... in Vietnam. The second aim is to explain abnormal returns on Vietnamese growth and value stocks using both risk-based and behavioral points of view. Design/methodology/approach From the risk-based explanation, the Capital Asset Pricing Model (CAPM), Fama–French three- and five-factor models are estimated...

... author and can be contacted at: sabbagom@udmercy.edu Learning Asset pricing Evolution Financial time series Persistence Our study bridges the gap between the literature on performance persistence and the emerging literature on non-professional traders in our financial markets...