Investor attention and price crash risk of real estate stocks in Vietnam: Approaching at firm level

Tóm tắt

This paper aims to investigate the impact of investor attention on stock price crash risk for 80 listed real estate stocks over the period from 2014 to 2023. Instead of focusing on investor attention for the whole real estate industry, this paper measures investor attention at firm level by using Google Search Volume Index. Moreover, the multiple multivariate regression method is used to analyze 435 observations measured from audited financial statements, daily transaction data, and macro data in the FiinPro Platform. As a result, there is no impact of investor attention on stock price crash risk among real estate stocks examined, while macroeconomic conditions such as inflation, interest rate and GDP growth rate and liquidity are the major factors that influence the price crash risk of real estate stocks in Vietnam.