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TAÏP CHÍ PHAÙT TRIEÅN KH&CN, TAÄP 15, SOÁ Q1 2012
AN EMPIRICAL STUDY OF INDIVIDUAL INVESTORS’ BEHAVIORAL BIASES IN
THE VIETNAMESE STOCK MARKET
Vuong Duc Hoang Quan(1), Dao Quy Phuc(2)
(1) Hochiminh City Finance and Investment State-owned Company (HFIC)
(2) State Capital Investment Corporation (SCIC) – Southern Branch.

ABSTRACT: The study aims to determine individual investors’ behavioral biases at individual
level in the Vietnamese stock market and investigate the relationships between mutual behavioral
biases, between demographic variables and behavioral biases, between stock investment variables and
behavioral biases. This is a quantitative research in behavioral finance with the survey conducted in
forms of questionnaire. Each question is a problem which requires investors to make decision. The
research finds out that there are specific behavioral biases which influence investors’ investment
decisions. Furthermore, there are relationships between gender and illusion of control bias, gender and
optimism bias, gender and self-control bias. We also realize relationships between average value per
trading times and investment experience, average value per trading times and loss aversion bias,
trading frequency and optimism bias, investment experience and optimism bias, monthly income and
optimism, age and cognitive dissonance bias. Our findings confirm relationships between mutual
behavioral biases mentioned in behavioral finance such as relationships between framing bias and
mental accounting bias, illusion of control bias and overconfidence bias. Additionally, we find out
relationships between ambiguity aversion bias and confirmation bias.
Keywords: behavioral biases, behavioral economics, behavioral finance, investor psychology.
(emotional and cognitive factors) which are the

INTRODUCTION
Standard

finance

fails

to

explain

so-called behavioral biases in their decision-

determinants of investment performance. The

making

process.

Behavioral

biases

are

reason for this failure can be found with the

abstractly defined the same way as systematic

assumption

taken

by

errors in judgment (Pompian, 2006). In fact,

rationality

in

many phenomenon and individual investor’s

decision-making process. Unfortunately, in real

behaviors in the Vietnamese stock market can

life, investors do not always make their

not be explained by standard finance, which

decision rationally. In recent year, behavioral

based on the efficient market hypothesis

finance issues have been widely studying ever.

(EMH).

which

traditionalists:

is

usually

investors’

Under the light of behavioral finance, investors

To explain better some phenomenon in

can be affected by psychological factors

Vietnam’s stock market, the research is

Trang 5

Science & Technology Development, Vol 15, No.Q1 2012
conducted to examine behavioral biases of

decision-making of individual and institutional

individual investors and relationships between

investors in Sweden. These are behavioral

mutual

biases

behavioral

biases,

between

such

as

mental

accounting

bias,

demographic variables and behavioral biases,

overconfidence bias, cognitive dissonance bias,

between

and

regret aversion bias, loss aversion bias,

behavioral biases. In this research, only

representative bias, anchoring bias, optimism

behavioral biases at the individual level will be

bias. In this work, Johnsson et al. get the results

studied; not social or collective biases such as

that behavioral biases of individual investor

cascade, culture bias, mimicry, social learning,

with high percentage appearing in the research

conformity, fads, herding, etc.

sample such as loss aversion bias (67%),

stock

investment

variables

The objects of the research are individual

optimism bias (39%), representative bias

investors in the Vietnamese stock market. They

(33%),

have

overconfidence bias (26%). Moreover, they

the

good

knowledge

about

stock

regret

aversion

bias

investment and make investment decision by

determine

themselves after studying carefully.

overconfidence bias and cognitive dissonance

PREVIOUS RESEARCHES REVIEW

bias, anchoring bias and cognitive dissonance

Tversky and Kahneman (1974) pointed out
that prediction and judgment under uncertainty
do not follow the law of the probability. They
study

some

representative

behavioral
bias,

biases

availability

such
bias

as
and

relationships

(32%),
between

bias, overconfidence bias and optimism bias.
However, in some cases, Chi–square test for
independence

between

mutual

behavioral

biases did not base on behavioral finance
theory.

anchoring bias, and how these biases are prone

Furthermore, Johnsson et al. use questions to

to. In this research, Tversky and Kahneman

ask about previous events in the past. So

found evidence of existence of behavioral

investors have to recollect these events and

biases,

may change their perception of past events

and

discussed

how

to

measure

according to the actual outcomes. This leads

behavioral biases.
Kahneman and Riepe (1998) provided some
examples of behavioral biases in practical, such
as

overconfidence

bias,

optimism

bias,

hindsight bias, regret aversion bias. However,
their conclusions do not provide the frequency
or percentage of behavioral biases appearing in
the research sample.
Johnsson et al. (2002) conducted a research
to investigate factors influencing investment

Trang 6

data collection which can be incorrect because
the answers can be prone to what they think
would be right, instead of reflecting the actual
decisions that would have been made in the
past. Finally, Johnsson et al. use just one
question to measure many behavioral biases.
Hence, it is difficult to determine actual
behavioral bias affecting investors.

TAÏP CHÍ PHAÙT TRIEÅN KH&CN, TAÄP 15, SOÁ Q1 2012
Pompian (2007) conducted a research that

The 20 prominent behavioral biases include

found three biases that are encountered the

overconfidence

most frequency by financial advisors across the

anchoring bias, cognitive dissonance bias,

globe: loss aversion bias, overconfidence bias,

availability bias, self-attribution bias, illusion

anchoring bias.

of control bias, conservatism bias, ambiguity

Barber and Odean (2001) showed that men

aversion

bias,

bias,

representative

mental

accounting

bias,

bias,

are more overconfident and trade more

confirmation bias, recency bias, hindsight bias,

frequently than women. Borghans et al. (2009)

framing bias, endowment effect, self-control

find out gender is not different in ambiguity

bias, optimism bias, loss aversion bias, regret

aversion. Gervais and Odean (2001)’s research

aversion bias, status quo bias.

which get conclusion that a trader’s expected

Pompian’s study which is mainly limited by

level of overconfidence increases in the early

the application of descriptive statistics of

stages of his career. Then, with

more

behavioral biases. Our study extends the

experience, he comes to better recognize his

method of analysis by using Chi-square test to

own ability. An overconfident trader trades too

determine the relationships between different

aggressively,

trading

behavioral biases, in order to affirm some

volume and market volatility while lowering

relationships mentioned in previous literatures

his own expected profits.

and find out new relationships.

METHODOLOGY

Data Collection and Analysis

thereby

increasing

The questions of this research refer mainly

Research Framework
Behavioral finance is new paradigm of

from Pompian (2006) – 13 behavioral biases,

finance, seeking to supplement the standard

Shefrin (2002) – 3 behavioral biases, and also

finance by introducing aspects to the decision-

from Johnsson et al (2002) – 2 behavioral

making process. Behavioral finance applies

biases, Johnson and Thaler (1990) – 1

psychology, sociology, anthropology theories

behavioral bias, Ellsberg (1961) – 1 behavioral

to understand the behaviors of financial market.

bias. We use questions from other authors

Different authors suggested various behavioral

because these

biases

Pompian (2006)’s to diagnose some behavioral

which

may

affect

the

investors’

decision-making process. In this research, the

questions

are better

than

biases.

20 prominent behavioral biases proposed by

This is a quantitative research with the

Pompian (2006) are tested through an empirical

survey conducted in forms of questionnaire.

survey with a reason that Pompian applied

Each question is a problem which requires

more prominent behavioral biases in practical

investors to make decision. Sampling method is

than previous authors.

convenience sampling and sampling size is 172
individual investors.

Trang 7

Science & Technology Development, Vol 15, No.Q1 2012
Official survey is carried out in forms of

above 45 years. Educationally, 19 investors

questionnaire to find out behavioral biases in

(11.0%)

finished

college,

153

investors

the Vietnamese stock market in Ho Chi Minh

(89.0%) finished graduate/post graduate. With

City. Period of survey is from 5 May 2009 to 5

regard to Monthly income, 45 investors

Jun 2009. Data collection is done through

(26.6%) earn below 5 millions (MM) Vietnam

paper, website and email. After finishing data

dong (VND), 63 investors (37.3%) with

collection stage, we analyze preliminarily data.

monthly income 5 – 10 MM VND, 61 investors

Then, we interview 2 specialists (one deputy

(36.1%) earn above 10 MM VND (Foreign

general director and one manager from a top 3

exchange: 1 USD ≈ 21,000.00 VND).

security corporation) and 10 investors who

With regard to Average value per trading

participate in the survey, in order to discuss the

times, 95 people (58.3%) trade below 50 MM

research result correctly and objectively.

VND/times, 30 people (18.4%) trade 50 – 99

Demographic variable includes gender, age,
education,

monthly

income

MM VND/times, 38 people (23.3%) trade

the

above 100 MM VND/times. Experientially,

income from stock investment). Investment

there are 51 investors (29.7%) who participate

variables are investment experience, trading

in investment below 1 year (especially, 22

frequency, average value per trading times.

investors, make up 12.8), 59 investors (34.3%)

(exclude

Data analysis is processed by SPSS to

with 1 – 2 years, 62 investors (36.0%) above 2

specify the appearing frequency, percentage in

years. With regard to Trading frequency, 36

the sample and make crosstabulation. Besides,

people (20.9%) trade above 2 times/week, 47

we determine relationships between variables

people (27.3%) with 1 – 2 times/week, 89

by Chi-square test for independence (in case of

people (51.7%) below 1 times/week.

two nominal scales or nominal – ordinal scale)

Behavioral biases of individual investors in

and Spearman correlation coefficient (in case

the Vietnamese stock market

of two ordinal scales). With significant level is

The

research

results

describe

some

0.05.

behavioral

RESULTS AND DISCUSSIONS

percentage, especially such as ambiguity

Description of the sample.

aversion bias (81.4%), status quo bias (64.3%),

biases

appearing

with

high

172

regret aversion bias (51.2%), loss aversion bias

individual investors in the Vietnamese stock

(47.7%), anchoring bias (43%), overconfidence

market. There are 124 men (make up 72.1%),

bias (42.4%), self-control bias (42.4%), illusion

48 women (27.9%). With regard to Age, 26

of control bias (41.3%), confirmation bias

investors (15.1%)

(41.3%), framing bias (34.9%), conservatism

The

research

sample

below

consists

25

of

years,

100

investors (58.1%) in 25 – 35 years, 27 investors
(15.7%) in 36 – 45 years, 19 investor (11.0%)

Trang 8

bias (30.3%).

TAÏP CHÍ PHAÙT TRIEÅN KH&CN, TAÄP 15, SOÁ Q1 2012
Besides, there are other behavioral biases

losing stocks, they accept either double losses

such as endowment effect (23.8%), cognitive

or breakeven. Moreover, Pompian (2010)

dissonance bias (22.7%), representative bias

shows 57% survey takers are susceptible to loss

(18%), availability bias (17.4%), hindsight bias

aversion bias.

(16.3%), optimism bias (14%), self-attribution
bias (14%), mental accounting bias (11%).

There are only 14% of respondents who are
susceptible to optimism bias in our survey,

Most our research questions are different

while 49.3% of survey takers affected by this

from research of Pompian (2010), 58.1% of our

bias in Pompian (2010)’s survey. Maybe this

research’s respondents are 25-35 years old

difference due to the market trend at the

(while more than half of his survey takers are

surveying

over 60 years old) and our sample size is 172

completed in Feb 2010).

times

(Pompian’s

survey

was

individual investors (whereas his sample size is

Characteristics of Vietnamese stock market

980 individual investors). However, our results

are most people who participate in stock

are also consistence with Pompian (2010)

market as trader. This investment method is the

which shows behavioral biases appearing with

same way to behavior caused by recency bias.

high percentage such as status quo bias, regret

However, we can not conclude that they are

aversion bias, loss aversion bias, anchoring

suffered from this bias. So, we need more

bias, overconfidence bias, illusion of control

researches to know whether or not the

bias, confirmation bias, framing bias…

existence of recency bias in Vietnam.

Otherwise, findings present that Vietnamese

With regard to measurement of regret

investors are more overconfident than investors

aversion bias, we need to know that investors

in another country. In Johnsson et al. (2002)’s

sometimes do not have gain – loss expectation

research where

Swedish

or they change their expectation due to their

individual investors think that they can forecast

greed. That reason may lead investors delay

the development of market at any point of time

selling stock, not because they are afraid of

in the future. Furthermore, Shiller (1987)‘s

regret that stock price will increase after selling

survey describes that there are 29% American

stocks. Similarly, behaviors which are showed

investors thought they could forecast the

through the investors’ choices in measuring

recovery of market after the Oct 1987 stock

representative bias and status quo bias may be

market crash.

affected by particular condition in Vietnam, not

Moreover,

just

this

only 26%

research

shows

that

by these biases.

Vietnamese individual investors are less loss

Relationships are relative to behavioral

averse than individual investors in another area.

biases

In Johnsson et al. (2002)’s research which 67%

We have just determined the existence of

Swedish individual investors continue to keep

specific behavioral biases in Vietnamese stock

Trang 9

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