Trade openness and real effective exchange rate volatility: The case of Vietnam

The purpose of the paper is to select the right market proxy for calculating the expected return, since critically evaluating proxies or selecting the correct proxy market portfolio is essential for portfolio management because the change in the market portfolio proxy affects returns. In this study, monthly data of equity indices are evaluated to find out the better market proxy. The indices taken are BSE 30 (Sensex), Nifty 50, BSE 100, BSE 200, and BSE 500. The macroeconomic variables used in the study are industrial production index (IIP), consumer price index (CPI), money supply (M1), and exchange rate in India. To avoid the influence of COVID-19, the research period was from January 2013 to December 2019 to critically evaluate these proxies in order to find the most appropriate market proxy. This paper reveals a noteworthy relationship between stock market returns and macroeconomic factors, while suggesting that the BSE 500 is a better choice for all equity indices, as the index also shows a significant relationship with all macroeconomic variables. BSE500 is a composite index comprising all sectors with low, mid and large cap securities, therefore it reflects the impact of macroeconomic factors most efficiently, taking it as a market proxy. This study was carried out in the context of India and can be replicated for other countries.

The current empirical study attempts to analyze the impact of COVID-19 on the performance of the Indian stock market concerning two composite indices (BSE 500 and BSE Sensex) and eight sectoral indices of Bombay Stock Exchange (BSE) (Auto, Bankex, Consumer Durables, Capital Goods, Fast Moving Consumer Goods, Health Care, Information Technology, and Realty) of India, and compare the composite indices of India with three global indexes S&P 500, Nikkei 225, and FTSE 100. The daily data from January 2019 to May 2020 have been considered in this study. GLS regression has been applied to assess the impact of COVID-19 on the multiple measures of volatility, namely standard deviation, skewness, and kurtosis of all indices. All indices’ key findings show lower mean daily return than specific, negative returns in the crisis period compared to the pre-crisis period. The standard deviation of all the indices has gone up, the skewness has become negative, and the kurtosis values are exceptionally large. The relation between indices has increased during the crisis period. The Indian stock market depicts roughly the same standard deviation as the global markets but has higher negative skewness and higher positive kurtosis of returns, making the market seem more volatile.

In the digital age and technological advancements, short video platforms have become essential tools for online sales and marketing. In addition, shopping through short video marketing has gained significant attention, especially among Generation Z, as it brings unique and novel shopping experiences. The primary goal of this study is to explore the factors of short video marketing that influence the purchase intentions of Generation Z consumers in Vietnam. To conduct this study, a quantitative approach was employed, utilizing a 5-point Likert scale questionnaire administered online through a non-probability sampling method. The sample comprised 350 respondents aged between 16 and 26 from Vietnam, representing Generation Z, who made purchases through short video marketing. The relationships among various variables were analyzed using Structural Equation Modeling (SEM). The study’s results demonstrated a positive, significant, and direct relationship between all factors of short video marketing, including interesting content, perceived usefulness, scenario-based experience, user interaction, perceived enjoyment, and involvement of celebrities and consumer brand attitude. Among these factors, perceived usefulness is the most influential factor on customer brand attitude. In addition, the study revealed that consumer brand attitude, acting as a mediating variable, had a positive and significant impact on consumers’ purchase intentions. Based on the findings, the study suggested strategies for businesses to enhance the quality and content on short video platforms, thereby improving the effectiveness of their marketing strategies.

Acknowledgment
The authors express a sincere gratitude to all the participants who generously took part in this research study.