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.

Social tourism today: Stakeholders, and supply and demand factors

As highlighted in the previous chapter, the definitions and consequently the expression of social tourism have developed and changed since its inception in the 19th century. In post-modern times there has been a significant evolution of the needs, the expectations and the possibilities (or opportunities) for holidaymaking and travel in general for the majority of people in Europe. Socio-political, economic and technological developments have forged a new context for tourism and created new travel opportunities (see Chapter 6). While the numbers of tourism trips have grown steadily over time, tourism participation levels in Europe have largely stabilised: there are still a number of groups in contemporary society who are excluded from tourism. Social tourism has adapted to societal changes and has changed its focus from factory workers and manual labourers towards the current main four target groups.

Environmental impacts of tropospheric volcanic gas plumes

info:eu-repo/semantics/published