhất Việt Securities Joint Stock Company Email: thuong.huynhngoc@gmail.com ABSTRACT This paper aims to investigate whether or not the disposition effect exists in the Vietnam’s stock market, and if so, which factors influence that effect. The authors employ the transaction data, which is from June 1, 2010 through June 30, 2012, of 100 customers of a securities company. Within this period, there are 27,591 transactions which are worth VND2,204 billion. The results reveal that the willingness to sell bullish stocks is 8.5% higher than the willingness to sell bearish ones. Male investors are less affected by the disposition effect than females. Accounts with huge transaction values rarely face this effect; meanwhile, the higher the number of transactions, the stronger the disposition effect. Keywords: disposition effect, realized capital gains, realized capital losses, individual investors JED No.216 April 2013 | 55 1. INTRODUCTION Psychological changes can impinge on the trend of stock transactions, which in its turn has certain effects on investors’ gains. The disposition effect is a typical example, in which an investor sells the bullish stocks too early and retains bearish ones too long. The disposition effect was found in the US stock market by Odean (1998) and Dhar & Zhu (2006). Chen et al. (2004) also recognized it in the China’s stock market. Taiwan’s stock market was within the scope of this effect as found by Barber et al. (2007). Regarding Vietnam’s stock market, there has been no research on the disposition effect thus far. Therefore, the present research aims to contribute academically to the literature of empirical researches on disposition effect and its componential factors, as well as to extend some .
