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.

How to beat the Rayleigh limit?

The problem of achieving super-resolution, i.e. resolution beyond the classical Rayleigh distance of half a wavelength, is a real challenge in several imaging problems. The development of computer-assisted instruments and the possibility of inverting the recorded data has clearly modified the traditional concept of resolving power of an instrument. We show that, in the framework of inverse problem theory, the achievable resolution limit arises no longer from a universal rule but instead from a practical limitation due to noise amplification in the data inversion process. We analyze under what circumstances super-resolution can be achieved and we show how to assess the actual resolution limits in a given experiment, as a function of the noise level and of the available a priori knowledge about the object function. We emphasize the importance of the a priori knowledge of its effective support and we show that significant super-resolution can be achieved for "subwavelength sources", i.e. objects which are smaller than the probing wavelength.

Object Restoration Beyond the Rayleigh Limit in the Presence of Noise

info:eu-repo/semantics/published

Resolution beyond the diffraction limit for regularized object restoration

We propose a new formulation of Miller's regularization theory, which is particularly suitable for object restoration problems. By means of simple geometrical arguments, we obtain upper and lower bounds for the errors on regularized solutions. This leads to distinguish between ' Holder continuity ' which is quite good for practical computations and ` logarithmic continuity ' which is very poor. However, in the latter case, one can reconstruct local weighted averages of the solution. This procedure allows for precise valuations of the resolution attainable in a given problem. Numerical computations, made for object restoration beyond the diffraction limit in Fourier optics, show that, when logarithmic continuity holds, the resolution is practically independent of the data noise level. © 1980 Taylor & Francis Group, LLC.