Tóm tắt:
Nghiên cứu này phân tích tác động của chất lượng giấc ngủ (CLGN) đến tỷ suất sinh lời (TSSL) của nhà đầu tư cá nhân trên thị trường chứng khoán (TTCK) Việt Nam dựa trên dữ liệu từ 405 nhà đầu tư. CLGN được đánh giá thông qua các yếu tố như thời gian ngủ, thời lượng, số lần thức giấc trong đêm và thói quen ngủ trưa. Kết quả chỉ ra rằng CLGN không có sự ảnh hưởng rõ ràng đến TSSL của các nhà đầu tư nói chung và nhà đầu tư chủ động (là các nhà đầu tư có tần suất giao dịch cao) nói riêng. Tuy nhiên, nhóm tác giả cũng tìm thấy bằng chứng cho rằng CLGN tốt sẽ ảnh hưởng tích cực đến TSSL của các nhà đầu tư thụ động (là các nhà đầu tư có tần suất giao dịch thấp). Kết quả nghiên cứu được đảm bảo tính vững bằng việc sử dụng nhiều mô hình khác nhau bao gồm OLS, PCA, PLSR và GMM. Nhóm tác giả khuyến nghị các nhà đầu tư thụ động nên nâng cao CLGN để duy trì cảm xúc tích cực và nhận thức tốt, điều này sẽ giúp gia tăng TSSL của bản thân.
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Abstract:
This study analyses the impact of sleep quality on the return rate of individual investors on the Vietnamese stock market based on data from 405 individual investors. Sleep quality is assessed through factors such as sleep time, duration, number of awakenings during the night, and napping habits. The results show that sleep quality does not clearly affect the return rate of investors in general and active investors (investors with high trading frequency) in particular. However, we also find evidence that good sleep quality will positively affect the returns of passive investors (investors with low trading frequency). Our research results are guaranteed to be robust using many different models, including OLS, PCA, PLSR and GMM. We recommend that passive investors improve their sleep quality to maintain positive emotions and good cognition, which will help increase their returns.