The financial consequences of abolishing a carbon trading system

We investigate the impact of 61 announcements of environmental regulations on the equities listed on the Australian Stock Exchange over the period 2009–2015. In particular, our study focuses on how the stock market reacts to announcements of the abolishment of carbon trading/pricing system. Using event study methodology, we assess whether these announcements create or destroy wealth of equity investors. Furthermore, we estimate changes in systematic risk following the announcements. In general, we find that the abolishment of the carbon pricing system has a positive effect on 18 sectors and the process of removing the carbon pricing system appears to affect the systematic risk of businesses leading to diamond risk structures. We also document negative reactions of polluting sectors to the announcements of green policies.     

Bank reforms and efficiency in Vietnamese banks: evidence based on SFA and DEA

This study examines the cost efficiency of Vietnamese banks from 2000 to 2014 in the first stage, and the selection and dynamic effects of two governance reforms, foreign partial acquisition and listing on the stock exchange, on the efficiency in the second stage. Empirical results from the two-stage Stochastic Frontier Analysis (SFA) are highly consistent with those from the two-stage Data Envelopment Analysis (DEA) . Specifically, the first-stage efficiency estimation indicates that the cost efficiency shows a slightly upward trend over the period 2000–2014, with the cost efficiency score being 0.93 and state-owned banks outperforming joint-stock banks (JSBs). The mixed process seemingly unrelated regression estimator which controls the potential endogeneity of public listing and foreign acquisition in the second stage shows that selection effects occur in the Vietnamese banking system: banks selected by the strategic foreign investors for partial acquisition and banks selected for public listing are more cost-efficient than those not selected. The short-term and long-term dynamic effects of foreign partial acquisition are documented: the cost efficiency of the Vietnamese banks post-partial acquisition is lower than prior-partial acquisition, and it experiences a decreasing trend since partial acquisition. However, the short-term and long-term dynamic effects of public listing are not evidenced: the cost efficiency of the banks after public listing is not statistically different from that before public listing, and it also reveals an unclear trend since public listing.     

Exploring the Vietnamese Environment Accounting With an Introduction About the Green Accounting Information System

Environment is one of the significant factors to the people and our life, because it is fundamentally joined to everything we require for human beings to subsist. Many fields in the society are influenced by the environment. For these reasons, the Vietnamese government issued the Law on Environmental Protection Tax in 2010 to prove this essential matter. Therefore, the organizations have utilized their tools to record the related transactions into the journals for taking an interest in the nature conditions for substantial development. Based on the accounting aspects, Vietnam has no theories about the environment accounting. Hence, this article will provide some basic information and a general picture of the green accounting information system in the environmental condition. Moreover, this paper will analyze the relationship between the environment and company＇s output by applying the environmental management system （EMS） in the accounting system. However, this paper only provides the overall contents about the environment accounting in Vietnam and this limitation will present this problem for further articles.     

Testing convergence of European regions: A semiparametric approach

We provide a reappraisal of income convergence across European regions over the last two decades by using a semiparametric partially linear model to approximate the relationship between the average growth rate of GDP per capita and the initial GDP per capita. Estimation results point out both country heterogeneity and non-linearity in the convergence process. The findings suggest that low income regions, in particular those from new adhesion countries, diverge while medium income regions converge and that there is no evidence of convergence for high income regions.     

Perceived organizational support and organizational identification: joint moderating effects of employee exchange ideology and employee investment

Organizational identification (OID) can be developed out of social exchange practices within an organizational setting. Drawing on social exchange theory, we propose that the effect of perceived organizational support (POS) on OID is stronger for employees with stronger exchange ideology. We further argue that employee investment in an organization may also create a social exchange process that positively influences OID. We expect that employee investment moderates not only the effect of POS on OID, but also the enhancing effect of exchange ideology on the effect of POS on OID. Specifically, POS has a stronger positive effect on OID when exchange ideology is high and employee investment is low. When employee investment is high, POS has a weaker effect on OID regardless of employees' exchange ideology. These effects were empirically supported by a survey. Theoretical and practical implications are also discussed.     

Intraweek and intraday trade patterns and dynamics

This paper investigates informed traders' order-splitting strategies on different days of the week and times of the day for a sample of stocks traded on the Australian Stock Exchange. Based on cumulative price changes, we document that informed traders tend to use medium size trades. We find that informed investors concentrate their strategic trading on Mondays and particularly during the first trading hour. In addition, informed investors also use large size trades around market opening and closing, as well as on days other than Mondays and Fridays. These results are more pronounced for the large market capitalization stocks.     

From Public To Private: Evidence From a Transitional Economy Setting

The literature on public financial management reform has devoted comparatively little attention to the detail and effect of reform process implementation in developing economies. This study contributes to an understanding of this phenomenon by examining the impact of privatisation on a sample of previously state-owned enterprises in Vietnam. Using a detailed, financially focused methodology and drawing on data sourced from audited general purpose financial statements, our analysis suggests evidence of material variation in financial performance and position post-privatisation compared to the position observed immediately prior to privatisation. Specifically, our data suggest that after being privatised, firms generally exhibit reductions in profitability, some degree of improvement in working capital management, an increase in financial leverage accompanied by a higher degree of solvency risk and greater calls on cash resources for the purpose of funding capital expenditure. Our results assist with understanding the impact of privatisation as a reform technique in developing economies, and may help policymakers and managers better target areas of likely risk, during the process of transition from public to private ownership.     

Impact of service personal values on service value and customer loyalty: a cross-service industry study

This study investigates the customer’s perception of service value based on theory of personal values. A formative structural model is developed and tested using the data surveyed from three service industries in Vietnam. Results show a positive impact of service personal values on service value. Then, service value and satisfaction are proved as two mediating constructs in the impact of service personal values on customer loyalty. Satisfaction and loyalty are, thus, not only determined by the supplier’s service itself, but also the customer’s personal values. This consolidates the value co-creation perspective rather than the traditional value exchange in service research.     

Access to Preferential Loans for Poverty Reduction and Rural Development: Evidence from Vietnam

Preferential loans play an important role in the process of reducing poverty in developing countries. Considering the data set from the 2010 Vietnam Household Living Standards Survey, we aim to examine the influential factors in probability of households getting access to preferential loans. Additionally, we analyze the determinants of household income in association with the loans by applying a quantile regression model. Our results show that ethnicity-related factors have the largest marginal effect on the access to preferential loans. The results from the quantile regression model demonstrate that the debt factor has a deeper impact on the borrowing group at the lower quantiles of household income.     

A model of optimal portfolio selection under liquidity risk and price impact

We study a financial model with one risk-free and one risky asset subject to liquidity risk and price impact. In this market, an investor may transfer funds between the two assets at any discrete time. Each purchase or sale policy decision affects the rice of the risky asset and incurs some fixed transaction cost. The objective is to maximize the expected utility from terminal liquidation value over a finite horizon and subject to a solvency constraint. This is formulated as an impulse control problem under state constraints and we characterize the value function as the unique constrained viscosity solution to the associated quasi-variational Hamilton–Jacobi–Bellman inequality. We would like to thank Mihail Zervos for useful discussions.