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Trang Phung

Doctor of Philosophy, (Finance, Behavioural Finance)
Study Completed: 2020
Massey Business School


Thesis Title
Perceived Risk, Risk Tolerance and Trust in Debt Decisions

The perceived risk of stock investment, risk tolerance and trust play important roles in the stock market and in use of debt for stock investment, yet the relationship between these has received little attention. Ms Phung surveyed 420 Vietnamese individual investors and found a significant impact of perceived risk and trust in the stock market on use of informal debt, and risk tolerance on use of formal debt. Perceived risk, trust and risk tolerance are also mediators between borrowing sources, trading frequency, investment horizons and debt decisions, respectively. Ms Phung’s findings provide useful insights into male and female investor behaviour and its impact on debt decisions for stock investment amongst individual investors, users and non-users of informal and formal borrowing, and stockbrokers and non-stockbrokers, in the stock market, both nationally and internationally.

Professor Martin Young
Dr Michael Naylor
Dr Wendy Hsu