Unlocking the learning potential of incarcerated Indigenous and low SES young people; Mathematics outcomes for future success: a discussion paper

This presentation provides a beginning discussion about what the literature reports about incarcerated young people. Incarcerated Indigenous and low SES young people typically have very low literacy and mathematics skills which precludes them from future education and or employment opportunities, thus continuing the cycle of disadvantage, exclusion and despair(Payne, 2007). Being locked out of learning, they are stuck in a cycle of underachievement, a scenario which contributes to unacceptably high levels of recidivism(ACER, 2014). Success at education is considered an important protective factor against delinquent behaviours such as offending, substance abuse and truancy. Youth education and training centres provide educational opportunities for the incarcerated Indigenous youth but achievement continues to be lower than expected, particularly in mathematics. This presentation provides an introductory literature review focusing on incarcerated young people and education. It is also the preliminary writing for a small pilot project currently being conducted in one Youth Education and Training Centre in Australia.

Changes in disability, physical/mental health states and quality of life during an 8-Week multimodal physiotherapy programme in patients with chronic non-specific neck pain: A prospective cohort study

Aim The aim of this study was to analyse the effect of an 8-week multimodal physiotherapy programme (MPP), integrating physical land-based therapeutic exercise (TE), adapted swimming and health education, as a treatment for patients with chronic non-specific neck pain (CNSNP), on disability, general health/mental states and quality of life. Methods 175 CNSNP patients from a community-based centre were recruited to participate in this prospective study. Intervention: 60-minute session (30 minutes of land-based exercise dedicated to improving mobility, motor control, resistance and strengthening of the neck muscles, and 30 minutes of adapted swimming with aerobic exercise keeping a neutral neck position using a snorkel). Health education was provided using a decalogue on CNSNP and constant repetition of brief advice by the physiotherapist during the supervision of the exercises in each session. Study outcomes: primary: disability (Neck Disability Index); secondary: physical and mental health states and quality of life of patients (SF-12 and EuroQoL-5D respectively). Differences between baseline data and that at the 8-week follow-up were calculated for all outcome variables. Results Disability showed a significant improvement of 24.6% from a mean (SD) of 28.2 (13.08) at baseline to 16.88 (11.62) at the end of the 8-week intervention. All secondary outcome variables were observed to show significant, clinically relevant improvements with increase ranges between 13.0% and 16.3% from a mean of 0.70 (0.2) at baseline to 0.83 (0.2), for EuroQoL-5D, and from a mean of 40.6 (12.7) at baseline to 56.9 (9.5), for mental health state, at the end of the 8-week intervention. Conclusion After 8 weeks of a MPP that integrated land-based physical TE, health education and adapted swimming, clinically-relevant and statistically-significant improvements were observed for disability, physical and mental health states and quality of life in patients who suffer CNSNP. The clinical efficacy requires verification using a randomised controlled study design.

Pulse-echo ultrasound transit time spectroscopy: A comparison of experimental measurements and simulation prediction

Considering ultrasound propagation through complex composite media as an array of parallel sonic rays, a comparison of computer simulated prediction with experimental data has previously been reported for transmission mode (where one transducer serves as transmitter, the other as receiver) in a series of ten acrylic step-wedge samples, immersed in water, exhibiting varying degrees of transit time inhomogeneity. In this study, the same samples were used but in pulse-echo mode, where the same ultrasound transducer served as both transmitter and receiver, detecting both ‘primary’ (internal sample interface) and ‘secondary’ (external sample interface) echoes. A transit time spectrum (TTS) was derived, describing the proportion of sonic rays with a particular transit time. A computer simulation was performed to predict the transit time and amplitude of various echoes created, and compared with experimental data. Applying an amplitude-tolerance analysis, 91.7±3.7% of the simulated data was within ±1 standard deviation (STD) of the experimentally measured amplitude-time data. Correlation of predicted and experimental transit time spectra provided coefficients of determination (R2) ranging from 100.0% to 96.8% for the various samples tested. The results acquired from this study provide good evidence for the concept of parallel sonic rays. Further, deconvolution of experimental input and output signals has been shown to provide an effective method to identify echoes otherwise lost due to phase cancellation. Potential applications of pulse-echo ultrasound transit time spectroscopy (PE-UTTS) include improvement of ultrasound image fidelity by improving spatial resolution and reducing phase interference artefacts.

K-12 transitions: Approaches and lessons learned

More than 140 countries offer what has become the international norm for preteritiary education, namely a kindergarten through grade 12 (K-12) system. Why kindergarten? Because, research attests to the long-term learning and social benefits of school readiness programs. Why 12 grades? Because experience in many countries shows that a K-12 system of schooling is the minimum necessary to acquire the knowledge and expertise for university education, employment training, or decent work.

Gasifier stoves - science, technology and field outreach

Development of a new class of single pan high efficiency, low emission stoves, named gasifier stoves, that promise constant power that can be controlled using any solid biomass fuel in the form of pellets is reported here. These stoves use battery-run fan-based air supply for gasification (primary air) and for combustion (secondary air).Design with the correct secondary air flow ensures near-stoichiometric combustion that allows attainment of peak combustion temperatures with accompanying high water boiling efficiencies (up to 50% for vessels of practical relevance) and very low emissions (of carbon monoxide, particulate matter and oxides of nitrogen). The use of high density agro-residue based pellets or coconut shell pieces ensures operational duration of about an hour or more at power levels of 3 kWth (similar to 12 g/min). The principles involved and the optimization aspects of the design are outlined. The dependence of efficiency and emissions on the design parameters are described. The field imperatives that drive the choice of the rechargeable battery source and the fan are brought out. The implications of developments of Oorja-Plus and OorjaSuper stoves to the domestic cooking scenario of India are briefly discussed. The process development, testing and internal qualification tasks were undertaken by Indian Institute of Science. Product development and the fuel pellet production were dealt with by First Energy Private Ltd.Close interaction at several times during this period has helped progress the project from the laboratory to large scale commercial operation. At this time, over four hundred thousand stoves and 30 kilotonnes fuel have been sold in four states in India.

Fast- and drift-ice communities in the Bothnian Bay and the impact of UVA radiation on the Baltic Sea ice ecology

The aim of this thesis was to study ecology of Baltic Sea ice from two perspectives. In the first two studies, sea-ice ecology from riverine-influenced fast ice to drift ice in the Bothnian Bay was investigated, whereas the last two studies focus on the sensitivity of sea-ice bacteria and algae to UVA examined in situ. The seasonal sea ice cover is one of the main characteristics of the Baltic Sea, and despite the brackish parental water, the ice structure is similar to polar ice with saline brine inclusions, the sea ice habitat. The decreasing seawater salinity from the northern Baltic Sea to the Bothnian Bay translates to decreasing brine volumes along the gradient, governing the size and community structure of the food webs in ice. However, the drift and fast ice in the Bothnian Bay may differ greatly in this sense, as drift ice may have been formed at more southern locations. Rafting and the formation of snow ice are common processes in the ice field of the Bothnian Bay. As evidenced in this thesis, rafting altered the vertical distribution of organisms and snow-ice formation provided habitable space in the better-illuminated, nitrogen-rich surface layer. The divergence between fast and drift ice became apparent at the more advanced stages, and chlorophyte biomass decreased from fast to drift ice, while the opposite held true for protozoan and metazoan biomass. The brine volumes affected the communities somewhat, and a higher percentage of flagellate species was generally linked to lower brine volumes, whereas chain-forming diatoms were mostly concentrated in layers with larger brine volumes. These results add to knowledge of the ecological significance of the ice cover lasting up to 7 months per year in this area. Sea-ice food webs are generally light-limited, but while increasing light irradiances typically enhance the primary production and further, the secondary production in sea ice, any increase in solar radiation also includes an increase in harmful UVA radiation. The Baltic Sea ice microbial communities were clearly sensitive to UVA and the responses were strongly linked to the earlier light history, as well as to the solar irradiances they were exposed to. The increased biomass of chlorophytes and pennate diatoms, when UVA was excluded, indicates that their normally minor contribution to the biomass in the upper layers of sea ice might be partly dictated by UVA. The effects of UVA on bacterial production in Baltic Sea ice mostly followed the responses in algal growth, but occasionally the exposure to UVA even enhanced the bacterial production. The dominant bacterial class, Flavobacteria, seemed to be UVA-tolerant, whereas all the Alpha-, Beta- and Gammaproteobacteria present in the surface layer showed UVA sensitivity. These results indicate that changes in the light field of ice may alter the community structure and affect the functioning of ice food webs, and are of importance when the effects of thinning of the ice cover are assessed.

Antenna Selection in Interference-Constrained Underlay Cognitive Radios: SEP-Optimal Rule and Performance Benchmarking

In the underlay mode of cognitive radio, secondary users are allowed to transmit when the primary is transmitting, but under tight interference constraints that protect the primary. However, these constraints limit the secondary system performance. Antenna selection (AS)-based multiple antenna techniques, which exploit spatial diversity with less hardware, help improve secondary system performance. We develop a novel and optimal transmit AS rule that minimizes the symbol error probability (SEP) of an average interference-constrained multiple-input-single-output secondary system that operates in the underlay mode. We show that the optimal rule is a non-linear function of the power gain of the channel from the secondary transmit antenna to the primary receiver and from the secondary transmit antenna to the secondary receive antenna. We also propose a simpler, tractable variant of the optimal rule that performs as well as the optimal rule. We then analyze its SEP with L transmit antennas, and extensively benchmark it with several heuristic selection rules proposed in the literature. We also enhance these rules in order to provide a fair comparison, and derive new expressions for their SEPs. The results bring out new inter-relationships between the various rules, and show that the optimal rule can significantly reduce the SEP.

The Uniform World Model: A Methodology for Predicting the Health Impacts of Air Pollution

47 p.

DNA-Mediated Charge Transport Devices for Protein Detection

Detection of biologically relevant targets, including small molecules, proteins, DNA, and RNA, is vital for fundamental research as well as clinical diagnostics. Sensors with biological elements provide a natural foundation for such devices because of the inherent recognition capabilities of biomolecules. Electrochemical DNA platforms are simple, sensitive, and do not require complex target labeling or expensive instrumentation. Sensitivity and specificity are added to DNA electrochemical platforms when the physical properties of DNA are harnessed. The inherent structure of DNA, with its stacked core of aromatic bases, enables DNA to act as a wire via DNA-mediated charge transport (DNA CT). DNA CT is not only robust over long molecular distances of at least 34 nm, but is also especially sensitive to anything that perturbs proper base stacking, including DNA mismatches, lesions, or DNA-binding proteins that distort the π-stack. Electrochemical sensors based on DNA CT have previously been used for single-nucleotide polymorphism detection, hybridization assays, and DNA-binding protein detection. Here, improvements to (i) the structure of DNA monolayers and (ii) the signal amplification with DNA CT platforms for improved sensitivity and detection are described.

First, improvements to the control over DNA monolayer formation are reported through the incorporation of copper-free click chemistry into DNA monolayer assembly. As opposed to conventional film formation involving the self-assembly of thiolated DNA, copper-free click chemistry enables DNA to be tethered to a pre-formed mixed alkylthiol monolayer. The total amount of DNA in the final film is directly related to the amount of azide in the underlying alkylthiol monolayer. DNA monolayers formed with this technique are significantly more homogeneous and lower density, with a larger amount of individual helices exposed to the analyte solution. With these improved monolayers, significantly more sensitive detection of the transcription factor TATA binding protein (TBP) is achieved.

Using low-density DNA monolayers, two-electrode DNA arrays were designed and fabricated to enable the placement of multiple DNA sequences onto a single underlying electrode. To pattern DNA onto the primary electrode surface of these arrays, a copper precatalyst for click chemistry was electrochemically activated at the secondary electrode. The location of the secondary electrode relative to the primary electrode enabled the patterning of up to four sequences of DNA onto a single electrode surface. As opposed to conventional electrochemical readout from the primary, DNA-modified electrode, a secondary microelectrode, coupled with electrocatalytic signal amplification, enables more sensitive detection with spatial resolution on the DNA array electrode surface. Using this two-electrode platform, arrays have been formed that facilitate differentiation between well-matched and mismatched sequences, detection of transcription factors, and sequence-selective DNA hybridization, all with the incorporation of internal controls.

For effective clinical detection, the two working electrode platform was multiplexed to contain two complementary arrays, each with fifteen electrodes. This platform, coupled with low density DNA monolayers and electrocatalysis with readout from a secondary electrode, enabled even more sensitive detection from especially small volumes (4 μL per well). This multiplexed platform has enabled the simultaneous detection of two transcription factors, TBP and CopG, with surface dissociation constants comparable to their solution dissociation constants.

With the sensitivity and selectivity obtained from the multiplexed, two working electrode array, an electrochemical signal-on assay for activity of the human methyltransferase DNMT1 was incorporated. DNMT1 is the most abundant human methyltransferase, and its aberrant methylation has been linked to the development of cancer. However, current methods to monitor methyltransferase activity are either ineffective with crude samples or are impractical to develop for clinical applications due to a reliance on radioactivity. Electrochemical detection of methyltransferase activity, in contrast, circumvents these issues. The signal-on detection assay translates methylation events into electrochemical signals via a methylation-specific restriction enzyme. Using the two working electrode platform combined with this assay, DNMT1 activity from tumor and healthy adjacent tissue lysate were evaluated. Our electrochemical measurements revealed significant differences in methyltransferase activity between tumor tissue and healthy adjacent tissue.

As differential activity was observed between colorectal tumor tissue and healthy adjacent tissue, ten tumor sets were subsequently analyzed for DNMT1 activity both electrochemically and by tritium incorporation. These results were compared to expression levels of DNMT1, measured by qPCR, and total DNMT1 protein content, measured by Western blot. The only trend detected was that hyperactivity was observed in the tumor samples as compared to the healthy adjacent tissue when measured electrochemically. These advances in DNA CT-based platforms have propelled this class of sensors from the purely academic realm into the realm of clinically relevant detection.

Prevalência de sintomas depressivos em uma população de idosos usuários de serviços públicos

Esta dissertação pretende estimar a prevalência de sintomas depressivos em idosos segundo três níveis de complexidade de atenção à saúde e estudar a co-ocorrência de sintomas depressivos e incapacidade funcional. No Brasil, a transição demográfica ocorreu de forma rápida e explosiva. À medida que o número de idosos cresce ocorre o aumento da prevalência de doenças crônicas e suas complicações. A habilidade funcional pode ser vista como uma medida de resumo do impacto geral das condições médicas no contexto do ambiente e do sistema de apoio social do indivíduo, e deve ser uma consideração importante em qualquer planejamento de saúde. Uma enfermidade associada a elevado grau de incapacidade funcional é a depressão. Entre os agravos de saúde mental, a depressão é um dos mais comuns e importantes problemas psiquiátricos entre indivíduos idosos. Trata-se de estudo transversal com tamanho amostral de 643 idosos com idade de 65 ou mais anos selecionados aleatoriamente e usuários de três serviços públicos de saúde com níveis crescentes de complexidade (primário, secundário e terciário). A prevalência de sintomas depressivos foi estimada a partir da EDG-15, já traduzida e validada para uso no Brasil. O nível de estado funcional foi definido conforme os escores dos instrumentos SF-36 e HAQ. A prevalência de sintomas depressivos na amostra total foi de 45,2% (IC=41,1 49,3). Estratificando por unidade, a prevalência foi de 35,3% no nível primário, 47,6% no nível secundário e 51,7% no nível terciário (p=0,004). As prevalências encontradas foram altas nos três níveis de complexidade de atendimento, inclusive na população de idosos da unidade básica de saúde, apesar de serem idosos mais independentes e mais saudáveis. A prevalência geral de sintomas depressivos aumentou à medida que o grau de incapacidade funcional também aumentou. A busca ativa por idosos com sintomas depressivos é importante em todos os níveis de complexidade de atendimento do sistema de saúde.

Ecossistema Engenheirado no tratamento descentralizado de águas residuárias de pequenos geradores: A Engenharia Ecológica na Ilha Grande, RJ.

Em várias regiões do mundo, assim como no Brasil, um alto percentual da população e até comunidades inteiras não têm acesso a um sistema de tratamento de esgoto centralizado, sendo comum o uso das fossas sépticas e/ou sumidouros e, em muitos casos, os esgotos são lançados in natura diretamente nos corpos hídricos. Com o objetivo de oferecer uma alternativa tecnológica de baixo custo de implantação e operação com vistas à minimização dos impactos ambientais e em atendimento a pequenas comunidades isoladas e de interesse social, o presente projeto desenvolveu com base em sistemas apresentados na literatura, um ecossistema engenheirado compacto para o tratamento de esgoto domiciliar de pequenos geradores. O sistema é composto por tratamento preliminar (caixa controladora de vazão e caixa de gordura), primário (fossa séptica), secundário (filtro aerado submerso e decantador secundário) e um conjunto de tanques vegetados por macrófitas aquáticas (Eichhornia crassipes, Schoenoplectus sp., Panicum cf. racemosum) intercalados por um tanque de algas para remoção da carga poluidora remanescente e nutrientes. O sistema foi instalado no CEADS/UERJ na Vila de Dois Rios, Ilha Grande, litoral Sul do Rio de Janeiro, operado e monitorado desde Abril de 2009, sendo que o presente estudo referese aos primeiros 200 dias de monitoramento. A remoção da carga poluidora foi monitorada na vazão de 200 L/h, posteriormente corrigida para 52 L/h, almejando alcançar os padrões de lançamento da Resolução CONAMA 357 e a NBR 13969 da ABNT, para os parâmetros de OD, pH, Temperatura, Nitrato, N amoniacal, DBO5, DQO, SSD, Cloreto e, Óleos e Graxas e outros parâmetros não incluídos na Resolução (Cond. Elétrica, COT, Alcalinidade, Dureza, Nitrito, Fósforo total e demais Sólidos (ST, SST, SSV, SSF e SDT ). Os resultados obtidos indicam que o sistema foi mais eficiente quando operado na vazão de 52 L/h, quando apresentou as seguintes taxas de remoção: 96 % (Nitrito); 71 % (Nitrato); 47 % (N amoniacal); 96,7 % (DQO); 95,7 % (DBO5); 10 % (Fósforo total). O sistema apresentou uma evolução ao longo do tempo de operação e após a redução na vazão, garantiu o enquadramento de 12 dos 14 parâmetros analisados (exceto N amoniacal e Fósforo total), nos padrões de lançamento contemplados pela Legislação Federal, CONAMA 357 e Legislação Estadual do RJ, SP, MG e GO. Para aumento da eficiência de tratamento, recomenda-se redimensionamento do filtro aerado submerso-decantador e tanques vegetados, com base nas recomendações do PROSAB 2.

Do discurso da impunidade à impunização: o sistema penal do capitalismo brasileiro e a destruição da democracia

Neste trabalho pretendemos demonstrar que a utilização da impunidade como suposto motivador criminal - seja como conceito, seja como conteúdo -, é equivocada na medida em que aquela não passa de um defeito funcional advindo do descompasso entre o programa criminalizador primário e a criminalização secundária, ainda que intermediada pela criminalização terciária (midiática). A consequência dessa paralaxe seria a migração léxica não só do verbete impunidade para o verbete impunização, senão a consideração de que essa não passa de um apontar de dedo político, útil ao sistema penal que, descaradamente, utiliza-se daquela desafinação para manter ou aumentar o seu poder punitivo. Para tanto, utilizamo-nos do método indiciário, haja vista não nos ser possível decifrar todas as causas e consequências que envolvem o discurso da impunidade criminógena, embora isso não nos tenha impedido de concluir que a seletividade inerente ao sistema penal, equivocadamente nomeada de impunidade, serve, em última medida, quando bem utilizada, como corretivo da voracidade do poder punitivo. Corretivo que, todavia, para exercer todo seu poder curativo, não pode continuar se valendo da própria seletividade, senão de uma redução do próprio poder punitivo.

Laurencia nanhaiense sp nov., a new species of the genus Laurencia(Rhodomelaceae, Rhodophyta) from China

Laurencia nanhaiense sp. nov. (Rhodomelaceae, Rhodophyta) is described from Hainan and Guangdong Provinces, China. The new species clearly displays one of the defining features of the genus, viz. four periaxial cells per vegetative axial segment. It differs from other closely related species in having a combination of features such as terete axes from a basal system composed of a primary, discoid holdfast and a secondary attachment to give rise to many short rhizoids, branching oppositely and alternately, irregularly tristichous or subverticillately polystichous, having more curve branches with very sparse, adventitious ultimate branchlets, non-projecting superficial cortical cells at the apices of ultimate branchlets, presence of longitudinally oriented secondary pit-connections between contiguous superficial cortical cells, absence of lenticular thickenings in the walls of medullary cells, parallel arrangement of tetrasporangia along the axis of stichidia, and presence of intercellular spaces between medullary cells.

塔里木盆地寒武－奥陶系白云岩类型、成因机理及其孔隙性研究

Cambrian-Ordovician dolostones in Tarim Basin are hydrocarbon reservoir rocks of vital importance. Under the guidance of the theories of sedimentology and the sedimentology of carbonate reservoir, based on the first-hand qualitative and quantitative data especially, combined with micro-study, geochemical and reservoir capacity analysis, and precursor research, the origin and reservoir characteristics of the dolostones were discussed. Based on detailed petrographic investigations, four types of dolostone have been recognized, which are, respecitively, mud-silt-sized dolostones, algal laminated dolostones (ALD), prophyritic dolostone, and neomorphic dolostone. Mud-silt-sized dolostones always presents as laminas together with evaporated signatures, its REE patterns and ΣREE are all close to that of the finely crystalline limestone. This kind of dolomite probably experienced relatively low fluid-rock ratio during diagenesis was formed in hypersaline and oxidizing environment and involved fast dolomitization process. It was dolomitized by evaporated seawater in sabkha environment.The main primary fabrics of algal lamination in algal laminated dolomite (ALD) can still be identified and its ΣREE (21.37) is very close to that of algae. This reveals that ALD was dolomitized during early diagenesis and algae possibly played an important role. The ALD was formed under mediation of organic matter and Mg2+ were supplied by magnesium concentrated algal laminites and sea water. Prophyritic dolostones presents mainly as patchy occurrence and yield the lowest δ13C and Z value. Its ΣREE is much less than that of the finely crystalline limestone. These characteristics reveal that the cloudy cores were dolomitized in shallow early diagenetic environments by pore fluids riched in Mg2+. Whereas the clear rims were likely formed in subsequent burial into deeper subsurface environments, and the Mg2+ needed for further dolomitization possibly was supplied by the transformations of clay minerals. Neomorphic dolostones consist of coarse, turbid crystals and exhibits sucrosic and mosaic textures. It has highest Fe2+ contents and average homogeneous temperature (110.2℃). Collectively, these characteristics demonstrate that the neomorphic dolostones was likely formed by recrystallization of pre-existing dolomites during deep burial. The ΣREE of the four types of dolostone distinctly differentiates from each other. However, their REE patterns are all enriched in LREE, depleted in HREE and have Eu negative anomalies. Its ΣREE 13.64 ppm, less than 1/4 of finely crystalline limestone, and ranks the lowest in the 4 types.These characteristics are comparable to those of finely crystalline limestone, and are mainly infuenced by the sea water. These four types of dolostone show similar REE mobility behaviour and no significant fractionation, althouth they have been subjected to evidently different diageneses. Seven main pore types are identified in the dolostones , which are fenestral, moldic, intercrystal, dissolved，breccia, dissolved breccia and stylolite pores. Fenestral pores are primary and the others are secondary. The dissolved pores and intercrystal pores are the most important reservoir spaces and followed by breccias and dissolved breccia pores, and the moldic and fenestral pores are less important. Stylolites can enhance permeability of reservoir rocks in one hand, for the other hand, the capacity of reservoir and permeability are enhanced and then better reservoir rocks can be formed when they are combined with patchy dolostones. The relationship between porosity and the type of dolostones is that the dissolved neomorphic dolostones have the highest porosity of 3.65%, than followed by dissolved Mud-silt-sized dolostones of 3.35%. The mud-silt-sized dolostones without dissolution have the lowest porosity of 0.90%. Moreover, the porosity of prophyritic dolostones and the neomorphic dolostones without dissolution are lower, respectively 1.675% and 1.41%. Although algal laminated dolostones consist of euhedral crystals and riched in intercrystal pores, its porosity just yields 1.20%. The relationship between permeability and the type of dolostones is that that algal laminated dolostones have the highest permeability of 0.462mD and followed by 0.065mD of prophyritic dolostones. Dissolution have no significant influence on the permeability of neomorphic dolostones and this presented by the permeability of dissolved and non-dissolved are very close, respectively 0.043mD and 0.062mD. No matter dissolved or not, mud-silt-sized dolostones are much less permeable. The permeability of non-dissolved and dissolved are 0.051mD and 0.016mD. Collectively, in the study area, neomorphic dolostones can form high quality reservoir.

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.