• The Journal of Asian Finance, Economics and Business
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• v.7 no.9
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• pp.125-134
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• 2020

This study examines the nominal price anomaly in the Vietnamese stock market, that is, whether stocks with low nominal price outperform stocks with high nominal price. Using a sample of all 351 companies listed on the Ho Chi Minh Stock Exchange (HOSE) from June 2009 to March 2018, we confirm our hypothesis and document that cheaper stocks yield higher subsequent abnormal returns. The results are robust after controlling for various stock characteristics that have been documented to be value-relevant in prior literature, including firm size, book-to-market ratio, intermediate-term momentum, short-term reversal, skewness, market risk, idiosyncratic risk, illiquidity and extreme daily returns, using both the portfolio analysis and the Fama-MacBeth cross-sectional regression. The negative effect persists in the long term (i.e., after up to 12 months), implying a slow adjustment of stock prices to their intrinsic value. Further analysis show that the observed nominal price anomaly is mainly driven by mispricing but not a latent risk factor proxied by stock price, thus the observed anomaly reflects a mispricing but not a fundamental risk. The study highlights the irrational behaviour of investors and market inefficiency in the Vietnamese stock market and provides important implication for investors in the market.

• International journal of advanced smart convergence
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• v.2 no.2
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• pp.1-6
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• 2013

Convergence in technology and media makes it possible to augment nurturing by making blended infrastructures with new digital resources available in learning environments at schools. A game-based provision of educationally-valuable content within a collective, virtual environment combined with an analysis of events in the game after it has been played (blended nurture environment) may help to better communicate human values especially where old-fashioned discussion methods fail or do not fulfill the promise of effective, educational institution-based methods of bringing up. In this paper we discuss the use of behavioural metaphors in game-based blended-nurture scenarios for computer games and pedagogical-psychological tests. Upbringing demands an active intervention in the process of children growing up and the courage to place higher expectations on ourselves and our own lifestyles. Decisions and the behaviour of the younger generation are often irrational and the resulting effects can have destructive consequences. Nowadays, games take on the role of modern storytellers. With the help of complex analogies in games, a variety of situations can be depicted in an eye-catching way and later discussed.

• The Korean Journal of Elementary Counseling
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• v.6 no.1
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• pp.141-169
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• 2007

One of the most common feelings in everyday life is anger. Anger plays an important role in activating emotional energy and increasing intolerance when confronted with hardships, frustration and improper treatments. And it provides us with controlling interpersonal behavior, organizing internal, physiological, psychological process and various adaptive functions. If anger is not properly expressed, it brings about offensive attitude, leading to not only physical impairment but also anxiety in interpersonal relations and maladaptive to everyday life. For elementary school students, frequent quarrels, abusive words and defiant attitude toward adults are also caused by students' anger. Therefore, students' anger is one of the most difficult problems to be dealt with not only psychologically but also in elementary schools. In this respect, after investigating frequently experienced anger- inducing situations and inventing anger-inducing situation questionnaire, we postulated specific situations changing irrational belief into rational one. Based on these situations, we accounted for how to cope with anger inducing factors and change irrational belief into rational one, introducing several strategies needed to control anger, invented cognitive behavioral anger control program and tried to clarify the relationship between anger inducing experience and anger regulation ability. In order to derive usual anger-inducing situations, we made 180 students with fifth and sixth grade to record the reason why he/she got angry, mood, thought, behavior and result. Through this process, we could derive 47 situations bringing about anger and prepared anger-inducing situation questionnaire. It can be divided into 3 anger inducing situations by using factor analysis into 500 elementary students of fifth and sixth grade. Cognitive behavioral anger control program used in this study consists of 13 sessions. From first to fifth session, it is composed of 10 anger control methods to make students be aware of and control their anger. From sixth through thirteenth session, the relationship between irrational belief and anger inducing is introduced is focused on how irrational belief is changed into rational one. To examine the effects of the program, high anger students and the students lacking anger control are selected. Thirty students through pre-test using anger-inducing questionnaire and anger control ability questionnaire are taught the goals and procedures. Volunteer students and students with parents' consent allocated to experimental group (12 students) and the rest of the students are control group (12 students). Cognitive Behavioral Anger Control Program are applied every 50 minutes twice a week for 7 weeks and 4 weeks before and after this program, anger-inducing situation questionnaire and anger control ability questionnaire are practiced. Data collected in this study analyzed by SPSS and Kwakstat. In the middle of this program, quarterly reports and satisfaction measuratings were evaluated to examine whether there is verbal and non-verbal behavior change and students feel satisfied with the program. The results of this study are as follows: First, Cognitive-behavioral anger control program used in this study effectively reduced anger experience and lasted for 4 weeks. Second, cognitive behavioral anger control program increased students' ability to control anger inducing situations and also effective for 4 weeks. And its effect on verbal and non-verbal behaviour was very impressive Students come to realize that irrational belief is the cause of their anger and actively apply cognitive-behavioral anger control technique to themselves as well. Students became improved in their peer relations and felt confident in everyday life. The overall evaluation of this program can be listed as follows; "very satisfactory (91.67%)", "satisfactory (8.33%)", "very helpful (91.67%)", "helpful (8.33%). In this study we first investigated several anger-inducing situations and invented anger-inducing situation questionnaire and then applied cognitive behavioral anger control program in order to control their. anger and not to experience it. By creating workbooks and manuals this method can easily be used in school education settings.

• Asia-Pacific Journal of Business
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• v.12 no.3
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• pp.71-85
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• 2021

Purpose - Prior studies have found that the characteristics of managers, corporate governance structure, corporate social responsibility and so on affect firm value. This study explores whether managerial overconfidence affects firm value through empirical analysis. Design/methodology/approach - Korean-listed non-financial companies from 2011 - 2017 are collected as the research sample. Firm value is measured by Tobin's Q, and managerial overconfidence is measured using a composite index encompassing various financial data. OLS and fixed effect model are used to investigate the relationship between managerial overconfidence and firm value. Findings - Managerial overconfidence is positively associated with firm value. Additional analysis reveals the following: (1) In the three subsamples of large, backbone, and small- and medium-sized enterprises, managerial overconfidence is beneficial to firm values. (2) Managerial overconfidence increases firm value on the t+1 year. Research implications or Originality - We use a comprehensive index with higher trust and feasibility to measure manager overconfidence and empirically confirm that managerial overconfidence can become a factor to improve firm value. Thus, it is necessary for shareholders to adopt an objective and neutral attitude and reasonably understand the psychological characteristics of managers when selecting CEOs. In addition, it is necessary to continue to optimize the measurement method of managerial overconfidence.