Dao, D. P., Nguyen, T., Andrikopoulos. P. (2022), “Herding dynamics and multidimensional uncertainty in equity crowdfunding: The impact of information sources”, Information and Management (R&R) (ABS3, ABDC: A*) 
This study investigates the temporal dynamics of herding behaviour in equity crowdfunding, and especially when herding momentum is likely to occur during the funding campaign under the influence of different information disclosures. Our results are consistent with the multidimensional uncertainty theory in which herding does not occur in the first stage of funding campaigns but arises in the later stages. We further show that information from investors’ discussions may be noisier than information disclosure from project founders, thus is more likely to bring uncertainty and accentuate herding. Our findings highlight the importance of information resource management in which different information sources may require different information disclosure policies.  

Alexis, C. R., Dao, D. P., James, S. (2022): “Understanding productivity growth in a small open economy: the case of the Dominican Republic”, World Bank working paper (submitted)
This paper contributes to the understanding of firm productivity in the Dominican Republic, taking into account the size of a firm (measured by number of employees), and whether it is located in a free-trade zone (FTZ). The study uses data from the National Survey of Economic Activity (ENEA) to estimate firm productivity and price markups. Then, productivity is assessed across groups of firms (broken down by firm size and FTZ status) by means of: (i) a kernel density comparison, combined with propensity score matching (PSM) probabilities to ensure a comparison between firms with similar characteristics; and (ii) a panel fixed-effect regression that confirms the results. The findings reveal input misallocation or managerial slack in large firms, primarily in the services sector. While FTZs are beneficial to small and medium firms, they may not address the market inefficiencies that stop large incumbents from innovating; indeed, large firms in FTZs are less productive than firms located in non-FTZ. The paper also documents that the entry of new competitors has the primary effect or reducing firm-level price markups; in the manufacturing sector, it also boosts firm productivity.


Richard, B., Tran, T. T. T., Dao, D. P., Nguyen, M. H. (2022), “Insiders, outsiders and performance of Vietnamese firms”, Gadjah Mada International Journal of Business – September-December, Vol. 24, No. 3, 2022
The consensus in the finance literature is that a large proportion of inside ownership (defined as greater than 5% share ownership by non-institutional holders, managerial holdings, founding family holdings, cross-shareholdings by affiliated firms and ownership by creditors) tends to be associated with more unsatisfactory performance (as measured by ROE or ROA) when compared to firms with lower inside ownership, all else equal. However, this need not be the case if insiders act as monitors of the firm and have the same interest in returns as outsiders. Ownership structure and firm level financial performance have not been widely studied in Vietnam. Using data from 729 listed firms in Vietnam for 2018, we test the hypothesis that greater insider ownership has a negative impact on firm performance. We found that Vietnam’s insiders play a monitoring role, exercising their relative power to ensure the firm’s profitable functioning. These findings are inconsistent with research on Japanese groupings, as well as other findings. The Vietnamese stock market does not appear to be negatively affected by insider influence; indeed, insiders appear to act as positive monitors.

Vu, L. T., Vu, L. T., Nguyen, N. T., Do, P. T., Dao, D. P. (2019), “Feature selection methods and sampling techniques to financial distress prediction for Vietnamese listed companies”. Investment Management and Financial Innovations Journal.
Nguyen, D. T. P.., Nguyen, L. T. H.., Dao, D. P., Dang, G. H. (2019): “The determinants influencing managerial accounting in Vietnamese manufacturing and trading enterprises”, Academy of Accounting and Financial Studies Journal.

Work in Progress
“Climate Risk and Firm Debt” (with Vu, N., Nguyen, B. H.), BA/Leverhulme Small Research Grant 
“What does the herd say? Herding and success in equity crowdfunding” (with Nguyen, T)
“Linguistic information manipulation and post offering performance in equity crowdfunding. Are the investors perceived manipulated information?” (with Nguyen, T., Andrikopoulos. P.)
“Innovation and War Sanctions” (with Nguyen, L. T., Phan, A. D. B.)
“Excess cash from overfunding and firm survivals” (with Nguyen, T., Nguyen, Q. P. M.).