Mối quan hệ giữa lí thuyết bất cân xứng thông tin và lí thuyết thị trường hiệu quả trên thị trường chứng khoán Việt Nam
TÓM TẮT ĐỀ TÀI
Lý thuyết thị trường hiệu quả là một lí thuyết nổi tiếng gắn liền với thị trường chứng
khoán. Chúng ta đã khá quen thuộc với các định nghĩa, các dạng thị trường hiệu quả cũng
như các phương pháp kiểm định thị trường hiệu quả. Nhưng trong bài nghiên cứu này
chúng ta sẽ đứng ở một gốc độ mới hơn để xem xét lí thuyết thị trường hiệu quả, đó là
nhìn nó trong mối liên hệ với lí thuyết bất cân xứng thông tin.
Bài nghiên cứu sẽ sử dụng các mô hình đã được các nhà kinh tế học xây dựng trước
đây nhằm đo lường ảnh hưởng của bất cân xứng thông tin đến thị trường hiệu quả bằng
những con số trực quan.
Đề tài nghiên cứu sẽ mở đầu bằng những nhận xét về mối liên hệ của hai lí thuyết này
trên mặt lí thuyết. Sau đó sẽ điểm qua các mô hình nghiên cứu thực nghiệm trong quá
khứ và cuối cùng là kết quả thực nghiệm áp dụng tại thị truờng chứng khoán Việt Nam.
Từ những kết quả thực nghiệm, chúng ta sẽ rút ra kết luận về mức độ bất cân xứng
thông tin trên thị trường Việt nam hiện nay. Đồng thời cũng rút ra kết luận về sự ảnh
hưởng của bất cân xứng thông tin đến tính hiệu quả của thị trường. Để từ đó có những
nhìn nhận và quan tâm đúng mức đến các biện pháp hạn chế bất cân xứng thông tin trên
thị trường.
MỤC LỤC
CHưƠNG 1: GIỚI THIỆU . . 6
1. Vấn đề nghiên cứu . 6
2. Mục tiêu - câu hỏi nghiên cứu 8
3. Phạm vi nghiên cứu . 10
CHưƠNG 2 : SƠ LưỢC CÁC LÍ THUYẾT VÀ MÔ HÌNH TRONG
QUÁ KHỨ . 11
1. Thị trường hiệu quả 11
1.1.Khái niệm thị trường hiệu quả . 11
1.2. Phân loại thị trường hiệu quả 11
2. Bất cân xứng thông tin (Asymetric information) . 12
2.1. Khái niệm về thông tin bất cân xứng . 12
2.2. Hệ quả bất cân xứng thông tin 13
2.2.1. Chi phí lựa chọn bất lợi 13
2.2.2. Tâm lí ỷ lại 14
3. Các mô hình kiểm định 14
3.1 Thị trường hiệu quả . 14
3.1.1. Các giả định của giáo sư Fama trong nghiên cứu thị trường hiệu quả . 14
3.1.2. Mô hình hóa lí thuyết thị trường hiệu quả 15
3.1.3. Phương pháp kiểm định thị trường hiệu quả dạng yếu 16
3.1.4. Kiểm định thị trường hiệu quả dạng vừa 18
3.1.5. Kiểm định thị trường hiệu quả dạng mạnh . 19
4.2. Các nghiên cứu đo lường thông tin bất cân xứng . 20
4.2.1 Mô hình Glosten và Harris (1988) . 20
4.2.2 Mô hình George Kaul và Nimalendran (1991) 21
4.2.3 Mô hình Roger D.Huang và Hans R.Stoll (1997) . 21
4.2.4. Ness, B.F.V., Ness, R.A.V., và R.A. Warr (2001) . 23
CHưƠNG 3: THỰC TRẠNG CÔNG BỐ THÔNG TIN TRÊN THỊ TRưỜNG CHỨNG
KHOÁN VÀ TÍNH HIỆU QUẢ CỦA THỊ TRưỜNG TẠI VIỆT NAM 25
1. Lỗ hổng trong công bố thông tin . 25
1.1. Hệ thống hỗ trợ trong việc công bố thông tin 25
1.1.1. Hệ thống pháp luật qui định 25
1.1.2. Các kênh cung cấp thông tin ra công chúng . 26
1.2. Thực tế về thông tin trên thị trường . 26
2. Tính kém hiệu quả của thị trường 27
CHưƠNG 4: KIỂM ĐỊNH THỰC NGHIỆM . 29
1. Mô hình lựa chọn 29
1.1. Mô hình đo lường chi phí lựa chọn bất lợi 29
1.2. Mô hình kiểm định thị trường hiệu quả . 30
1.3. Một số giả định trong khi tiến hành hành ước lượng chi phí lựa chọn bất lợi và
kiểm định thị trường hiệu quả trên thị trường Việt Nam . 31
2. Các bước tiến hành ước lượng chi phí lựa chọn bất lợi và kiểm định thị trường hiệu
quả 31
2.1. ước lượng chi phí lựa chọn bất lợi 31
2.2. Kiểm định thị trường hiệu quả 33
3. Kết quả và giải thích kết quả . 34
3.1. Đo lường chi phí lựa chọn bất lợi . 34
3.2. Kiểm định thị trường hiệu quả với 9 chứng khoán 36
4. Các biện pháp hạn chế bất cân xứng thông tin . 37
CHưƠNG 5: KẾT LUẬN 39
PHỤ LỤC
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6.875469 Schwarz criterion -0.649547
Log likelihood 95.33180 F-statistic 147.4159
Durbin-Watson stat 1.687707 Prob(F-statistic) 0.000000
75
Dependent Variable: TDH
Method: Least Squares
Date: 06/17/10 Time: 15:48
Sample: 1 251
Included observations: 251
Variable Coefficient Std. Error t-Statistic Prob.
C -0.202732 0.126992 -1.596409 0.1117
TDH1 0.280496 0.127493 2.200086 0.0287
TDH2 5.95E-07 4.66E-07 1.277766 0.2025
TDH3 1.217812 0.214041 5.689622 0.0000
TDH4 4.32E-06 7.25E-07 5.963491 0.0000
R-squared 0.559920 Mean dependent var 0.147012
Adjusted R-squared 0.552765 S.D. dependent var 2.933670
S.E. of regression 1.961911 Akaike info criterion 4.205435
Sum squared resid 946.8777 Schwarz criterion 4.275663
Log likelihood -522.7821 F-statistic 78.24742
Durbin-Watson stat 1.973980 Prob(F-statistic) 0.000000
Dependent Variable: TNC
Method: Least Squares
Date: 06/17/10 Time: 15:49
Sample: 1 251
Included observations: 251
Variable Coefficient Std. Error t-Statistic Prob.
C 0.000716 0.015494 0.046185 0.9632
TNC1 0.033261 0.015490 2.147215 0.0328
TNC2 7.75E-08 7.16E-08 1.081776 0.2804
TNC3 0.309319 0.023038 13.42620 0.0000
TNC4 6.53E-07 1.06E-07 6.184444 0.0000
R-squared 0.745067 Mean dependent var 0.025498
Adjusted R-squared 0.740922 S.D. dependent var 0.467833
S.E. of regression 0.238126 Akaike info criterion -0.012318
Sum squared resid 13.94913 Schwarz criterion 0.057910
Log likelihood 6.545890 F-statistic 179.7396
Durbin-Watson stat 1.616152 Prob(F-statistic) 0.000000
Dependent Variable: TPC
Method: Least Squares
Date: 06/17/10 Time: 15:49
Sample: 1 251
Included observations: 251
Variable Coefficient Std. Error t-Statistic Prob.
C 0.012870 0.013445 0.957269 0.3394
TPC1 0.021884 0.014210 1.540006 0.1248
TPC2 2.42E-08 3.76E-08 0.645436 0.5192
TPC3 0.277127 0.020427 13.56695 0.0000
TPC4 3.22E-07 6.08E-08 5.294999 0.0000
R-squared 0.753008 Mean dependent var 0.022709
Adjusted R-squared 0.748992 S.D. dependent var 0.416944
S.E. of regression 0.208892 Akaike info criterion -0.274281
Sum squared resid 10.73441 Schwarz criterion -0.204053
Log likelihood 39.42225 F-statistic 187.4959
Durbin-Watson stat 1.685833 Prob(F-statistic) 0.000000
76
Dependent Variable: TRA
Method: Least Squares
Date: 06/17/10 Time: 15:50
Sample: 1 251
Included observations: 251
Variable Coefficient Std. Error t-Statistic Prob.
C -0.208971 0.088894 -2.350796 0.0195
TRA1 0.127102 0.088857 1.430416 0.1539
TRA2 2.68E-06 1.58E-06 1.694679 0.0914
TRA3 1.104953 0.127266 8.682240 0.0000
TRA4 6.00E-06 2.30E-06 2.603084 0.0098
R-squared 0.494746 Mean dependent var 0.083665
Adjusted R-squared 0.486530 S.D. dependent var 1.862754
S.E. of regression 1.334790 Akaike info criterion 3.435144
Sum squared resid 438.2892 Schwarz criterion 3.505372
Log likelihood -426.1105 F-statistic 60.22095
Durbin-Watson stat 1.731488 Prob(F-statistic) 0.000000
Dependent Variable: TRC
Method: Least Squares
Date: 06/17/10 Time: 15:56
Sample: 1 251
Included observations: 251
Variable Coefficient Std. Error t-Statistic Prob.
C 0.013779 0.062431 0.220700 0.8255
TRC1 0.066142 0.064166 1.030798 0.3036
TRC2 2.65E-07 6.08E-07 0.435858 0.6633
TRC3 1.147693 0.099137 11.57679 0.0000
TRC4 2.13E-06 9.65E-07 2.205954 0.0283
R-squared 0.637508 Mean dependent var 0.133068
Adjusted R-squared 0.631614 S.D. dependent var 1.599419
S.E. of regression 0.970764 Akaike info criterion 2.798254
Sum squared resid 231.8264 Schwarz criterion 2.868482
Log likelihood -346.1808 F-statistic 108.1590
Durbin-Watson stat 1.732241 Prob(F-statistic) 0.000000
Dependent Variable: TS4
Method: Least Squares
Date: 06/17/10 Time: 15:57
Sample: 1 251
Included observations: 251
Variable Coefficient Std. Error t-Statistic Prob.
C -0.030979 0.044603 -0.694533 0.4880
TS41 0.084729 0.047534 1.782479 0.0759
TS42 1.20E-07 2.62E-07 0.456269 0.6486
TS43 0.672567 0.068973 9.751146 0.0000
TS44 2.39E-06 4.62E-07 5.181290 0.0000
R-squared 0.668185 Mean dependent var 0.122311
Adjusted R-squared 0.662790 S.D. dependent var 1.183072
S.E. of regression 0.687007 Akaike info criterion 2.106776
Sum squared resid 116.1069 Schwarz criterion 2.177004
Log likelihood -259.4004 F-statistic 123.8445
Durbin-Watson stat 1.334737 Prob(F-statistic) 0.000000
77
Dependent Variable: TSC
Method: Least Squares
Date: 06/17/10 Time: 15:57
Sample: 1 251
Included observations: 251
Variable Coefficient Std. Error t-Statistic Prob.
C 0.017670 0.040627 0.434945 0.6640
TSC1 0.075284 0.042169 1.785289 0.0754
TSC2 1.57E-07 5.09E-07 0.308432 0.7580
TSC3 0.800404 0.071910 11.13071 0.0000
TSC4 3.84E-06 8.54E-07 4.501915 0.0000
R-squared 0.722027 Mean dependent var 0.005578
Adjusted R-squared 0.717507 S.D. dependent var 1.206038
S.E. of regression 0.641010 Akaike info criterion 1.968177
Sum squared resid 101.0800 Schwarz criterion 2.038405
Log likelihood -242.0062 F-statistic 159.7443
Durbin-Watson stat 1.719381 Prob(F-statistic) 0.000000
Dependent Variable: TTF
Method: Least Squares
Date: 06/17/10 Time: 15:59
Sample: 1 251
Included observations: 251
Variable Coefficient Std. Error t-Statistic Prob.
C -0.006454 0.028438 -0.226936 0.8207
TTF1 0.138887 0.028981 4.792297 0.0000
TTF2 -1.07E-07 6.79E-08 -1.576565 0.1162
TTF3 0.572350 0.044671 12.81263 0.0000
TTF4 8.32E-07 1.13E-07 7.338813 0.0000
R-squared 0.730196 Mean dependent var 0.066534
Adjusted R-squared 0.725809 S.D. dependent var 0.845929
S.E. of regression 0.442956 Akaike info criterion 1.229028
Sum squared resid 48.26771 Schwarz criterion 1.299256
Log likelihood -149.2430 F-statistic 166.4429
Durbin-Watson stat 1.468826 Prob(F-statistic) 0.000000
Dependent Variable: TTP
Method: Least Squares
Date: 06/17/10 Time: 16:10
Sample: 1 251
Included observations: 251
Variable Coefficient Std. Error t-Statistic Prob.
C -0.036717 0.053642 -0.684469 0.4943
TTP1 -0.069557 0.052922 -1.314340 0.1900
TTP2 2.70E-07 4.16E-07 0.647611 0.5178
TTP3 0.758655 0.083834 9.049506 0.0000
TTP4 1.40E-06 7.40E-07 1.889767 0.0600
R-squared 0.598115 Mean dependent var 0.098406
Adjusted R-squared 0.591580 S.D. dependent var 1.252740
S.E. of regression 0.800598 Akaike info criterion 2.412802
Sum squared resid 157.6753 Schwarz criterion 2.483031
Log likelihood -297.8067 F-statistic 91.52888
Durbin-Watson stat 1.532223 Prob(F-statistic) 0.000000
Dependent Variable: TYA
Method: Least Squares
78
Date: 06/17/10 Time: 16:11
Sample: 1 251
Included observations: 251
Variable Coefficient Std. Error t-Statistic Prob.
C 3.65E-05 0.011313 0.003224 0.9974
TYA1 0.015903 0.011085 1.434560 0.1527
TYA2 4.01E-07 1.23E-07 3.262509 0.0013
TYA3 0.262491 0.017022 15.42074 0.0000
TYA4 2.49E-07 2.11E-07 1.178116 0.2399
R-squared 0.750486 Mean dependent var -0.007968
Adjusted R-squared 0.746429 S.D. dependent var 0.338609
S.E. of regression 0.170510 Akaike info criterion -0.680332
Sum squared resid 7.152081 Schwarz criterion -0.610104
Log likelihood 90.38165 F-statistic 184.9793
Durbin-Watson stat 1.571798 Prob(F-statistic) 0.000000
Dependent Variable: UIC
Method: Least Squares
Date: 06/17/10 Time: 16:11
Sample: 1 251
Included observations: 251
Variable Coefficient Std. Error t-Statistic Prob.
C -0.027988 0.027943 -1.001630 0.3175
UIC1 0.108066 0.028337 3.813634 0.0002
UIC2 1.50E-07 2.06E-07 0.729627 0.4663
UIC3 0.561274 0.040669 13.80099 0.0000
UIC4 1.91E-06 3.41E-07 5.591834 0.0000
R-squared 0.723984 Mean dependent var 0.048606
Adjusted R-squared 0.719495 S.D. dependent var 0.814044
S.E. of regression 0.431140 Akaike info criterion 1.174950
Sum squared resid 45.72682 Schwarz criterion 1.245178
Log likelihood -142.4562 F-statistic 161.3128
Durbin-Watson stat 1.431444 Prob(F-statistic) 0.000000
Dependent Variable: VFC
Method: Least Squares
Date: 06/17/10 Time: 16:12
Sample: 1 251
Included observations: 251
Variable Coefficient Std. Error t-Statistic Prob.
C -0.022689 0.012070 -1.879749 0.0613
VFC1 0.013142 0.012332 1.065694 0.2876
VFC2 6.31E-08 7.98E-08 0.790960 0.4297
VFC3 0.166849 0.019481 8.564751 0.0000
VFC4 1.18E-06 1.32E-07 8.881154 0.0000
R-squared 0.755956 Mean dependent var 0.017928
Adjusted R-squared 0.751987 S.D. dependent var 0.370779
S.E. of regression 0.184651 Akaike info criterion -0.520976
Sum squared resid 8.387639 Schwarz criterion -0.450748
Log likelihood 70.38251 F-statistic 190.5034
Durbin-Watson stat 1.757994 Prob(F-statistic) 0.000000
Dependent Variable: VFMVF1
Method: Least Squares
79
Date: 06/17/10 Time: 16:13
Sample: 1 251
Included observations: 251
Variable Coefficient Std. Error t-Statistic Prob.
C 0.013200 0.014824 0.890493 0.3741
VFMVF11 0.009241 0.015413 0.599545 0.5494
VFMVF12 4.83E-09 7.83E-09 0.616504 0.5381
VFMVF13 0.207904 0.023972 8.672922 0.0000
VFMVF14 7.10E-08 1.31E-08 5.435928 0.0000
R-squared 0.663484 Mean dependent var 0.024303
Adjusted R-squared 0.658012 S.D. dependent var 0.396997
S.E. of regression 0.232163 Akaike info criterion -0.063034
Sum squared resid 13.25933 Schwarz criterion 0.007195
Log likelihood 12.91071 F-statistic 121.2549
Durbin-Watson stat 1.626565 Prob(F-statistic) 0.000000
Dependent Variable: VFMVF4
Method: Least Squares
Date: 06/17/10 Time: 16:14
Sample: 1 251
Included observations: 251
Variable Coefficient Std. Error t-Statistic Prob.
C -0.015707 0.011122 -1.412192 0.1592
VFMVF41 0.002352 0.011509 0.204397 0.8382
VFMVF42 2.00E-08 1.20E-08 1.668257 0.0965
VFMVF43 0.156849 0.016440 9.540858 0.0000
VFMVF44 4.69E-08 1.78E-08 2.637673 0.0089
R-squared 0.579707 Mean dependent var 0.019920
Adjusted R-squared 0.572873 S.D. dependent var 0.258150
S.E. of regression 0.168714 Akaike info criterion -0.701503
Sum squared resid 7.002253 Schwarz criterion -0.631275
Log likelihood 93.03866 F-statistic 84.82641
Durbin-Watson stat 1.486277 Prob(F-statistic) 0.000000
Dependent Variable: VHG
Method: Least Squares
Date: 06/17/10 Time: 16:16
Sample: 1 251
Included observations: 251
Variable Coefficient Std. Error t-Statistic Prob.
C 0.017258 0.014611 1.181128 0.2387
VHG1 0.043384 0.015295 2.836385 0.0049
VHG2 5.77E-08 2.65E-08 2.174172 0.0306
VHG3 0.298001 0.021314 13.98155 0.0000
VHG4 1.42E-07 4.59E-08 3.099641 0.0022
R-squared 0.707653 Mean dependent var 0.024303
Adjusted R-squared 0.702900 S.D. dependent var 0.417429
S.E. of regression 0.227528 Akaike info criterion -0.103370
Sum squared resid 12.73514 Schwarz criterion -0.033142
Log likelihood 17.97299 F-statistic 148.8666
Durbin-Watson stat 1.419431 Prob(F-statistic) 0.000000
Dependent Variable: VIC
Method: Least Squares
Date: 06/17/10 Time: 16:17
Sample: 1 251
80
Included observations: 251
Variable Coefficient Std. Error t-Statistic Prob.
C -0.066170 0.119330 -0.554511 0.5797
VIC1 -0.079607 0.121216 -0.656741 0.5120
VIC2 -5.27E-08 6.16E-07 -0.085485 0.9319
VIC3 1.840520 0.184845 9.957099 0.0000
VIC4 1.61E-07 1.01E-06 0.158694 0.8740
R-squared 0.521308 Mean dependent var 0.055777
Adjusted R-squared 0.513525 S.D. dependent var 2.650886
S.E. of regression 1.848935 Akaike info criterion 4.086815
Sum squared resid 840.9655 Schwarz criterion 4.157044
Log likelihood -507.8953 F-statistic 66.97513
Durbin-Watson stat 1.780496 Prob(F-statistic) 0.000000
Dependent Variable: VID
Method: Least Squares
Date: 06/17/10 Time: 16:18
Sample: 1 251
Included observations: 251
Variable Coefficient Std. Error t-Statistic Prob.
C -0.034359 0.014259 -2.409616 0.0167
VID1 0.037069 0.014267 2.598342 0.0099
VID2 8.19E-08 3.91E-08 2.094176 0.0373
VID3 0.225040 0.021399 10.51659 0.0000
VID4 3.46E-07 5.72E-08 6.044345 0.0000
R-squared 0.683374 Mean dependent var 0.013944
Adjusted R-squared 0.678225 S.D. dependent var 0.385856
S.E. of regression 0.218877 Akaike info criterion -0.180890
Sum squared resid 11.78521 Schwarz criterion -0.110662
Log likelihood 27.70173 F-statistic 132.7354
Durbin-Watson stat 1.697550 Prob(F-statistic) 0.000000
Dependent Variable: VIP
Method: Least Squares
Date: 06/17/10 Time: 16:19
Sample: 1 251
Included observations: 251
Variable Coefficient Std. Error t-Statistic Prob.
C 0.002698 0.024194 0.111510 0.9113
VIP1 0.022531 0.023922 0.941823 0.3472
VIP2 -5.59E-09 2.98E-08 -0.187323 0.8516
VIP3 0.333367 0.040974 8.136030 0.0000
VIP4 3.25E-07 5.29E-08 6.131935 0.0000
R-squared 0.684787 Mean dependent var 0.063347
Adjusted R-squared 0.679661 S.D. dependent var 0.649131
S.E. of regression 0.367398 Akaike info criterion 0.854978
Sum squared resid 33.20544 Schwarz criterion 0.925207
Log likelihood -102.2998 F-statistic 133.6061
Durbin-Watson stat 1.572831 Prob(F-statistic) 0.000000
Dependent Variable: VIS
Method: Least Squares
Date: 06/17/10 Time: 16:19
Sample: 1 251
Included observations: 251
81
Variable Coefficient Std. Error t-Statistic Prob.
C -0.110574 0.083149 -1.329836 0.1848
VIS1 0.481514 0.087458 5.505686 0.0000
VIS2 -7.04E-07 2.14E-07 -3.294172 0.0011
VIS3 1.435056 0.120424 11.91672 0.0000
VIS4 3.36E-06 3.20E-07 10.49777 0.0000
R-squared 0.727810 Mean dependent var 0.233068
Adjusted R-squared 0.723385 S.D. dependent var 2.454788
S.E. of regression 1.291077 Akaike info criterion 3.368550
Sum squared resid 410.0524 Schwarz criterion 3.438778
Log likelihood -417.7530 F-statistic 164.4455
Durbin-Watson stat 1.337881 Prob(F-statistic) 0.000000
Dependent Variable: VKP
Method: Least Squares
Date: 06/17/10 Time: 16:20
Sample: 1 251
Included observations: 251
Variable Coefficient Std. Error t-Statistic Prob.
C -0.007438 0.012333 -0.603124 0.5470
VKP1 0.027509 0.012752 2.157250 0.0320
VKP2 7.98E-08 5.98E-08 1.334178 0.1834
VKP3 0.211611 0.017821 11.87440 0.0000
VKP4 7.81E-07 9.01E-08 8.663891 0.0000
R-squared 0.755321 Mean dependent var 0.013944
Adjusted R-squared 0.751343 S.D. dependent var 0.384714
S.E. of regression 0.191840 Akaike info criterion -0.444594
Sum squared resid 9.053410 Schwarz criterion -0.374366
Log likelihood 60.79651 F-statistic 189.8499
Durbin-Watson stat 1.290519 Prob(F-statistic) 0.000000
Dependent Variable: VNA
Method: Least Squares
Date: 06/17/10 Time: 16:21
Sample: 1 251
Included observations: 251
Variable Coefficient Std. Error t-Statistic Prob.
C -0.001107 0.018527 -0.059759 0.9524
VNA1 0.010455 0.018909 0.552913 0.5808
VNA2 1.31E-07 1.06E-07 1.231279 0.2194
VNA3 0.357256 0.028255 12.64398 0.0000
VNA4 8.49E-07 1.71E-07 4.965297 0.0000
R-squared 0.732956 Mean dependent var 0.008367
Adjusted R-squared 0.728614 S.D. dependent var 0.559258
S.E. of regression 0.291344 Akaike info criterion 0.391094
Sum squared resid 20.88079 Schwarz criterion 0.461323
Log likelihood -44.08236 F-statistic 168.7994
Durbin-Watson stat 1.531480 Prob(F-statistic) 0.000000
Dependent Variable: VNE
Method: Least Squares
Date: 06/17/10 Time: 16:22
Sample: 1 251
82
Included observations: 251
Variable Coefficient Std. Error t-Statistic Prob.
C 0.024679 0.015327 1.610175 0.1086
VNE1 0.054144 0.015734 3.441276 0.0007
VNE2 1.24E-08 2.27E-08 0.547224 0.5847
VNE3 0.310703 0.024504 12.67994 0.0000
VNE4 2.03E-07 3.73E-08 5.426362 0.0000
R-squared 0.728495 Mean dependent var 0.025100
Adjusted R-squared 0.724080 S.D. dependent var 0.457698
S.E. of regression 0.240420 Akaike info criterion 0.006861
Sum squared resid 14.21924 Schwarz criterion 0.077089
Log likelihood 4.138981 F-statistic 165.0149
Durbin-Watson stat 1.624892 Prob(F-statistic) 0.000000
Dependent Variable: VNM
Method: Least Squares
Date: 06/17/10 Time: 16:22
Sample: 1 251
Included observations: 251
Variable Coefficient Std. Error t-Statistic Prob.
C -0.027737 0.331680 -0.083627 0.9334
VNM1 -0.275346 0.340081 -0.809647 0.4189
VNM2 2.51E-06 9.56E-07 2.628657 0.0091
VNM3 1.361838 0.541682 2.514089 0.0126
VNM4 1.10E-06 1.64E-06 0.670660 0.5031
R-squared 0.213585 Mean dependent var -0.037849
Adjusted R-squared 0.200797 S.D. dependent var 5.874995
S.E. of regression 5.252136 Akaike info criterion 6.174866
Sum squared resid 6785.893 Schwarz criterion 6.245094
Log likelihood -769.9457 F-statistic 16.70294
Durbin-Watson stat 2.063273 Prob(F-statistic) 0.000000
Dependent Variable: VNS
Method: Least Squares
Date: 06/17/10 Time: 16:23
Sample: 1 251
Included observations: 251
Variable Coefficient Std. Error t-Statistic Prob.
C 0.010028 0.047680 0.210323 0.8336
VNS1 0.058691 0.051378 1.142341 0.2544
VNS2 4.71E-07 3.65E-07 1.289956 0.1983
VNS3 0.567617 0.077450 7.328820 0.0000
VNS4 3.34E-06 5.13E-07 6.502790 0.0000
R-squared 0.637788 Mean dependent var 0.105179
Adjusted R-squared 0.631898 S.D. dependent var 1.225403
S.E. of regression 0.743469 Akaike info criterion 2.264741
Sum squared resid 135.9757 Schwarz criterion 2.334969
Log likelihood -279.2250 F-statistic 108.2899
Durbin-Watson stat 1.533028 Prob(F-statistic) 0.000000
Dependent Variable: VPK
Method: Least Squares
Date: 06/17/10 Time: 16:23
Sample: 1 251
Included observations: 251
Variable Coefficient Std. Error t-Statistic Prob.
83
C 0.005136 0.011077 0.463646 0.6433
VPK1 0.001779 0.011226 0.158497 0.8742
VPK2 9.22E-07 3.43E-07 2.685558 0.0077
VPK3 0.177699 0.016695 10.64352 0.0000
VPK4 1.78E-06 5.24E-07 3.395886 0.0008
R-squared 0.667386 Mean dependent var -1.06E-17
Adjusted R-squared 0.661977 S.D. dependent var 0.290103
S.E. of regression 0.168665 Akaike info criterion -0.702081
Sum squared resid 6.998208 Schwarz criterion -0.631853
Log likelihood 93.11119 F-statistic 123.3988
Durbin-Watson stat 1.650710 Prob(F-statistic) 0.000000
Dependent Variable: VPL
Method: Least Squares
Date: 06/17/10 Time: 16:24
Sample: 1 251
Included observations: 251
Variable Coefficient Std. Error t-Statistic Prob.
C -0.003854 0.073861 -0.052177 0.9584
VPL1 0.174000 0.078638 2.212668 0.0278
VPL2 3.55E-06 2.87E-06 1.237470 0.2171
VPL3 1.494175 0.107713 13.87178 0.0000
VPL4 1.42E-05 4.01E-06 3.533145 0.0005
R-squared 0.689698 Mean dependent var -0.059761
Adjusted R-squared 0.684653 S.D. dependent var 2.063379
S.E. of regression 1.158707 Akaike info criterion 3.152205
Sum squared resid 330.2799 Schwarz criterion 3.222433
Log likelihood -390.6018 F-statistic 136.6943
Durbin-Watson stat 1.656264 Prob(F-statistic) 0.000000
Dependent Variable: VSC
Method: Least Squares
Date: 06/17/10 Time: 16:25
Sample: 1 251
Included observations: 251
Variable Coefficient Std. Error t-Statistic Prob.
C -0.114970 0.122725 -0.936812 0.3498
VSC1 0.161430 0.122639 1.316298 0.1893
VSC2 -2.79E-06 2.77E-06 -1.007865 0.3145
VSC3 1.175563 0.214658 5.476441 0.0000
VSC4 2.46E-05 4.77E-06 5.149087 0.0000
R-squared 0.497917 Mean dependent var 0.140637
Adjusted R-squared 0.489753 S.D. dependent var 2.669851
S.E. of regression 1.907116 Akaike info criterion 4.148781
Sum squared resid 894.7248 Schwarz criterion 4.219009
Log likelihood -515.6720 F-statistic 60.98970
Durbin-Watson stat 1.819949 Prob(F-statistic) 0.000000
Dependent Variable: VSG
Method: Least Squares
Date: 06/17/10 Time: 16:26
Sample: 1 251
Included observations: 251
Variable Coefficient Std. Error t-Statistic Prob.
C -0.005610 0.013258 -0.423117 0.6726
VSG1 -0.004841 0.013673 -0.354078 0.7236
84
VSG2 -5.17E-07 2.03E-07 -2.541324 0.0117
VSG3 0.256041 0.019716 12.98669 0.0000
VSG4 1.81E-06 2.41E-07 7.529580 0.0000
R-squared 0.722633 Mean dependent var 0.005976
Adjusted R-squared 0.718123 S.D. dependent var 0.394365
S.E. of regression 0.209377 Akaike info criterion -0.269643
Sum squared resid 10.78430 Schwarz criterion -0.199415
Log likelihood 38.84026 F-statistic 160.2281
Durbin-Watson stat 1.580143 Prob(F-statistic) 0.000000
Dependent Variable: VSH
Method: Least Squares
Date: 06/17/10 Time: 16:26
Sample: 1 251
Included observations: 251
Variable Coefficient Std. Error t-Statistic Prob.
C 0.013705 0.055598 0.246492 0.8055
VSH1 0.020435 0.057645 0.354487 0.7233
VSH2 -1.33E-07 1.09E-07 -1.218695 0.2241
VSH3 0.472302 0.089771 5.261186 0.0000
VSH4 8.18E-07 1.82E-07 4.498392 0.0000
R-squared 0.440365 Mean dependent var -0.045020
Adjusted R-squared 0.431265 S.D. dependent var 1.161587
S.E. of regression 0.876005 Akaike info criterion 2.592830
Sum squared resid 188.7769 Schwarz criterion 2.663059
Log likelihood -320.4002 F-statistic 48.39302
Durbin-Watson stat 1.877644 Prob(F-statistic) 0.000000
Dependent Variable: VTB
Method: Least Squares
Date: 06/17/10 Time: 16:27
Sample: 1 251
Included observations: 251
Variable Coefficient Std. Error t-Statistic Prob.
C -0.022351 0.019289 -1.158778 0.2477
VTB1 0.005977 0.018957 0.315270 0.7528
VTB2 1.02E-06 6.58E-07 1.555035 0.1212
VTB3 0.252084 0.029468 8.554648 0.0000
VTB4 5.07E-06 1.01E-06 5.001909 0.0000
R-squared 0.636552 Mean dependent var 0.008765
Adjusted R-squared 0.630643 S.D. dependent var 0.482248
S.E. of regression 0.293085 Akaike info criterion 0.403011
Sum squared resid 21.13110 Schwarz criterion 0.473239
Log likelihood -45.57783 F-statistic 107.7129
Durbin-Watson stat 1.675915 Prob(F-statistic) 0.000000
Dependent Variable: VTO
Method: Least Squares
Date: 06/17/10 Time: 16:28
Sample: 1 251
Included observations: 251
Variable Coefficient Std. Error t-Statistic Prob.
85
C -0.006765 0.014906 -0.453809 0.6504
VTO1 0.007521 0.014356 0.523881 0.6008
VTO2 1.20E-08 1.89E-08 0.637981 0.5241
VTO3 0.251938 0.025728 9.792206 0.0000
VTO4 1.99E-07 3.28E-08 6.064418 0.0000
R-squared 0.746394 Mean dependent var 0.005179
Adjusted R-squared 0.742271 S.D. dependent var 0.443366
S.E. of regression 0.225084 Akaike info criterion -0.124970
Sum squared resid 12.46302 Schwarz criterion -0.054742
Log likelihood 20.68369 F-statistic 181.0024
Durbin-Watson stat 1.722068 Prob(F-statistic) 0.000000
Giá mua và bán của một số chứng khoán tính theo phƣơng pháp ALF khi chƣa loại
ASC với tỷ lệ mục tiêu 5%:
AGF
M B
33.2 34.6
33.4 30.4
34.2 35.3
34 35.7
32.1 31.5
33.5 31
31.7 27.5
23.6 23.5
24.7 28.1
24.5 22.3
16.7 19
16.2 15.7
16.5 15.8
12.3 15
1.075187
ANV
M B
17.4 16.5
15.1 19.2
20.2 20.2
20 28.2
26.4 24
25.5 22.8
22 20.2
18.2 17.2
17.5 17.4
17.4 20.4
18.4 18.4
14.5 17.6
13.5 12.6
11.2 10.2
11.1 18.2
2.364667
BMC
M B
67.5 61.5
51 71
67 76
76.5 74
78.5 73.5
69.5 63.5
67 64.5
68 70
73.5 78.5
81.5 74.5
60 64.5
66.5 60.5
60.5 55.5
58.5 53.5
56.5 51
42.6 52.5
54.5 69
1.3311652
OPC
M B
86
25.8 24.5
25.8 24
23.9 24.4
26.2 24.4
26.8 31.8
28.5 51.9
50.5 43.8
47 49
53.9 53.2
56.5 54.4
55.5 47.8
1.343143
BT6
M B
62 58.5
54.5 57.5
62 59.5
62.5 60
60.5 63
52 43
45.5 42.5
45 44.3
47.1 51.5
52.5 49.6
52 54
40.6 65.5
61 58
1.1949881
LGC
M B
17.4 15.9
14.8 15.2
13.3 17.9
18.2 16.8
17.8 22.6
24.4 23.2
21.5 22.5
21.2 23
24.8 28.8
31.6 38.1
29 28.8
31.2 29.9
29 27.5
31 30.2
1.967258
VNA
M B
17.6 16.6
16.3 17.3
18.2 20
19.3 21.2
18 18.1
19.5 17.8
16.5 16.3
16.3 21.2
16.4 15
13.2 14.3
14.1 13.5
12.5 11.6
12.9 15.5
1.5074697
VHC
M B
18.6 18
17.9 17.6
16.8 18.9
18.4 20.2
20.3 29.6
32.3 32.6
30.7 26.1
28.4 33.5
51.2 55.5
57.4 59.2
62 57.2
57.2 54.3
56 54
1.637538
SVC
M B
11 10.8
10.8 9.6
9.6 10.7
11.8 16.8
14.9 16.1
35.3 30.6
33.5 31.3
35.6 35.9
40.5 40.1
50.2 47.8
46.8 50.7
40.8 39.4
1.205481
87
Giá mua và bán của một số chứng khoán tính theo phƣơng pháp ALF khi chƣa loại
ASC với tỷ lệ mục tiêu 10%:
AGF
M B
33.2 34
33.7 29.9
26 26.8
24.5 21.3
17.5 18.1
16.9 13.4
12.5 15
0.8013
ANV
M B
17.4 19.3
22.4 25.7
26.4 23
25.5 21.8
19.1 19.5
19.3 16.8
15 16.1
14.2 12
11.6 18.2
1.1987
BMC
M B
67.5 59
53.5 68
70.5 71
78.5 70
75 75
81.5 71
64 61.5
44.8 69
1.2864
BT6
M B
62 54.5
57 56.5
63.5 60
49.5 49.5
54.5 51.5
42.6 60.5
1.1049
VNA
M B
17.6 15.5
16.5 19.2
20.3 20.2
16.5 21.2
15 13.7
13.5 15.5
1.3739
LGC
M B
17.4 14
13.8 16.2
18.7 22.3
22.5 20.1
22.3 36.3
30.4 29.1
1.5679
OPC
M B
25.8 29.6
31 49.5
1.832
VHC
M B
18.6 17
18.8 18.2
19.3 28.2
33.8 31
29.3 51.9
2.1003
SVC
M B
11 10.2
10.7 15.7
14.9 34.9
34.1 38.7
46.8 48.3
0.1994
88
Giá mua bán chứng khoán sau khi loại bỏ ASC
Tỷ lệ mục tiêu 5%:
ANV
M B
18.2 17.2
11.226 13.052
14.5173 16.7
14.0347 17.5
17.6693 20.6
17.926 16.8
18.0693 17.1
16.6606 16.7433
19.0173 22.678
24.1953 24.8
26.0347 23.9
24.2433 27.204
20.4693 19.2
19.7953 17.4
15.4347 17.4
1.91669
BT6
M B
59 56.8898
61.8465 58.4332
41.2 54
52.1733 49.7646
52 51.5
52.5 47.6819
44.6 60.5
60 57.8898
64.0433 60
62.0866 57
54.0433 56.8032
1.21213
BMC
M B
68.5866 62
54.0866 49.4
42.6819 55.5
60.5 56.1733
59.6299 61
60.5 74
77.1299 79.5
75.6299 71.5
67.6733 63
67.2166 64.5
70 70.8032
74.5 74
78.0866 75.5
70.5433 70.2166
51.5 65.2166
1.32939
VNA
M B
15.3173 12.026
12.726 12.0693
12.7087 12.1433
12.9 14.378
13.5 13
13.8173 21.5
17.0347 16
16.3 15.7
15.6173 15.5347
16.652 17.6433
18.6433 21.3126
19.004 19.1
18.0606 17.078
16.252 15.0866
16.8433 17.6
1.09026
LGC
M B
21.8 19.9
20.5 17.6
18.4 17.3
18.052 18.8433
20.526 23.9
24.578 24.4087
26.5693 24.4
23.4173 23.5
22.0173 30.8733
32.5087 30.9126
31.5 38.8465
30.4693 28.5473
31 30.7
28.6126 28.3
29.2473 30.2213
1.27813
89
Tỷ lệ mục tiêu 10%:
ANV
M B
18.2 15.5
12 15.9
15.1 18.8126
18.0693 15.8606
18.2 23.0386
28.404 25
21.2953 18.4559
20.5 15.8
0.9184
BMC
M B
68.5866 54.5
45.6126 58
63.5 71.9765
82 76.1299
75.6299 68
69.1299 64
74.5 63.5
54 65.2166
0.91111
BT6
M B
59 58.4332
43.2 51.5
54 47.7166
52.5 44
46.7 57.5
63 55.2599
56.5433 59.2599
0.98969
VNA
M B
15.3173 13.5
12.026 13.7
13.5 20.5
16.5 16.7693
18.6433 20.278
20.9433 18.2
16.8433 17.6
1.53043
LGC
M B
21.8 17.6
18.052 23.9
26.0866 24.4
23.4173 22.5386
23.3 36.1
32.9299 28.5
30.104 32.5
1.39301
2
Giá chứng khoán sau khi loại bỏ chi phí lựa chọn bất lợi:
Ngày ANV BMC BT6 VNA LGC
1/2/2009 18.25198 68.58663 59 15.31733 21.82599
1/5/2009 18.03465 68.04332 59.21658 15.05198 20.94332
1/6/2009 18.61733 68.08663 59.21658 15.03465 20.05594
1/7/2009 18.72599 68.58663 57.08663 15.22599 20.8
1/8/2009 18.61733 68.08663 57.54332 14.84332 19.8
1/9/2009 18.70866 67.62995 56.62995 14.85198 20.6
1/12/2009 18.72599 67.58663 0 15.34332 19.60866
1/13/2009 18.52599 66.08663 56.84653 15.13465 20.1
1/14/2009 18.63465 66.12995 60.17326 14.94332 20.00866
1/15/2009 18.24332 66.08663 0 14.83465 19.27326
1/16/2009 18.21733 66.08663 59 14.82599 20.18663
1/19/2009 17.90866 65.54332 56.88984 14.82599 20.5
1/20/2009 17.23465 64.54332 58 14.26064 19.54332
1/21/2009 17.06064 62.08663 55.5 14.12599 20
1/22/2009 17.54332 62.12995 58 13.95198 20
1/23/2009 17.81733 62.04332 57.54332 13.82599 19.12995
2/2/2009 17.13465 59.62995 60.5 13.82599 18.5
2/3/2009 16.63465 57.04332 57.97648 13.54332 17.72128
2/4/2009 16.34332 54.80321 60.38984 12.97797 17.11262
2/5/2009 15.52599 52.17326 61.84653 12.35198 17.4953
2/6/2009 14.80866 49.85123 62.80321 11.86064 18.4
2/9/2009 14.10866 54.08663 65.80321 12.23465 18.54332
2/10/2009 13.4 54.21658 66.08663 12.03465 18.34727
2/11/2009 12.8 54.62995 64 11.83465 19.07797
2/12/2009 12.2 54.62995 61.43316 11.82599 19.15594
2/13/2009 11.6 54.58663 0 12.00866 18.55198
2/16/2009 11.1 54.08663 58.43316 11.91733 18.27797
2/17/2009 10.68663 52.17326 60.43316 11.73465 19.1
2/18/2009 10.12599 49.4 57 11.24332 18.2
2/19/2009 10.7 47.35123 54.54332 11.23465 17.3
2/20/2009 10.83465 44.99059 52.04332 11.31733 16.5
2/23/2009 10.72599 42.72128 49.4953 11.22599 15.7
2/24/2009 10.22599 40.54332 47.12995 10.72599 15.04332
3
2/25/2009 10.52599 42.40866 45.09851 11.11733 15.51733
2/26/2009 10.34332 42.68193 42.88118 11.02599 15.33465
2/27/2009 10.54332 45.61262 40.68663 11.02599 14.88663
3/2/2009 10.62599 48.91733 38.94653 11.20866 15.85198
3/3/2009 10.40866 49.30792 37.2599 11.20866 15.81262
3/4/2009 10.41733 51.12995 37.70792 11.31733 17.06931
3/5/2009 10.62599 51.67326 39.3 11.34332 18.05198
3/6/2009 10.54332 51.30321 41.2 11.52599 18.01733
3/9/2009 11.22599 54.12995 43.2 11.63465 18.00866
3/10/2009 12 53.12995 45.3 12.02599 18.01733
3/11/2009 12.6 54.67326 47.04332 11.86064 18.25198
3/12/2009 12.56064 54.71658 49.06931 11.93465 18.28663
3/13/2009 12.94332 54.62995 51.5 11.91733 19.27797
3/16/2009 12.81733 53.58663 54 12.03465 19.3646
3/17/2009 13.50866 55.08663 56.5 12.33465 19.46064
3/18/2009 13.92599 58.5 59 12.72599 20.01733
3/19/2009 13.57797 58.2599 56.71658 12.45198 19.44727
3/20/2009 13.05198 57.21658 54 12.06931 19.76931
3/23/2009 12.65198 55.71658 51.5 12.32599 19.71733
3/24/2009 13.4 58 53.08663 12.70866 20.04332
3/25/2009 13.36064 57.30321 50.80321 12.62599 20.43465
3/26/2009 14.51733 59.17326 52.21658 12.72599 20.85198
3/27/2009 15.21733 60.67326 52.34653 12.81733 20.30396
3/30/2009 15.0953 57.7599 49.62524 12.42599 20.67797
3/31/2009 15.37797 56.17326 49.80792 12.14332 20.67326
4/1/2009 15.46064 58.08663 49.80792 12.62599 21.4953
4/2/2009 16.53465 59.62995 50.38984 12.91733 20.55594
4/3/2009 17.60866 62.12995 52.17326 13.40866 21.04727
4/7/2009 17.12995 62.84653 51.30321 13.46064 20.9953
4/8/2009 17.73861 63.80321 53.58663 13.52128 20.9953
4/9/2009 16.85198 61.71658 51.2599 13.42599 20.14332
4/10/2009 17.6 64.04332 53.17326 14.02599 20.17797
4/13/2009 18.30866 67.5 53.17326 15 20.70396
4/14/2009 18.07797 67.71658 54.17326 15.24332 20.58663
4/15/2009 17.53465 66.08663 51.71658 15.04332 19.60866
4
4/16/2009 16.78663 66.2599 49.7646 14.37797 18.84332
4/17/2009 15.94332 64.21658 51.12995 14.37797 18.71262
4/20/2009 15.2 61 50.34653 13.7 18.91733
4/21/2009 14.53465 58 48.30792 13.11733 18.36931
4/22/2009 14.28663 59.12995 52.04332 13.33465 19.07797
4/23/2009 14.40396 57.2599 50.21658 13.26064 20.52599
4/24/2009 13.8 55.17326 49.71658 12.61733 21.8
4/27/2009 13.2 56.62995 50.08663 12.07797 21.15594
4/28/2009 12.70396 57.17326 49.03391 12.06064 22.25594
4/29/2009 14.03465 56.71658 50.08663 12.35198 22.90396
5/4/2009 15.1 60.5 51.17326 13.5 23.97797
5/5/2009 15.8 63.5 50.88984 13.73465 24.86064
5/6/2009 15.3953 60.7599 48.7599 13.33465 23.90396
5/7/2009 15.82599 61.67326 50.2599 13.32599 23.98663
5/8/2009 15.57797 61.21658 50.08193 13.04332 24.06931
5/11/2009 15.86064 61.58663 50.08663 13.04332 23.65594
5/12/2009 15.77797 61.17326 48.49059 13.06064 25.36064
5/13/2009 16.06064 62.12995 50.12995 13.34332 26.00866
5/14/2009 15.82599 59.12995 49.39925 13.06064 24.9953
5/15/2009 16.34332 60.62995 49.17326 13.81733 25.66931
5/18/2009 17.05198 61.08663 48.58663 13.56931 26.45198
5/19/2009 17.85198 61.67326 49.17326 15 26.98663
5/20/2009 18.56931 61.34653 50.08663 15.7 26.57797
5/21/2009 18.52128 68 48.71658 16.4 25.89059
5/22/2009 17.51733 69.17326 47.62054 15.73861 26.71262
5/25/2009 17.75198 74.5 49.49059 16.3 25.02599
5/26/2009 17.48663 78 49.08663 17.00866 24.56931
5/27/2009 16.85198 80.12995 49.62995 17.9 23.95198
5/28/2009 16.41262 77.97648 49.17797 17.95198 22.8953
5/29/2009 17.66931 74.30321 49.06064 17.74727 22.94727
6/1/2009 18.55198 71.97648 49.12995 18.03465 23.25594
6/2/2009 18.12995 74.43316 49.40396 19.3 24.57797
6/3/2009 18.54332 72.01979 49.02599 20.2 23.53465
6/4/2009 19.04332 77.12995 49.35198 21.2 23.60396
6/5/2009 20.4 82 51.04332 22.2 25.43465
5
6/8/2009 21.4 85.08663 54 23.3 26.08663
6/9/2009 21.48663 82.17326 56.04332 23.12128 26.58663
6/10/2009 21.40866 79.5 54 23.2 25.5
6/11/2009 21.9 76.12995 51.5 23.90866 24.40866
6/12/2009 22.12128 77.34653 53.80321 22.75594 26.56931
6/15/2009 21.67797 73.62995 52.5 21.5 25.80396
6/16/2009 20.6 70 49.9 20.5 25.6
6/17/2009 19.6 67.10642 47.71658 19.5 24.4
6/18/2009 18.81262 75.62995 48.30321 19.10396 23.37326
6/19/2009 18.30396 73.7599 52.5 18.62128 23.5953
6/22/2009 17.35198 71.58663 49.9953 19.01733 23.52128
6/23/2009 16.61733 68 47.68193 18.1 23.4
6/24/2009 17.4 70.08663 47.49059 18.08663 23.12995
6/25/2009 17.92599 69.2599 49.06064 18.17797 23.58663
6/26/2009 18.07797 69.17326 48.14727 17.3953 23.67797
6/29/2009 17.46931 67.62995 49.52599 17.21262 23.45198
6/30/2009 16.8953 67.62995 47.34257 17.03465 22.52128
7/1/2009 16.35198 64.62995 44.8 16.20866 21.3
7/2/2009 16.46931 63.7599 44.06931 16.08663 20.41262
7/3/2009 16.81262 65.12995 42.65594 16.45198 20.67326
7/6/2009 18.06931 67.67326 46.5 17.03465 23.41733
7/7/2009 18.07797 68.08663 46.69059 16.66064 23.12128
7/8/2009 17.96064 66.62995 46.10396 17.03465 23.14727
7/9/2009 17.26931 67.04332 46.08663 17.02599 25.53465
7/10/2009 17.15198 66.54332 46 16.52599 24.82995
7/13/2009 16.52599 65.12995 44.09851 16.02599 23.6646
7/14/2009 15.86064 63.21658 44.12995 15.54332 22.53861
7/15/2009 16.16931 63.17326 44.12995 16.01733 23.08663
7/16/2009 16.66064 64.2599 45.62995 16.33465 22.9953
7/17/2009 16.63465 63.17326 43.58193 16.13465 21.95198
7/20/2009 16.13465 61.17326 41.64653 15.54332 21.01733
7/21/2009 16.15198 63.08663 45.01733 15.53465 21.15198
7/22/2009 16.61733 63.58663 42.8 15.53465 20.87797
7/23/2009 16.76064 62.84653 41.12995 15.2953 20.12995
7/24/2009 18.2 67.21658 44.6 16.55198 22.01733
6
7/27/2009 17.36064 69.12995 46.70866 16.46064 22.2953
7/28/2009 16.74332 66.62995 44.69925 15.76064 23.35198
7/29/2009 17.15198 64.62995 46.8 15.14332 22.90396
7/30/2009 16.84332 63.62995 44.65594 14.63465 22.88663
7/31/2009 17.33465 64.62995 45.1646 14.92599 24.05198
8/3/2009 17.42599 64.58663 45.04332 14.36064 25.06931
8/4/2009 17.43465 64.62995 44.3 14.63465 25.17797
8/5/2009 17.22599 64.08663 45.50866 14.42599 24.66931
8/6/2009 17.36064 64.17326 45.04332 14.65198 24.11262
8/7/2009 17.56931 64.08663 43.21658 15.01733 23.57797
8/10/2009 19.01733 66.08663 45.1 15.61733 23.78663
8/11/2009 19.36931 70 45.08193 16.5 25.07797
8/12/2009 19.06064 73.5 47.08663 16.38663 25.95198
8/13/2009 18.84332 77 46.56931 16.06064 26.00396
8/14/2009 18.94332 79.12995 45.2646 15.72599 27.01733
8/17/2009 18.84332 78.21658 45.6646 15.72599 26.55198
8/18/2009 18.65198 75.88984 44.12995 15.53465 26.41733
8/19/2009 19.04332 77.21658 45.48663 15.91733 26.1646
8/20/2009 19.46931 77.17326 45.08663 16.12599 27.32599
8/21/2009 20.74332 74.43316 45.06931 16.65198 28.07797
8/24/2009 21.37797 74.62995 45.25198 16.36064 30.3
8/25/2009 21.07797 73.17326 44.22128 16.34332 31.06931
8/26/2009 20.76931 73.2599 44.57326 16.43465 31.92995
8/27/2009 20.88663 75.21658 44.57326 16.24332 31.83861
8/28/2009 22.8 75.2599 45.62995 16.52599 31.60396
8/31/2009 23.53465 76.62995 45.19059 16.92599 33.08663
9/1/2009 23.17326 76.62995 45.15594 16.81733 32.02995
9/2/2009 0 0 0 0 0
9/3/2009 24.27326 76.17326 44.58663 16.52599 32.62995
9/4/2009 24.40396 74.21658 45.00866 16.35198 32.22128
9/7/2009 23.17797 70.80321 45.00866 16.04332 30.87326
9/8/2009 22.67797 72.30321 44.25594 16.26064 32.50866
9/9/2009 23.08663 74.71658 45.04332 16.72599 32.05198
9/10/2009 23.57797 74.08663 44.31262 17.8 32.61733
9/11/2009 24.1953 74.62995 45.13465 18.6 32.1646
7
9/14/2009 25.57797 74.21658 44.55198 17.94727 30.91262
9/15/2009 25.11262 73.62995 43.66931 18.67797 32
9/16/2009 25.47797 74.30321 44.08663 18.17797 31.54332
9/17/2009 25.54332 77.80321 44.58663 18.05198 32.13861
9/18/2009 25.56064 78.62995 43.4953 17.64332 32.04332
9/21/2009 26.36064 76.38984 45.05198 18.15198 31.17326
9/22/2009 25.98663 76.71658 44.08663 18.04332 32.72599
9/23/2009 25.5953 77.2599 44.17326 18.25198 32.67797
9/24/2009 24.87797 74.7599 44.62995 17.83465 32.58663
9/25/2009 24.66931 74.34653 45.2646 18.08663 31.13861
9/28/2009 24.11262 78.2599 44.0292 18.58663 32.01733
9/29/2009 24.28663 77.17326 46.12995 18.03465 32.01733
9/30/2009 26.03465 76.21658 47.88193 18.04332 32.02599
10/1/2009 25.21262 74.21658 50.17326 17.56064 31.08663
10/2/2009 23.92599 70.80321 49.66856 16.76931 31.08663
10/5/2009 23.03861 70.71658 48.48663 17.04332 30.4
10/6/2009 23.58663 70.62995 48.08663 17.13465 30.07326
10/7/2009 24.24332 71.71658 49.08663 17.32599 31.5
10/8/2009 23.86931 71.84653 48.40396 17.32599 31.17326
10/9/2009 24.56931 78.08663 49.45198 17.57797 33.5953
10/12/2009 25.56064 77.62995 49.17326 18.64332 34.65594
10/13/2009 25.07797 75.58663 48.04332 18.27797 35.26856
10/14/2009 25.25198 74.47648 48.08663 18.66064 38.06064
10/15/2009 26.07797 82.08663 48.39925 19.65198 40.6
10/16/2009 27.56064 79.43316 48.62995 20.46931 41.13861
10/19/2009 28.40396 77.17326 48.17326 22.2 40.5
10/20/2009 28.67326 77.62995 49.58663 23.3 38.84653
10/21/2009 27.56931 77.21658 51.12995 22.2953 40.59059
10/22/2009 27.20396 78.08663 55 21.31262 40.08193
10/23/2009 26.45594 75.88984 57.5 21.2646 38.2599
10/26/2009 25.11262 75.17326 60 20.27797 36.25594
10/27/2009 23.83465 73.21658 63 19.68663 34.44727
10/28/2009 23.62128 75.17326 66 20.25198 32.2599
10/29/2009 23.76931 73.12995 63.97648 19.54332 31.76931
10/30/2009 23.56064 73.17326 66.71658 19.76064 31.3646
8
11/2/2009 22.4 70.54332 63.5 19.31733 31.3
11/3/2009 21.30866 67.04332 60.5 18.45198 29.90396
11/4/2009 20.35198 64.2599 57.97648 17.9953 28.60792
11/5/2009 19.72128 64.71658 55.43316 18.56931 28.70396
11/6/2009 20.10396 67.2599 60 18.68663 30.46931
11/9/2009 19.07797 64.21658 63 18.14332 29.82995
11/10/2009 19.16931 62.34653 61.88984 18.04332 28.54727
11/11/2009 19.37797 62.17326 63.38984 18.46931 28.44257
11/12/2009 20.46931 64.67326 60.43316 19.00396 31.06931
11/13/2009 20.82128 64.17326 62.54332 19.3953 29.64727
11/16/2009 21.2953 65.12995 59.62995 20.94332 30.40396
11/17/2009 20.56064 65.2599 57.88984 20.86064 30.62995
11/18/2009 20.23465 70.54332 64.04332 20.56064 31.62995
11/19/2009 21.05198 74.5 64.04332 20.58663 32.92995
11/20/2009 21.26064 74.34653 61.80321 20.87797 32.23861
11/23/2009 20.77797 72.12995 60.17326 19.92128 30.81262
11/24/2009 20.66931 70.21658 60.17326 19.20396 29.7646
11/25/2009 20.26931 66.62995 59.2599 18.26931 28.62995
11/26/2009 19.22599 63.54332 56.93316 17.31733 27.10866
11/27/2009 18.45594 61.01979 54.43316 16.72995 26.02524
11/30/2009 19.7953 62.2599 55.88984 18.06064 28.61262
12/1/2009 20.55198 63.17326 62.08663 18.07797 30.10396
12/2/2009 19.62128 61.71658 60.34653 17.3953 30.23391
12/3/2009 18.68663 59.71658 57.04332 17.07797 29.7646
12/4/2009 18.54332 61.58663 55.2599 17.54332 30.1646
12/7/2009 18.72599 61.62995 57.2599 17.54332 30.10396
12/8/2009 18.06064 59.21658 55.38984 17.26931 30.08663
12/9/2009 17.41733 56.62995 57 16.46931 29.62995
12/10/2009 16.6953 54.34653 54.5 15.9953 29.62995
12/11/2009 15.82599 51.58663 52.08663 15.46931 28.32128
12/14/2009 15.40396 51.2599 50.34653 15.85198 28.42128
12/15/2009 15.56064 53.12995 51.08663 16.25198 29.24727
12/16/2009 15.13465 51.08663 50 15.61262 29.34727
12/17/2009 14.45198 48.71658 49.2599 15.08663 29.11262
12/18/2009 14.46064 47.30321 54.04332 15.67797 30.97797
9
12/21/2009 15.43465 49.3 56.54332 16.84332 31.92128
12/22/2009 15.66931 51.5 56.2599 16.96931 32.08663
12/23/2009 15.43465 54 56.2599 16.53465 31.12128
12/24/2009 15.58663 55.12995 57.2599 16.57797 31.93465
12/25/2009 16.84332 59 58.34653 17.56064 31.62995
12/28/2009 16.91262 59.21658 61.08663 17.55198 31.62995
12/29/2009 16.98663 60.38984 59 17.07797 30.22128
12/30/2009 16.88663 62.43316 56.80321 17.16064 31.12995
12/31/2009 17.46064 65.21658 59.2599 17.64332 32.60396
10
Giá đóng cửa mới (P*t) của các chứng khoán:
ANV BMC BT6 VNA LGC
1 18.2 68.5866 59 15.3173 21.8
2 18.0347 68.0433 59 15.052 20.9
3 18.6 68 59.2166 15 19.9
4 18.7 68.5866 57.0866 15.2 20.8
5 18.6173 68 57.5 14.8 19.8
6 18.7087 67.5 56.6299 14.852 20.6
7 18.726 67.5866 0 15.3433 19.6
8 18.526 66 56.8465 15.1347 20.1
9 18.6347 66.1299 60.1733 14.9433 20.0087
10 18.2 66.0866 0 14.8347 19.2733
11 18.2 66 59 14.826 20.1
12 17.9 65.5 56.8898 14.8 20.5
13 17.2 64.5 58 14.2 19.5433
14 17.0606 62 55.5 14.1 20
15 17.5433 62 58 13.9 20
16 17.8 62.0433 57.5433 13.826 19
17 17.1 59.5 60.5 13.826 18.5
18 16.6347 57 57.9765 13.5 17.6
19 16.3 54.5 60.3898 12.9 17.1126
20 15.5 52 61.8465 12.3 17.4953
21 14.8 49.8512 62.8032 11.8606 18.4
22 14.1 54.0866 65.8032 12.2347 18.5433
23 13.4 54.2166 66.0866 12.0347 18.3473
24 12.8 54.6299 64 11.8 19.078
25 12.2 54.6299 61 11.8 19
26 11.6 54.5866 0 12 18.552
27 11.1 54.0866 58.4332 11.9173 18.278
28 10.6 52 60 11.7 19.1
29 10.126 49.4 57 11.2 18.2
30 10.7 47.1 54.5 11.2347 17.3
31 10.8347 44.8 52 11.3173 16.5
32 10.7 42.6 49.4 11.2 15.7
33 10.226 40.5 47 10.726 15
11
34 10.526 42.4087 44.7 11.1173 15.5173
35 10.3433 42.6819 42.6 11 15.3
36 10.5433 45.6126 40.6 11.026 14.8866
37 10.626 48.9173 38.7 11.2 15.852
38 10.4087 49.3079 37.2599 11.2087 15.8126
39 10.4173 51 37.5 11.3 17.0693
40 10.626 51.6733 39.3 11.3433 18.052
41 10.5433 51.3032 41.2 11.526 18
42 11.226 54.1299 43.2 11.6347 18
43 12 53.1299 45.3 12.026 18.0173
44 12.6 54.6733 47.0433 11.8606 18.252
45 12.5606 54.7166 49.0693 11.9 18.2866
46 12.9433 54.5 51.5 11.9173 19.278
47 12.8173 53.5 54 12.0347 19.2
48 13.5087 55.0866 56.5 12.3347 19.4606
49 13.926 58.5 59 12.726 20.0173
50 13.5 58 56.5 12.4 19.4473
51 13.052 57.2166 54 12.0693 19.7
52 12.652 55.5 51.5 12.3 19.7173
53 13.4 58 53 12.7087 20
54 13.3606 57.3032 50.8032 12.626 20.4347
55 14.5173 59.1733 52.2166 12.726 20.852
56 15.2173 60.5 52 12.8 20.304
57 15.0953 57.7599 49.6252 12.426 20.678
58 15.378 56.1733 49.6 12.1433 20.6733
59 15.4606 58.0866 49.8079 12.626 21.4
60 16.5347 59.6299 50.3898 12.9 20.5559
61 17.6087 62.1299 52.1733 13.4087 21.0473
62 17.1299 62.8465 51.3032 13.4606 20.9953
63 17.6 63.5 53.5 13.4 20.9
64 16.8 61.5 51.2599 13.426 20.1
65 17.6 64.0433 53 14.026 20.178
66 18.3087 67.5 53.1733 15 20.704
67 18.078 67.7166 54 15.2433 20.5
68 17.5 66 51.5 15 19.6087
12
69 16.7 66.2599 49.7646 14.378 18.8433
70 15.9 64 51.1299 14.378 18.7126
71 15.2 61 50 13.7 18.9173
72 14.5 58 48.3079 13.1 18.3693
73 14.2866 59.1299 52 13.3347 19.078
74 14.404 57 50.2166 13.2 20.526
75 13.8 55.1733 49.5 12.6 21.8
76 13.2 56.6299 50.0866 12.078 21.1559
77 12.704 57.1733 49.0339 12.0606 22.2559
78 14.0347 56.7166 50.0866 12.352 22.904
79 15.1 60.5 51.1733 13.5 23.978
80 15.8 63.5 50.5 13.7347 24.8606
81 15.3953 60.5 48.7599 13.3 23.8
82 15.826 61.6733 50.2599 13.326 23.9866
83 15.578 61 50.0819 13 24.0693
84 15.8606 61.5 50.0866 13.0433 23.6559
85 15.778 61.1733 48.4906 13.0606 25.3606
86 16.0606 62 50.1299 13.3 26
87 15.826 59.1299 49.3993 13.0606 24.9953
88 16.3433 60.6299 49.1733 13.8173 25.6693
89 17.052 61.0866 48.5866 13.5693 26.452
90 17.852 61.6733 49.1733 15 26.9866
91 18.5693 61.3465 50.0866 15.7 26.578
92 18.4 68 48.7166 16.4 25.8906
93 17.5 69.1733 47.6205 15.6 26.6
94 17.752 74.5 49.4906 16.3 25.026
95 17.4866 78 49.0866 17.0087 24.5693
96 16.8 80.1299 49.6299 17.9 23.9
97 16.4126 77.5 49.178 17.952 22.8953
98 17.6693 74 49.0606 17.6 22.9473
99 18.552 71.9765 49.1299 18.0347 23.2559
100 18.1299 74 49.3 19.3 24.578
101 18.5433 72.0198 49.026 20.2 23.5347
102 19.0433 77.1299 49.352 21.2 23.604
103 20.4 82 51.0433 22.2 25.4347
13
104 21.4 85.0866 54 23.3 26.0866
105 21.4866 82.1733 56.0433 23.1213 26.5866
106 21.3 79.5 54 23.2 25.5
107 21.9 76.1299 51.5 23.7 24.4087
108 22.1213 77 53.8032 22.6 26.5693
109 21.6 73.5 52.5 21.5 25.804
110 20.6 70 49.9 20.5 25.6
111 19.6 67.1064 47.7166 19.5 24.4
112 18.8126 75.6299 48.3032 19 23.3733
113 18.2 73.7599 52.5 18.6213 23.5953
114 17.352 71.5 49.9 19 23.5213
115 16.6 68 47.6819 18.1 23.4
116 17.4 70.0866 47.4906 18.0866 23.1299
117 17.926 69 49.0606 18.1 23.5866
118 18 69.1733 48.1473 17.3953 23.678
119 17.4693 67.6299 49.5 17.2126 23.452
120 16.8 67.5 47.1 17 22.4
121 16.352 64.5 44.8 16.2 21.3
122 16.4693 63.7599 44 16.0866 20.4126
123 16.8126 65.1299 42.6559 16.452 20.6733
124 18.0693 67.6733 46.5 17.0347 23.4173
125 18.078 68 46.6906 16.6606 23.1213
126 17.9 66.6299 46.104 17.0347 23.1473
127 17.2693 67 46 17 25.5347
128 17.1 66.5433 46 16.526 24.7
129 16.5 65 43.7 16 23.5
130 15.8606 63 44 15.5 22.5386
131 16.1693 63.1733 44.1299 16 23.0866
132 16.6606 64.2599 45.5 16.3 22.9
133 16.6347 63.1733 43.4 16.1347 21.952
134 16.1347 61.1733 41.6465 15.5 21.0173
135 16.152 63.0866 45 15.5347 21.152
136 16.6173 63.5 42.8 15.5347 20.8
137 16.7606 62.8465 41.1299 15.2953 20.1299
138 18.2 67.2166 44.6 16.552 22.0173
14
139 17.3 69.1299 46.7 16.4606 22.2953
140 16.7433 66.5 44.6 15.7 23.3
141 17.152 64.5 46.8 15.1433 22.904
142 16.8433 63.6299 44.6559 14.6347 22.8866
143 17.3347 64.5 45.1646 14.926 24.052
144 17.426 64.5866 45 14.3606 25.0693
145 17.4 64.6299 44.3 14.6347 25.1
146 17.2 64 45.5 14.426 24.6693
147 17.3606 64 45 14.652 24
148 17.5693 64.0866 43 15.0173 23.578
149 19.0173 66.0866 45.1 15.6173 23.7866
150 19.3693 70 45.0819 16.5 25.078
151 19 73.5 47 16.3866 25.9
152 18.8433 77 46.5 16 26.004
153 18.9433 79.1299 45.2646 15.7 27.0173
154 18.8433 78 45.5 15.7 26.552
155 18.652 75.8898 44.1299 15.5347 26.4173
156 19.0433 77.2166 45.4866 15.9173 26.1646
157 19.4693 77 45 16.126 27.326
158 20.7433 74 45.0693 16.652 28.078
159 21.378 74.6299 45.252 16.3606 30.3
160 21.078 73.1733 44.2213 16.3433 31.0693
161 20.7693 73.2599 44.4 16.4347 31.9299
162 20.8866 75.2166 44.5733 16.2433 31.8
163 22.8 75.2599 45.5 16.526 31.604
164 23.5347 76.6299 45.1906 16.926 33.0866
165 23.1733 76.6299 45 16.8 32.0299
166 0 0 0 0 0
167 24.2733 76 44.5866 16.526 32.6299
168 24.3 74 45.0087 16.352 32.2
169 23.1 70.8032 45 16.0433 30.8733
170 22.678 72.3032 44.2559 16.2606 32.5087
171 23.0866 74.5 45.0433 16.726 32.052
172 23.578 74.0866 44.3126 17.8 32.6
173 24.1953 74.6299 45.1 18.6 32
15
174 25.578 74 44.5 17.9473 30.9126
175 25.1126 73.6299 43.6693 18.6 32
176 25.478 74.3032 44.0866 18.178 31.5433
177 25.5433 77.8032 44.5 18 32.1386
178 25.5606 78.6299 43.4953 17.6433 32.0433
179 26.3606 76.3898 45 18.152 31.1733
180 25.9 76.7166 44.0866 18.0433 32.726
181 25.5 77.2599 44.1733 18.252 32.6
182 24.8 74.5 44.6299 17.8347 32.5866
183 24.6693 74.3465 45.2646 18.0866 31.1386
184 24 78 44.0292 18.5 32.0173
185 24.2866 77.1733 46.1299 18.0347 32.0173
186 26.0347 76.2166 47.8819 18 32.026
187 25.1 74 50.1733 17.5 31.0866
188 23.9 70.8032 49.4 16.7693 31.0866
189 23.0386 70.7166 48.4866 17.0433 30.4
190 23.5866 70.6299 48.0866 17.1347 30
191 24.2433 71.7166 49 17.326 31.5
192 23.8693 71.8465 48.3 17.326 31.1733
193 24.5693 78.0866 49.4 17.578 33.5953
194 25.5606 77.5 49.1733 18.6433 34.6559
195 25.078 75.5866 48.0433 18.278 35.2686
196 25.252 74.4765 48.0866 18.6606 38.0606
197 26.078 82.0866 48.3993 19.652 40.6
198 27.5606 79 48.6299 20.4693 41.1386
199 28.404 77 48.1733 22.2 40.5
200 28.6733 77.6299 49.5866 23.3 38.8465
201 27.5 77.2166 51.1299 22.2 40.5906
202 27.204 78.0866 55 21.3126 39.9
203 26.3 75.5 57.5 21.1 38
204 25 75.1733 60 20.278 36.1
205 23.8 73.2166 63 19.6866 34.3
206 23.6213 75.1733 66 20.252 32.2599
207 23.7 73 63.9765 19.5433 31.7693
208 23.5 73.1733 66.5 19.7606 31.3646
16
209 22.4 70.5 63.5 19.3 31.3
210 21.3 67 60.5 18.4 29.8
211 20.3 64 57.5 17.9953 28.4
212 19.7213 64.7166 55.4332 18.5693 28.704
213 20 67 60 18.6 30.4693
214 19.078 64 63 18.1433 29.7
215 19.1693 62 61.8898 18.0433 28.5473
216 19.378 62.1733 63 18.4693 28.4426
217 20.4693 64.5 60.4332 19.004 31
218 20.8213 64.1733 62.5 19.3953 29.6473
219 21.2953 65 59.5 20.9433 30.404
220 20.5 65.2599 57.8898 20.8606 30.6299
221 20.2347 70.5433 64.0433 20.5 31.6299
222 21.052 74.5 64.0433 20.5866 32.9299
223 21.2606 74.3465 61.8032 20.8 32.2386
224 20.778 72 60 19.9213 30.7
225 20.6693 70.2166 60.1733 19.1 29.7646
226 20.2 66.5 59 18.2 28.5
227 19.2 63.5 56.5 17.3 27.1
228 18.4559 61.0198 54.4332 16.7299 26.0252
229 19.7953 62 55.8898 18.0606 28.6126
230 20.5 63.1733 62.0866 18.078 30.104
231 19.5 61.5 60 17.3 30
232 18.6866 59.7166 57 17.078 29.7646
233 18.5433 61.5 55.2599 17.5433 30
234 18.7 61.6299 57.2599 17.5433 30.104
235 18.0606 59 55 17.2 30.0866
236 17.4 56.5 57 16.4693 29.6299
237 16.6 54 54.5 15.9953 29.5
238 15.8 51.5 52 15.4693 28.3
239 15.404 51.2599 50.3465 15.852 28.4213
240 15.5606 53.1299 51.0866 16.252 29.2473
241 15.1 51 50 15.5 29.3473
242 14.4 48.5 49.2599 15.0866 29.1126
243 14.4606 47 54.0433 15.678 30.978
17
244 15.4347 49.3 56.5433 16.8433 31.9213
245 15.6 51.5 56.2599 16.9 32
246 15.4347 54 56.2599 16.5347 31.1213
247 15.5866 55.1299 57.2599 16.578 31.9347
248 16.8433 59 58.3465 17.5606 31.6299
249 16.9126 59.2166 61.0866 17.552 31.5
250 16.9866 60.3898 59 17.078 30.2213
251 16.8866 62.4332 56.8032 17.1606 31.1299
252 17.4 65.2166 59.2599 17.6 32.5
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