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

Author

Listed:
  • Son Tung Ha

    (NEU - National Economics University [Hanoï, Vietnam])

  • Thi Hong Hanh Pham

    (LEMNA - Laboratoire d'économie et de management de Nantes Atlantique - IEMN-IAE Nantes - Institut d'Économie et de Management de Nantes - Institut d'Administration des Entreprises - Nantes - UN - Université de Nantes)

  • Thi Nguyet Anh Nguyen

    (NEU - National Economics University [Hanoï, Vietnam])

Abstract

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.

Suggested Citation

  • Son Tung Ha & Thi Hong Hanh Pham & Thi Nguyet Anh Nguyen, 2021. "Stock Market Reactions to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership’s Approval: Evidence from Vietnam," Post-Print hal-04477630, HAL.
    • Handle: RePEc:hal:journl:hal-04477630
    DOI: 10.11130/jei.2021.36.3.462
    as

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