Policy impacts on Vietnam stock markets: a case of anomalies and disequilibria 2000-2006

Vietnam launched its first-ever stock market, named as Ho Chi Minh City Securities Trading Center (HSTC) on July 20, 2000. This is one of pioneering works on HSTC, which finds empirical evidences for the following: Anomalies of the HSTC stock returns through clusters of limit-hits, limit-hit sequences; Strong herd effect toward extreme positive returns of the market portfolio;The specification of ARMA-GARCH helps capture fairly well issues such as serial correlations and fat-tailed for the stabilized period. By using further information and policy dummy variables, it is justifiable that policy decisions on technicalities of trading can have influential impacts on the move of risk level, through conditional variance behaviors of HSTC stock returns. Policies on trading and disclosure practices have had profound impacts on Vietnam Stock Market (VSM). The over-using of policy tools can harm the market and investing mentality. Price limits become increasingly irrelevant and prevent the market from self-adjusting to equilibrium. These results on VSM have not been reported before in the literature on Vietnam’s financial markets. Given the policy implications, we suggest that the Vietnamese authorities re-think the use of price limit and give more freedom to market participants.

Monopoles for gravitation and for higher spin fields

We consider massless higher spin gauge theories with both electric and magnetic sources, with a special emphasis on the spin two case. We write the equations of motion at the linear level (with conserved external sources) and introduce Dirac strings so as to derive the equations from a variational principle. We then derive a quantization condition that generalizes the familiar Dirac quantization condition, and which involves the conserved charges associated with the asymptotic symmetries for higher spins. Next we discuss briefly how the result extends to the nonlinear theory. This is done in the context of gravitation, where the Taub-NUT solution provides the exact solution of the field equations with both types of sources. We rederive, in analogy with electromagnetism, the quantization condition from the quantization of the angular momentum. We also observe that the Taub-NUT metric is asymptotically flat at spatial infinity in the sense of Regge and Teitelboim (including their parity conditions). It follows, in particular, that one can consistently consider in the variational principle configurations with different electric and magnetic masses. © 2006 The American Physical Society.