The Vietnamese Corporate Bond Market An Early Exploration into the 1992-1999 Period

This paper summarizes the situation of corporate bonds in Vietnam for the period 1992-1999. Corporate bonds are new in the transitional economy, but the capital shortage and operational inefficiency of the banking sector and financial system would likely drive the bond market up in the future. The paper also discusses some conditions for the Vietnamese bond market to further develop, based on the facts and observation.

Corporate Bond Market in the Transition Economy of Vietnam, 1990-2010

Corporate bond appeared early in 1992-1994 in Vietnamese capital markets. However, it is still not popular to both business sector and academic circle. This paper explores different dimensions of Vietnamese corporate bond market using a unique, and perhaps, most complete dataset. State not only intervenes in the bond markets with its powerful budget and policies but also competes directly with enterprises. The dominance of SOEs and large corporations also prevents SMEs from this debt financing vehicle. Whenever a convertible term is available, bondholders are more willing to accept lower fixed income payoff. But they would not likely stick to it. On one hand, prospective bondholders could value the holdings of equity when realized favorably ex ante. On the other hand, the applicable coupon rate for such bond could turn out negative inflationadjusted payoff when tight monetary policy is exercised and the corresponding equity holding turns out valueless, ex post. Given the weak primary market and virtually nonexistent secondary market, the corporate bond market in Vietnam reflects our perception of the relationship-based and rent-seeking behavior in the financial markets. For the corporate bonds to really work, they critically need a higher level of liquidity to become truly tradable financial assets.

New data inversion formulae in confocal scanning microscopy

Whereas the resolving power of an ordinary optical microscope is determined by the classical Rayleigh distance, significant super-resolution, i.e. resolution improvement beyond that Rayleigh limit, has been achieved by confocal scanning light microscopy. Furthermore is has been shown that the resolution of a confocal scanning microscope can still be significantly enhanced by measuring, for each scanning position, the full diffraction image by means of an array of detectors and by inverting these data to recover the value of the object at the focus. We discuss the associated inverse problem and show how to generalize the data inversion procedure by allowing, for reconstructing the object at a given point, to make use also of the diffraction images recorded at other scanning positions. This leads us to a whole family of generalized inversion formulae, which contains as special cases some previously known formulae. We also show how these exact inversion formulae can be implemented in practice.

Super-resolution in confocal scanning microscopy: generalized inversion formulae

It was shown in previous papers that the resolution of a confocal scanning microscope can be significantly improved by measuring, for each scanning position, the full diffraction image and by inverting these data to recover the value of the object at the confocal point. In the present work, the authors generalize the data inversion procedure by allowing, for reconstructing the object at a given point, to make use of the data samples recorded at other scanning positions. This leads them to a family of generalized inversion formulae, either exact or approximate. Some previously known formulae are re-derived here as special cases in a particularly simple way.

Inversion from redundant data

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Resolution enhancement by data inversion techniques

Chapter 15

Iterative inversion of experimental data in weighted spaces

We present iterative algorithms for solving linear inverse problems with discrete data and compare their performances with the method of singular function expansion, in view of applications in optical imaging and particle sizing.

Inversion of light scattering data by singular system analysis

We consider the problem of inverting experimental data obtained in light scattering experiments described by linear theories. We discuss applications to particle sizing and we describe fast and easy-to-implement algorithms which permit the extraction, from noisy measurements, of reliable information about the particle size distribution. © 1987, SPIE.

The Use of Singular Systems and other Inversion Methods in Weighted L2- spaces

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Particle sizing by inversion of extinction data

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A new inversion procedure for confocal scanning microscopy and other bandlimited signal processing problems

We find a simple analytic expression for the inverse of an infinite matrix related to the problem of data reduction in confocal scanning microscopy and other band-limited signal processing problems. Potential applications of this result to practical problems are outlined. The matrix arises from a sampling expansion approach to the integral equation.