Some Empirical Tests of Alternative Generalized Two Parameter Asset Pricing Models

In this paper, Grauer's (1978) study was replicated for a larger number of linear risk tolerance (lrt) capm relationships, and for a different (Canadian) data set and (imperfect) market setting. Since few statistically significant differences were found between the eight lrtcapm asset pricing equations based on the bi-variate equality of their mean vectors of estimates of the risk-free rates and the rewards for bearing risk, the findings of this study support Grauer's finding that no lrtcapm clearly dominates all the other contenders. Résumé On a répété ici l'étude de Grauer (1978) sur un plus grand nombre de relations de tolérance linéaire au risque (lrt) capm en utilisant une série de données (canadiennes) et un marché imparfait. Puisque peu de différences statistiques d'importance de la valeur de l'actif qui sont fondées sur l'égalité bi-variable des vecteurs moyens des estimations des taux sans facteur de risque et des avantages associés au risque, cette étude confirme les conclusions de Grauer selon lesquelles aucun rapport lrt-capm ne domine nettement les autres.     

Small-Business Debt Financing: An Empirical Investigation of Default Risk

Unlike much of the existing literature, this paper aims primarily to identify the determinants of the (ex post) risk of default of the corporate borrowings of small business firms. Thus, the explanatory power of forty-three financial and non-financial variables is assessed, using an instrumental-variables approach and logit analysis. Four factors are identified as being significant determinants of the default risk of small-business loans. These are the borrowing firm's total assets at date of loan request, the business's age, the type of loan, and the potential performance of the financed project as assessed by the lending institution. None of the financial ratios examined are found to be significant determinants of default risk. In addition, the three financial institutions studied may be informationally inefficient, since they appear systematically to underestimate (overestimate) the risk of default for high-risk (low-risk) loans. Résumé Contrairement aux études existantes, ce mémoire a pour but d'identifier les déterminants relatifs au risque de défaut (ex post) dans le cas d'emprunts contractés par des petites enterprises. Le caractère explicatif de quarante-trois variables financières et non financières est évalué à l'aide de la méthode des variables instrumentales et de l'analyse logit. Quatre facteurs sont identifiés comme déterminants du risque de défaut des petites entreprises. Ces facteurs sont les suivants: l'actif total de l'entreprise au moment de la demande d'emprunt; le nombre d'années d'existence de l'entreprise; le type d'emprunt et les possibilités de succès du projet, telles qu'évaluées par l'institution prěteuse. L'étude des ratios n'a révélé aucun déterminant d'importance quant au risque de défaut. De plus, il est possible que les renseignements detenus par les trois institutions financières étudiées soient insuffisants puisqu'elles semblent sous-estimer (surestimer) systématiquement le risque de défaut dans le cas d'emprunts à risque (peu) élevé.     

Governance and compliance in accounting education in Vietnam – case of a public university

Prior research suggests that despite the mass development of higher education in Vietnam recently, the quality of higher education is declining. This study aims to understand the impact of the education reform on the quality of university accounting education by investigating the involvement of different stakeholders in accounting education within one leading university in Vietnam. The findings from the interviews of key stakeholders suggest that accounting education in Vietnam is driven by reduced state control, growing institutional autonomy and increasing external guidance. This has come at the expense of reduced academic self-governance as lecturers have discretion in curriculum delivery at the individual course level, but little input into the decision-making at the school or university level and minimal participation in the curriculum development process. The findings enable regulators and decision-makers to better understand the dynamics between stakeholders in accounting education to enhance accounting graduates’ competencies and outcomes.     

The Impact of Credit Policy on Rice Production in Myanmar

Rural finance has long been an important tool for poverty reduction and rural development by donors and governments, but the impacts have been controversial. Measuring impact is challenging due to identification problems caused by selection bias and governments’ targeted interventions, while randomised trial data are scarce and limited to contexts where little to no rural finance exists. Using an author‐collected dataset, we provide insights on a large‐scale long‐lasting subsidised rice credit programme in Myanmar, one of the poorest and, until recently, most economically isolated countries in Asia. Identification relies on a fuzzy regression discontinuity design, exploiting an arbitrary element to the credit provision rule which is based on rice landholding size. Although we find little evidence that rice yield or output is increased, we do see that the programme has some positive effects on total household income, suggesting a positive spillover effect on other farm income activities.     

Rice Production,Trade and the Poor: Regional Effects of Rice Export Policy on Households in Vietnam

Analysing Vietnam's rice export policy and recent export ban in the context of rising food prices, this study combines insights from a regionally‐disaggregated or ‘bottom‐up’ CGE model and a micro‐simulation using household data. Three main conclusions are drawn. First, although there is little impact on GDP, there are substantial distributional impacts across regions and households from different export policies and market conditions. Second, both rural and urban households, including poor households, benefit from free trade, even though domestic rice prices are higher. Finally, under free trade, relatively large gains accrue to rural households, where poverty is most pervasive in Vietnam.     

Exclusive versus inclusive devolution in forest management: Insights from forest land allocation in Vietnam's Central Highlands

The devolution of forest management is high on the agenda in international forest policy. Devolution is generally conceived as a policy that aims to include a more diverse set of actors in forest management. One of the most problematic outcomes of devolution policies, therefore, is their tendency to exclude the claims of some local actors. This paper examines the exclusionary effects of devolutions in settings characterized by overlapping state and customary regulations and links these effects to exclusive notions of property and governance contained in particular devolution policies. The paper draws on insights gained in a pilot initiative of forest devolution in Vietnam's Central Highlands. Forest land allocation, as the initiative is called in Vietnam, took an exclusive approach to devolution by assigning ownership-type rights on forest to local actors, obliging those to protect the forest against encroachment by other actors, and centering governance in the state. In this particular case, exclusive devolution failed to diminish the gap between state and customary regulations, created conflicts among local actors, and contributed to forest loss. The unintended outcomes of exclusive devolution suggest the need for an inclusive approach to devolution that accommodates diverse kinds of overlapping claims made by multiple actors. The key elements of inclusive devolution are proprietary but not ownership rights granted to individual users and nested governance relations involving state and customary actors.     

The Spatial Integration of Paddy Markets in Vietnam

This paper examines whether there is spatial integration between and within paddy markets in the north and south of Vietnam. The empirical model developed uses estimates of transfer costs to generalise Ravallion's model of spatial market integration to allow for threshold effects. A sequential testing strategy is used to test for market segmentation, the number of thresholds, long‐run integration, informational efficiency and the Law of One Price within an error‐correction framework. We find neither threshold effects nor weak evidence of paddy market integration between northern and southern Vietnam. There is, however, evidence of both threshold effects and stronger market integration within the Red and Mekong River deltas. Whenever price spreads exceed their thresholds, at least 60% of price changes are transmitted between regional markets within a month. Nonetheless, the instantaneous version of the Law of One Price only holds for a few regimes and market pairs. These results suggest that national level policies cannot be relied upon to stabilise or support paddy prices in Vietnam. Instead, policies need to be designed with the specific production, consumption and marketing characteristics of northern and southern Vietnam in mind.     

Role of Social Network Services (SNS) Sales Promotions in Generating Brand Loyalty for Chain Steakhouses

This research aimed to explore the impact of social network services (SNS) sales promotions on the brand loyalty generation process by considering the role of brand attitude, awareness, service quality, experience, trust, and attachment in the chain steakhouse industry. A field survey was conducted to collect data in a metropolitan city of South Korea. According to our structural equation modeling results, SNS sales promotions significantly increased loyalty and its antecedents, and brand attachment had the greatest influence on brand loyalty. The mediating impact of study variables was also identified. The proposed model had a satisfactory level of prediction power for loyalty. Overall, our findings provided important insights into how steakhouse practitioners can deal with SNS as essential promotional tools and provided valuable insights into why using SNS sales promotions is critical in the fast-changing chain restaurant industry.     

Accounting conservatism and banking expertise on board of directors

Review of Quantitative Finance and Accounting - Previous studies show mixed evidence of the role of banking expertise on the board of directors on accounting conservatism. In this paper, we add to...