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.

Making it in the Modern Job Market: A Study of Communication among the Deaf and Hard of Hearing Population

Gemstone Team AUDIO (Assessing and Understanding Deaf Individuals' Occupations)

Symmetrical freedom quilts: the ethnomathematics of ways of communication, liberation, and art

Symmetrical Freedom Quilts may be considered as links between mathematics, history, ethnomathematics, and the art of quilting. A quilt theme is a pedagogical way to integrate mathematics, art, and history in an interdisciplinary approach. This article combines an ethnomathematical-historical perspective by elaborating a history project related to the Underground Railroad. This work will allow teachers to develop classroom projects that help students to better understand geometry, especially concepts of symmetry and transformations. One of the objectives of this project is to stimulate student’s creativity and interest, because quilts may be considered as cultural and mathematical expressions of student’s daily life.

The State, Compartmentalization and the Turn to Local Community: A Critique of the Political Thought of Alasdair MacIntyre

Alasdair MacIntyre condemns modern politics, specifically liberalism and the institutions of the liberal state, as irredeemably fallen. His core argument is that the liberal state encourages a disempowering ‘compartmentalization’ of people’s everyday roles and activities that undermines the intersubjective conditions of human flourishing. MacIntyre’s alternative is an Aristotelian politics centred on the notion of “practice.” Defined by justice and solidarity, this politics can only be realized, he claims, within local communities which oppose and resist the dictates of the administrative state and capitalist market. Here it is argued that MacIntyre’s notion of “practice” represents a compelling ethical-political ideal. However, the belief that this ideal is best realized within local communities is rejected. In privileging local community, MacIntyre relies on a reductive view of modern states and overlooks the institutional conditions of a just polity. Against this, it is argued that a politics of human flourishing cannot succeed without an emancipatory transformation of large-scale, trans-communal institutions, in particular the state.

Welfare Effort and Poverty from the Monetary and Capabilities Approach: A Cross-Country Analysis in Latin American and the Caribbean (1990-2010)

There is abundant empirical evidence on the negative relationship between welfare effort and poverty. However, poverty indicators traditionally used have been representative of the monetary approach, excluding its multidimensional reality from the analysis. Using three regression techniques for the period 1990-2010 and controlling for demographic and cyclical factors, this paper examines the relationship between social spending per capita —as the indicator of welfare effort— and poverty in up to 21 countries of the region. The proportion of the population with an income below its national basic basket of goods and services (PM1) and the proportion of population with an income below 50% of the median income per capita (PM2) were the two poverty indicators considered from the monetarist approach to measure poverty. From the capability approach the proportion of the population with food inadequacy (PC1) and the proportion of the population without access to improved water sources or sanitation facilities (PC2) were used. The fi ndings confi rm that social spending is actually useful to explain changes in poverty (PM1, PC1 and PC2), as there is a high negative and signifi cant correlation between the variables before and after controlling for demographic and cyclical factors. In two regression techniques, social spending per capita did not show a negative relationship with the PM2. Countries with greater welfare effort for the period 1990-2010 were not necessarily those with the lowest level of poverty. Ultimately social spending per capita was more useful to explain changes in poverty from the capability approach.

Inscribir el declive en el tiempo. Detroit: Auge y crisis de la ciudad industrial

A comienzos del siglo XX, Detroit era una ciudad dinámica en pleno desarrollo. Pronto se convirtió en la cuarta ciudad de Estados Unidos, la capital de la naciente industria automovilística. El crecimiento se prolongó hasta finales de los años 50, cuando, a pesar del auge económico de Estados Unidos y de su área metropolitana, Detroit comenzó a mostrar los primeros signos de estancamiento. La crisis se ha prolongado hasta hoy, cuando Detroit constituye el paradigma de la ciudad industrial en declive. Estas dos imágenes contrapuestas, el auge y la crisis, no parecen explicar por sí mismas las causas de la intensidad y persistencia del declive de Detroit. Analizar las interacciones entre crecimiento económico, políticas públicas locales y desarrollo urbano a lo largo del tiempo permitirá subrayar las continuidades y comprender en qué medida el declive de Detroit ancla sus raíces en el modelo planteado durante la etapa de auge.

Energetics and water economy of common spiny mice Acomys cahirinus from north- and south-facing slopes of a Mediterranean valley

1. A comparison was made of the daily energy expenditure (DEE), resting metabolic rate (RMR) and water turnover (WTO) of two populations of Common Spiny Mice Acomys cahirinus from north- and south-facing slopes (NFS and SFS) of the same valley, which represented 'Mediterranean' and 'desert' habitats, respectively.

Artificial gravity reveals that economy of action determines the stability of sensorimotor coordination.

Background
When we move along in time with a piece of music, we synchronise the downward phase of our gesture with the beat. While it is easy to demonstrate this tendency, there is considerable debate as to its neural origins. It may have a structural basis, whereby the gravitational field acts as an orientation reference that biases the formulation of motor commands. Alternatively, it may be functional, and related to the economy with which motion assisted by gravity can be generated by the motor system.
Methodology/Principal Findings
We used a robotic system to generate a mathematical model of the gravitational forces acting upon the hand, and then to reverse the effect of gravity, and invert the weight of the limb. In these circumstances, patterns of coordination in which the upward phase of rhythmic hand movements coincided with the beat of a metronome were more stable than those in which downward movements were made on the beat. When a normal gravitational force was present, movements made down-on-the-beat were more stable than those made up-on-the-beat.
Conclusions/Significance
The ubiquitous tendency to make a downward movement on a musical beat arises not from the perception of gravity, but as a result of the economy of action that derives from its exploitation.