{"id":"https://openalex.org/W7204254992","doi":"https://doi.org/10.46609/ijsser.2026.v11i08.031","title":"Overconfidence Behavior and Dynamic Market Volatility: Empirical Evidence from the Vietnamese Stock Market","display_name":"Overconfidence Behavior and Dynamic Market Volatility: Empirical Evidence from the Vietnamese Stock Market","publication_year":2026,"publication_date":"2026-01-01","ids":{"openalex":"https://openalex.org/W7204254992","doi":"https://doi.org/10.46609/ijsser.2026.v11i08.031"},"language":"en","primary_location":{"id":"doi:10.46609/ijsser.2026.v11i08.031","doi":"https://doi.org/10.46609/ijsser.2026.v11i08.031","is_oa":true,"landing_page_url":"https://doi.org/10.46609/ijsser.2026.v11i08.031","pdf_url":"https://doi.org/10.46609/ijsser.2026.v11i08.031","source":{"id":"https://openalex.org/S4210219729","display_name":"International Journal of Social Science and Economic Research","issn_l":"2455-8834","issn":["2455-8834"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Journal of Social Science &amp; Economic Research","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"diamond","oa_url":"https://doi.org/10.46609/ijsser.2026.v11i08.031","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5106967952","display_name":"Vu Thuy Mai Uyen","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Vu Thuy Mai Uyen","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"last","author":{"id":"https://openalex.org/A5148223436","display_name":"Tran Anh Tu","orcid":"https://orcid.org/0009-0002-7098-5581","observed_orcids":["https://orcid.org/0009-0002-7098-5581"]},"institutions":[{"id":"https://openalex.org/I208356959","display_name":"V\u0103n Hi\u1ebfn University","ror":"https://ror.org/00vbzs544","country_code":"VN","type":"education","lineage":["https://openalex.org/I208356959"]}],"countries":["VN"],"is_corresponding":false,"raw_author_name":"Tran Anh Tu","raw_affiliation_strings":["Faculty of Economics & Management , Van Hien University , Ho Chi Minh City"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Faculty of Economics & Management , Van Hien University , Ho Chi Minh City","institution_ids":["https://openalex.org/I208356959"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":0.0,"has_fulltext":true,"cited_by_count":0,"citation_normalized_percentile":{"value":0.0,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":"11","issue":"08","first_page":"4117","last_page":"4132"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.6333000063896179,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.6333000063896179,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10282","display_name":"Financial Risk and Volatility Modeling","score":0.3630000054836273,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11059","display_name":"Market Dynamics and Volatility","score":0.0019000000320374966,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/investor-overconfidence","display_name":"investor overconfidence","score":0.9890000224113464},{"id":"https://openalex.org/keywords/overreaction","display_name":"overreaction","score":0.6940000057220459},{"id":"https://openalex.org/keywords/conditional-volatility","display_name":"conditional variance","score":0.6299999952316284},{"id":"https://openalex.org/keywords/behavioral-finance","display_name":"behavioral finance","score":0.5830000042915344},{"id":"https://openalex.org/keywords/egarch","display_name":"EGARCH","score":0.4410000145435333},{"id":"https://openalex.org/keywords/volatility-persistence","display_name":"volatility persistence","score":0.6629999876022339},{"id":"https://openalex.org/keywords/volatility-asymmetry","display_name":"asymmetric volatility","score":0.8140000104904175},{"id":"https://openalex.org/keywords/individual-investors","display_name":"retail investors","score":0.5839999914169312},{"id":"https://openalex.org/keywords/vietnamese-stock-market","display_name":"Vietnamese stock market","score":0.8169999718666077},{"id":"https://openalex.org/keywords/ho-chi-minh-city-stock-exchange","display_name":"Ho Chi Minh Stock Exchange","score":0.8830000162124634},{"id":"https://openalex.org/keywords/vn-index","display_name":"VN-Index","score":0.7120000123977661},{"id":"https://openalex.org/keywords/emerging-markets","display_name":"emerging markets","score":0.6209999918937683}],"concepts":[{"id":"https://openalex.org/C51110983","wikidata":"https://www.wikidata.org/wiki/Q16503490","display_name":"Overconfidence effect","level":2,"score":0.8511999845504761},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.715499997138977},{"id":"https://openalex.org/C91602232","wikidata":"https://www.wikidata.org/wiki/Q756115","display_name":"Volatility (finance)","level":2,"score":0.6496999859809875},{"id":"https://openalex.org/C103621254","wikidata":"https://www.wikidata.org/wiki/Q9199","display_name":"Vietnamese","level":2,"score":0.6413000226020813},{"id":"https://openalex.org/C121087249","wikidata":"https://www.wikidata.org/wiki/Q546395","display_name":"Emerging markets","level":2,"score":0.5418000221252441},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.5310999751091003},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.5115000009536743},{"id":"https://openalex.org/C109574028","wikidata":"https://www.wikidata.org/wiki/Q647525","display_name":"Behavioral economics","level":2,"score":0.49219998717308044},{"id":"https://openalex.org/C166052673","wikidata":"https://www.wikidata.org/wiki/Q83021","display_name":"Empirical evidence","level":2,"score":0.48080000281333923},{"id":"https://openalex.org/C200870193","wikidata":"https://www.wikidata.org/wiki/Q11691","display_name":"Stock exchange","level":2,"score":0.4675999879837036},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.40139999985694885},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.38769999146461487},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.34610000252723694},{"id":"https://openalex.org/C51926234","wikidata":"https://www.wikidata.org/wiki/Q3312426","display_name":"Market microstructure","level":3,"score":0.3402999937534332},{"id":"https://openalex.org/C151913843","wikidata":"https://www.wikidata.org/wiki/Q3454555","display_name":"Dominance (genetics)","level":3,"score":0.3111000061035156},{"id":"https://openalex.org/C118315980","wikidata":"https://www.wikidata.org/wiki/Q375350","display_name":"Market timing","level":3,"score":0.3009999990463257},{"id":"https://openalex.org/C120936955","wikidata":"https://www.wikidata.org/wiki/Q2155640","display_name":"Empirical research","level":2,"score":0.2768999934196472},{"id":"https://openalex.org/C23922673","wikidata":"https://www.wikidata.org/wiki/Q180752","display_name":"Autoregressive conditional heteroskedasticity","level":3,"score":0.2734000086784363},{"id":"https://openalex.org/C2778571376","wikidata":"https://www.wikidata.org/wiki/Q1355821","display_name":"Frontier","level":2,"score":0.2703000009059906},{"id":"https://openalex.org/C204208750","wikidata":"https://www.wikidata.org/wiki/Q1519415","display_name":"Short run","level":2,"score":0.25440001487731934},{"id":"https://openalex.org/C88389905","wikidata":"https://www.wikidata.org/wiki/Q223371","display_name":"Stock market index","level":4,"score":0.2529999911785126}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.46609/ijsser.2026.v11i08.031","doi":"https://doi.org/10.46609/ijsser.2026.v11i08.031","is_oa":true,"landing_page_url":"https://doi.org/10.46609/ijsser.2026.v11i08.031","pdf_url":"https://doi.org/10.46609/ijsser.2026.v11i08.031","source":{"id":"https://openalex.org/S4210219729","display_name":"International Journal of Social Science and Economic Research","issn_l":"2455-8834","issn":["2455-8834"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Journal of Social Science &amp; Economic Research","raw_type":"journal-article"}],"best_oa_location":{"id":"doi:10.46609/ijsser.2026.v11i08.031","doi":"https://doi.org/10.46609/ijsser.2026.v11i08.031","is_oa":true,"landing_page_url":"https://doi.org/10.46609/ijsser.2026.v11i08.031","pdf_url":"https://doi.org/10.46609/ijsser.2026.v11i08.031","source":{"id":"https://openalex.org/S4210219729","display_name":"International Journal of Social Science and Economic Research","issn_l":"2455-8834","issn":["2455-8834"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Journal of Social Science &amp; Economic Research","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W7204254992.pdf","grobid_xml":"https://content.openalex.org/works/W7204254992.grobid-xml"},"referenced_works_count":4,"referenced_works":["https://openalex.org/W1967190716","https://openalex.org/W1999814123","https://openalex.org/W2128633294","https://openalex.org/W4323354773"],"related_works":["https://openalex.org/W2811251827","https://openalex.org/W1967190716","https://openalex.org/W7046849234","https://openalex.org/W7074629257","https://openalex.org/W1835875905","https://openalex.org/W4408949960","https://openalex.org/W2516369","https://openalex.org/W2811766201","https://openalex.org/W961946209","https://openalex.org/W7166301672"],"abstract_inverted_index":{"This":[0],"study":[1],"examines":[2],"the":[3,13,25,31,50,69,90,169,216,226],"relationship":[4],"between":[5],"investor":[6,229],"overconfidence":[7,146],"and":[8,24,40,54,73,76,86,120,151,193,224],"dynamic":[9],"market":[10,19,184,223,233],"volatility":[11,157],"in":[12,231],"Vietnamese":[14],"stock":[15],"market,":[16],"a":[17,61,121,149,180],"frontier":[18],"distinguished":[20],"by":[21],"rapid":[22],"growth":[23],"dominance":[26],"of":[27,71,168,183,204,228],"individual":[28],"investors.":[29],"Although":[30],"overconfidence\u2013volatility":[32],"framework":[33],"has":[34,44,148],"been":[35],"tested":[36],"across":[37],"many":[38],"developed":[39],"emerging":[41,222],"markets,":[42],"Vietnam":[43],"remained":[45],"largely":[46],"unexamined":[47],"despite":[48],"exhibiting":[49],"speculative":[51],"boom-and-crash":[52],"cycles":[53],"heavy":[55],"retail":[56],"participation":[57],"that":[58,164,167,176],"make":[59],"it":[60],"compelling":[62],"case":[63],"for":[64],"behavioral":[65,177],"analysis.":[66],"Drawing":[67],"on":[68,110,155],"frameworks":[70],"Chuang":[72],"Lee":[74],"(2006)":[75],"Jlassi":[77],"et":[78],"al.":[79],"(2014),":[80],"we":[81],"analyze":[82],"daily":[83,113],"VN-Index":[84],"price":[85],"tradingvolume":[87],"data":[88],"from":[89],"Ho":[91],"Chi":[92],"Minh":[93],"Stock":[94],"Exchange":[95],"(HOSE)":[96],"over":[97],"2016\u20132025,":[98],"comprising":[99],"2,497":[100],"observations.":[101],"Log":[102],"trading":[103,178],"volume":[104],"is":[105,179,187],"decomposed":[106],"via":[107],"OLS":[108],"regression":[109],"five":[111],"lagged":[112],"returns":[114],"into":[115,128],"an":[116,129,221],"overconfidence-driven":[117],"(overreaction)":[118],"component":[119,147,171],"non-overconfidence":[122,170],"component,":[123],"which":[124],"are":[125],"then":[126],"incorporated":[127],"EGARCH(1,1)":[130],"model":[131],"to":[132,136,220],"assess":[133],"their":[134],"contributions":[135],"conditional":[137,156],"volatility.":[138],"The":[139,145],"results":[140],"support":[141],"all":[142],"three":[143],"hypotheses.":[144],"positive":[150,202],"highly":[152,188],"significant":[153],"effect":[154],"(f\u2083":[158],"=":[159,173,191,208],"0.136,":[160],"p":[161,210],"<":[162,211],"0.01)":[163],"substantially":[165],"exceeds":[166],"(f\u2084":[172],"0.004),":[174],"indicating":[175],"primary":[181],"driver":[182],"instability.":[185],"Volatility":[186],"persistent":[189],"(f\u2082":[190],"0.950)":[192],"asymmetric,":[194],"with":[195],"negative":[196],"shocks":[197,203],"generating":[198],"larger":[199],"responses":[200],"than":[201],"equal":[205],"magnitude":[206],"(K":[207],"\u22120.153,":[209],"0.01).":[212],"These":[213],"findings":[214],"extend":[215],"international":[217],"overconfidence-volatility":[218],"literature":[219],"highlight":[225],"role":[227],"psychology":[230],"shaping":[232],"risk.":[234]},"counts_by_year":[],"updated_date":"2026-11-04T10:54:05.112534","created_date":"2026-08-27T00:00:00"}