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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