Stock Market Reactions to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership’s Approval: Evidence from Vietnam

• 발행기관: 세종대학교 경제통합연구소
• 저자명: Son Tung Ha Thi Hong Hanh Pham Thi Nguyet Anh Nguyen
• 간행물 정보: 『Journal of Economic Integration』제36권 제3호, 462~490쪽, 전체 29쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2021.09.30

영문 초록

We examine the stock market performance of Vietnam’s listed firms in response to the country’s approval of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Employing an event study methodology, we first calculate the abnormal returns of all listed Vietnamese firms around the CPTPP’s approval date. Then, we attempt to link these abnormal returns to firms’ characteristics. We find evidence that the announcement of the CPTPP’s approval is associated with positive abnormal returns for Vietnam’s listed firms. We also find considerable heterogeneity in the magnitude and pace of the impacts of the CPTPP’s approval on market returns across Vietnam’s two stock exchanges. However, we fail to reject the null hypothesis that the market did not react to the CPTPP’s approval at the sectoral level.

목차

I. Introduction

II. S tock M arket Reactions t o Free T rade A greements

III. Main Features of the CPTPP

IV. Methodology and Data

V. Empirical Results

VI. Conclusion

키워드

Financial event study Abnormal returns Comprehensive and Progressive Agreement for Trans-Pacific Partnership Vietnamese stock exchanges