In this study, we examine the own- and cross-effects of the return and volatility spillover between the equity markets of Vietnam and the two ASEAN countries, namely, Singapore and Thailand using monthly stock returns. In attempt to explore the level and magnitude of the spillover effects of the other markets on the Vietnamese stock market, we apply the multivariate generalized autoregressive conditional heteroskedasticity (MGARCH) framework. By utilizing the time-varying conditional volatility and conditional correlations between the stock (...) markets which are resulted from estimation of the GARCH-BEKK model, the study also further shed light on the issues of portfolio diversification. In general, the study found the weak return linkages among the markets. Specifically, the study found no return linkages between Vietnam and Thailand and the unidirectional relationship between Vietnam and Singapore. However, the volatility linkages are highly significant for the three stock markets. It is found that the shock transmission relationship between emerging markets (i.e. Vietnam, Thailand) and developed market (i.e. Singapore) is unidirectional in direction to the emerging markets and the volatility transmission relationships between those are bidirectional. Besides, the variation in Vietnamese stock volatility is found to be more strongly influenced by the past own-shock effects than the past cross-shock effects. This indicates the low level of financial integration of Vietnam into the regional markets and implies the potential rooms for the international portfolio diversification gains. The findings on the return and volatility linkages have several important implications for both investors and policy makers. Firstly, because of the low correlations between the stock markets found, the investors can earn the gains from the portfolio diversification in the three markets. Secondly, the Vietnamese policy makers should be concerned with the harmful volatility spillover originating in the Thailand market that can affect the stability of the stock market. Thirdly, the implication is related to the monetary policy. The finding that the own shock transmissions have the strongest impact on the Vietnamese market’s volatility suggest that the policy makers should pay more attention to the domestic shocks so that the adequate and timely policy can be made. (shrink)

This thesis consists of three substantive studies about the Vietnam stock market. In particular, I study the asymmetric information, corporate governance (CG) practices, and foreign investment of publicly listed companies in Vietnam, presented in Chapters 2, 3, and 4, respectively. In Chapter 2, I investigate the effectiveness of a market surveillance system (MSS) on improving the market quality of the Vietnam stock market, as measured by liquidity and informed trading level. I find that market liquidity decreased after the (...) introduction of the MSS, and that the effect is more pronounced for small firms. Although informed trading, on average, does not change significantly after the MSS, subsample analysis indicates a significant decrease in informed trading among large and liquid firms. In Chapter 3, I investigate the relationship between firms’ CG practices and informed trading. I find a negative relationship between the two variables. Firms with better CG practices have a lower level of informed stock trading. Moreover, a natural experiment on a shock of firms’ CG practices generated by the CG policies shows that the negative relationship between CG practices and informed trading is a causal one, in which a change in the former causes a change in the latter. In another analysis around the implementation of the MSS, I find that the implementation of the surveillance system affects the relationship between the two variables, and this effect is driven by large and liquid firms. In Chapter 4, I investigate whether foreign investors in the Vietnam stock market are informed about firms’ performance. Using the residuals of foreign investor ownership as a measure of the abnormal foreign investor holding, I find that the abnormal foreign investor holding is positively correlated with firm performance in the following one year. I also find a positive correlation between abnormal foreign investor holding and the stock returns in the next three quarters. These findings indicate that foreign investors are informed about the firms up to a one-year period. (shrink)

The stronger the level of economic integration between countries, the greater the need to study the formation patterns of the stock market reaction to the financial information signals. This concerns the Ukrainian stock market, which is now in its infancy, and which reaction to financial information signals is sometimes ambiguous. The research aims to identify the formation patterns of return and volatility indicators of the Ukrainian stock market reaction to the US financial information signals. To assess the (...) direct nature of US financial information signals effect on the PFTS stock index, the GARCH econometric modeling toolkit was applied. The research information base is the PFTS stock index and the Federal Reserve System financial information signals at the discount rate for 2000–2019. The fetch is divided into intervals corresponded to the ascent and decline phases of the financial cycle. It was found that an unforeseen increase in the discount rate at the financial cycle decline phase by 25 basis points decreases the PFTS stock index return, on average by 2.9%. Besides, the hypothesis about the general change stabilizing effect in the discount rate on the Ukrainian stock market volatility at the financial cycle growth phase was confirmed. Nevertheless, for investors, the most essential is the regulator’s monetary signals in the discount rate at the financial cycle decline phases rather than at the ascent phases because there is a more significant increase in the volatility level. (shrink)

Authors' affiliation: Centre Emile Bernheim, Solvay Brussels School of Economics & Management, Université Libre de Bruxelles; 50 Avenue Franklin D. Roosevelt, B-1050, Bruxelles, Belgium. ... Journal: Economic Studies, Volume 44, Number 9, Serial Number 316. ... Publisher: Vietnamese Academy of Social Sciences – Vietnam Institute of Economics. ... Suggested citation: Farber, A. & Vuong, QH (2004) “New empirical results on anomalies and herd behaviors: Vietnam stock market 2000-2004,” Economic Studies.

The subprime mortgage crisis in the United States (U.S.) in mid-2008 suggests that stock prices volatility do spillover from one market to another after international stock markets downturn. The purpose of this paper is to examine the magnitude of return and volatility spillovers from developed markets (the U.S. and Japan) to eight emerging equity markets (India, China, Indonesia, Korea, Malaysia, the Philippines, Taiwan, Thailand) and Vietnam. Employing a mean and volatility spillover model that deals with the U.S. and (...) Japan shocks and day effects as exogenous variables in ARMA(1,1), GARCH(1,1) for Asian emerging markets, the study finds some interesting findings. Firstly, the day effect is present on six out of nine studied markets, except for the Indian, Taiwanese and Philippine. Secondly, the results of return spillover confirm significant spillover effects across the markets with different magnitudes. Specifically, the U.S. exerts a stronger influence on the Malaysian, Philippine and Vietnamese market compared with Japan. In contrast, Japan has a higher spillover effect on the Chinese, Indian, Korea, and Thailand than the U.S. For the Indonesian market, the return effect is equal. Finally, there is no evidence of a volatility effect of the U.S. and Japanese markets on the Asian emerging markets in this study. (shrink)

The Ukrainian PFTS stock index volatility reaction as a whole and its constituent economic sectors (“Basic Materials”, “Financials”, “Industrials”, “Oil & Gas”, “Telecommunications”, “Utilities”) to seven non-monetary US information signals (“Consumer price index”, “Personal spending”, “Unemployment rate”, “Gross domestic product”, “Industrial production”, “Consumer confidence”, “Housing starts”) was carried out for the period 2000–2017 on the basis of closing stock quotations in the trading day format. To assess the “surprise” component direct influence nature of the USA selected non-monetary information (...) signals on the PFTS stock index, an AR-GARCH econometric modelling device was used. The results achieved clearly indicate the presence of some PFTS stock index economic sectors heterogeneous reaction to the United States individual non-monetary information signals announcement. For example, such economic sectors as “Basic Materials”, “Financials”, and “Oil & Gas” volatility response to the US non-monetary information signal “Consumer price index” “surprise” components the opposite of the overall PFTS stock index reaction. It can also be concluded that the United States non-monetary information signals influence on the Ukrainian stock market volatility depends not only on the financial cycle phase and data frequency, but also on the PFTS stock index economic sector. (shrink)

For the German philosopher Martin Heidegger man in the contemporary age is living an inauthentic life. This inauthenticity he accounts for man’s misrelating to the world, that is, of things and other men. He sees this misrelating as a threat to man’s existence, that, if not given immediate attention leading towards a resolution, man is to perish together with his history. This inauthenticity that he speaks of is grounded in a forgetting, that is, the forgetting of being. But what is (...) being? In its basic linguistic formulation it is understood as that which is, has existence and not nothing. Man is a being and so are things, and in this fundamental structure he can relate, make sense and know. And yet this definition does not capture its essence for it can easily be assigned to anything as long as it is, thus it can be reduced to a mere entity, but being is more than mere existence in space and time. Heidegger understands being to be that which gives significance or meaningful presence to things and men, that they are as they are is because of their being. Man is always attuned to being, of his own being and that of others. He is able to understand because it is being that which grants knowing, just as a book is a book or man is a man, it is because being gives to them their designation, so there is a relationship made possible by an encounter between beings, that they be known and understood there is harmonious relationship to develop. This is conditioned by a primordial understanding, of man having not yet forgotten, he understands things and other men unto their being.
But everyday man is surrounded with entities, himself being one, and this made him grow familiar with them. This familiarity turned man’s attitude towards a neglect, that is, since he thinks that he already knows their being, it no longer becomes a matter of continuously knowing and understanding them, but instead it happens that there is a taking for granted. The familiarity leads man to take beings for granted unto their essence, thus he forgets and no longer knows, worst is that man will not even know that he no longer knows, that he no longer remembers. Man lives in a state of oblivion. He relates to entities as if he understands them in their being, but is not. This is evident in a chaotic epoch that man is now situated.
A clear example of this situation is man’s abuse of the environment and its resources. Man is here seen as a mindless consumer who views the environment as a reserve where goods are stocked, waiting and ready for consumption. He challenges the environment to give up all of that she has in order to provide reaching to a point even when it is no longer necessary, but because of man’s disorientation, that in turn made him selfish, he could no longer resist and just keeps going. These resulted to the natural resources now running dry and that sooner it could no longer provide. Man endangers his world and himself, of this situation he is blind. Global warming and other environmental calamities are results of these abuses. If man is to save himself, he must find a way to retrieve his original understanding of being, that is, of himself and others. An effort towards a re-establishing of the fundamental relation must be attempted. The researcher gives a proposal as to how a retrieve is to be accomplished, and that is through the asking of the fundamental question, that is, of “Why are there beings at all instead of nothing?”
This question is no ordinary question, and the researcher makes the contention that the asking of the question develops to a pragmatic resolution of the problem where from the forgetfulness of being, even before making the attempt that it be recalled, the question is first to be asked in order to ground any other future questioning, and in order to establish a solid basis for declaring the retrieve of being as necessary and critical for man’s survival. Here the researcher inquires if there be still a possibility for a retrieve, and if there is, how will man proceed with such a possibility.
. (shrink)

The novel coronavirus (COVID-19) has imperatively shaken the behavior of the global financial markets. This study estimated the impact of COVID-19 on the behavior of the financial markets of Europe and the US. The results revealed that the returns of the S&P 500 index have been greatly affected by a lockdown in the US owing to COVID-19. However, the health crisis generated due to the novel coronavirus significantly decreased the stock returns of the Nasdaq Composite index. The (...) results also showed that the economic crisis generated from the pandemic in Spain has had more impact on the IBEX 35 as compared to the health crisis itself. On the other hand, in the long-run, Italy’s stock markets are more affected by the health crisis as contrasted with the economic crisis, while, in the short-run, both lockdown conditions and economic instability lower the stock returns of FTSE MIB. The UK stock markets witnessed that in the short-run, deficiency of health management systems imperatively damaged the stock returns of the London Stock Exchange. The investigation revealed that deficiency of health systems and lockdown conditions have imperatively damaged the structure of financial markets, inferring that sustainable development of these nations is at risk due to COVID-19. The study suggested that governments should allocate more of their budget to the health sector to overcome a health crisis in the future. (shrink)

Bài viết nghiên cứu tác động của lạm phát đến thị trường chứng khoán Việt Nam bằng mô hình GARCH. Kết quả cho thấy, các chỉ số chứng khoán thường đồng biến với chỉ số lạm phát. Tỷ lệ lạm phát càng cao, kéo theo chỉ số thị trường chứng khoán càng lớn. Bên cạnh đó, nhà đầu tư chứng khoán Việt Nam thường đầu tư bằng các khoản vay tín dụng ngắn hạn và sử dụng đòn bẩy tài chính, (...) dẫn đến nguy cơ thị trường và toàn bộ nền kinh tế thiếu ổn định. (shrink)

Purpose ‐ The purpose of this paper is to explore the "resource curse" problem as a counter-example of creative performance and innovation by examining reliance on capital and physical resources, showing the gap between expectations and ex-post actual performance that became clearer under conditions of economic turmoil. Design/methodology/approach ‐ The analysis uses logistic regressions with dichotomous response and predictor variables on structured tables of count data, representing firm performance as an outcome of capital resources, physical resources and innovation where appropriate. (...) Findings ‐ Key findings relevant to economic and business practice follow. First, a typical characteristic of successful Vietnamese firms in the transition period is their reliance on either capital resources or physical asset endowments. Second, poor performers exhibit evidence of over-reliance on both capital and physical assets. Third, firms that relied on both types of resources tended to downplay creative performance. Some evidence suggests that firms face more acute problem caused by the law of diminishing returns in troubled times. Fourth, the "innovation factor" has not been tapped as a source of economic growth. Research limitations/implications ‐ This study has some limitations. The size of the survey sample is approximately 150 firms, while the potential sample of > 300 should be possible in the future. When the size increases, the research could be expanded to include further variables that will help investigate more deeply into the related issues and business implications. With regard to the implications of the study, the absence of innovations has made the notion of "resource curse" identical to "destructive creation" implemented by ex-ante resource-rich firms, and worsened the problem of resource misallocation in transition turmoil. The Vietnamese corporate sector's addiction to resources may contribute to economic deterioration, through a downward spiral of lower efficiency leading to consumption of more resources. Practical implications ‐ Insights obtained from this study could save transition economies' resources which have almost always been considered sine qua non before any critical major policymaking, while this is not necessarily true, and in many cases, even counterproductive. Originality/value ‐ Original data set on Vietnam stock market are collected, processed, prepared and used by the authors. Original design by the authors for regression equations with dichotomous predictor variables: dependence on endowed physical assets, reliance on capital resources and significant signs of creative performance/innovations. Original idea of viewing "resource curse" as absence of innovation and due to uncreative "destructive creation" of poor-performing commercial operations by resource-rich firms is used in the paper. We have searched the literature in business research and found that the empirical results have not been previously reported. (shrink)

This paper presents a philosophical argument for divine providence by Aquinas. I suggest that upon returning to Aristotle’s Physics and Metaphysics to prepare his commentaries on these texts, Aquinas recognized that his stock argument from natural teleology to divine providence (the fifth way and its versions) needed to be filled out. Arguments from natural teleology can prove that God’s providence extends to what happens for the most part, but they cannot show that God’s providence also includes what happens for (...) the least part. In order to prove the latter, Aquinas claims that one must argue from a higher science, which he then does with all characteristic clarity. This paper presents this argument, discusses what this means for his previous arguments from teleology, and discusses the argument’s relevance to the contemporary discussion about creation and evolution. (shrink)

Abstract: Before now it is believe that it is only company that their activities adversely affect the environment that should be socially responsible. This has change over the years as some country has made it mandatory for business to be socially responsible without which they cannot do business. For insurance company, their activities have to do with rendering of services and as such do not destroy the environment. The main objective of the study was to determine corporate social responsibility accounting (...) and financial performance of insurance companies in Nigeria. The research design adopted for the study is expo facto research design. The population of the study consists of all the 40 companies quoted in the Nigeria Stock Exchange as at December 2016. A sample of 25 insurance companies was selected base on their size from the population of the insurance companies. Data for the study were obtained from annual reports for the period of ten (10) years ranging from 2007 to 2016. Multiple regression analysis was carried out to determine the desire relationship. Findings show a significant relationship between corporate social responsibility accounting and return on capital employed and net profit margin, while a negative relationship with earnings per share. The implication of the findings is that there is evidence of conscious effort of the sampled insurance companies to discharge their social responsibility. The study recommends among other that management should be proactive and ensure that their social responsibility policies are adequately implemented, and ensure that Nigerian companies comply with government laws regarding business regulation in the country. (shrink)

This paper tackles the asymmetry of economic interests and geopolitics between developed and developing countries. Currently, the geopolitics presupposes that the majority of novel technologies are devised and designed in developed countries with their subsequent transfer to the developing countries. Moreover, in the context of the global crisis, the issue of de-dollarization is relevant from the political and economic points of view. Our specific focus is on the small oil countries and the issue how to get off the oil needle (...) in the painless way. Furthermore, the paper analyzes the rise of cryptocurrency that is envisaged as the substitute of the U.S. dollar which has been the world most dominating currency for the last several decades. This paper considers the global asymmetry which has the greatest impact on countries with economies dependent on energy exports. In the light of the diminishing returns from the sale of oil, we examine the ways for escaping this asymmetry. The authors consider the geopolitical asymmetry stemming from the dominance of the U.S. dollar, analyze the political situation and offer the pathways for the development of those economies where oil become an obstacle for economic development. The paper examines the ways of solving the above-mentioned problem by other states in detail and conduct the comparative analysis of the above issues in relation to the economy of Azerbaijan. From this case study we conduct a comparative analysis of the developed and developing countries taking into account the economic asymmetry and global economic and financial security. (shrink)

I defend an account of sexual orientation, understood as a reflexive disposition to be sexually attracted to people of a particular biological Sex or Sexes. An orientation is identified in terms of two aspects: the Sex of the subject who has the disposition, and whether that Sex is the same as, or different to, the Sex to which the subject is disposed to be attracted. I explore this account in some detail and defend it from several challenges. In doing so, (...) I provide a theoretical framework that justifies our continued reference to Sex-directed sexual orientation as an important means of classifying human subjects. (shrink)

My topic is a certain view about mental images: namely, the ‘Multiple Use Thesis’. On this view, at least some mental image-types, individuated in terms of the sum total of their representational content, are potentially multifunctional: a given mental image-type, individuated as indicated, can serve in a variety of imaginative-event-types. As such, the presence of an image is insufficient to individuate the content of those imagination-events in which it may feature. This picture is argued for, or (more usually) just assumed (...) to be true, by Christopher Peacocke, Michael Martin, Paul Noordhof, Bernard Williams, Alan White, and Tyler Burge. It is also presupposed by more recent authors on imagination such as Amy Kind, Peter Kung and Neil Van Leeuwen. I reject various arguments for the Multiple Use Thesis, and conclude that instead we should endorse SINGLE: a single image-type, individuated in terms of the sum total of its intrinsic representational content, can serve in only one imagination event-type, whose content coincides exactly with its own, and is wholly determined by it. Plausibility aside, the interest of this thesis is also in its iconoclasm, as well as the challenge it poses for the diverse theories that rest on the truth of the Multiple Use Thesis. (shrink)

This paper concerns the familiar topic of whether we can have genuinely emotional responses such as pity and fear to characters and situations we believe to be fictional1. As is well known, Kendall Walton responds in the negative (Walton (1978); (1990): 195-204 and Chapter 7; (1997)). That is, he is an ‘irrealist’ about emotional responses to fiction (the term is Gaut’s (2003): 15), arguing that such responses should be construed as quasiemotions (Walton (1990): 245), of which their possessor imagines that (...) they are genuine emotions. This is not to deny that an experience in response to a fiction may have a phenomenology very like a given emotion, but to insist that, nonetheless, such responses are not real instances of the emotions which they resemble (Walton (1997)). So, in his most famous example, Charles, who experiences fear-like emotion in relation to a film which depicts the approach of evil slime, does not, despite appearances, experience genuine fear towards the slime, but only quasi-fear (Walton (1990): 195-204)2. Walton’s view presupposes the following view about the nature of emotion3. (shrink)

Against the backdrop of these works (Mitchell/Snyder and others), we propose an analysis of films with and about blind or visually disabled individuals that aims at exploring different modes of world perception. In our view, such an examination should not only discuss the question of “giving voice” and visibility to those who were formerly only represented in or by the media, or the fact that films belonging to what might be considered a “new disability documentary cinema” are dedicated to the (...) experience of disability from the point of view of those who deal with it. Rather, we examine films that do not restrict their field of vision to institutional context as cultural productions. These films allow the viewer to get to know different practices of seeing in the daily life of both blind or visually disabled and sighted people. In approaching these productions, we are interested in focusing on how the audio-visual regimes produce and structure our visual experience, translate it into a filmic grammar and thus not only create filmic patterns of blind perception but, at the same time, the cinematographic aesthetic of a so-called normal sightedness. (shrink)

Abstract: The aim behind analyzing Google Stock Prices dataset is to get a fair idea about the relationships between the multiple attributes a day might have, such as: the opening price for each day, the volume of trading for each day. With over a hundred thousand days of trading data, there are some patterns that can help in predicting the future prices. We proposed an Artificial Neural Network (ANN) model for predicting the closing prices for future days. The prediction (...) is based on these features (date, opening price, highest price, lowest price, volume), which were used as input variables and (closing price) as output variable for our ANN model. Our model was created, trained, and validated using data set in JNN environment, which its title is “Google-Stock-Prices”. The model evaluation showed that the ANN model is able to predict correctly 99.48% of the validation samples. (shrink)

This essay argues for the importance of an organismic perspective in plant biology and considers some of its implications. These include an increased attention to plant-environment interaction and an emphasis on integrated approaches. Furthermore, this essay contextualizes the increased emphasis on the concept of organism in recent years and places the concept in a longer history. Recent developments in biology and worsening environmental crises have led researchers to study plant responses to changing environments with whole plant approaches that situate plants (...) in their environments, emphasizing the intricate and dynamic interaction between them. This renewed attention to the organism recalls the debates of the early twentieth century, when organicism was one of the three main frameworks in biology (along with vitalism and mechanism). Some scholars see this renewed importance today as a “return” of this earlier period. This essay argues that including insights from plant biology will benefit philosophy of biology research that examines the concept of organism and organicism now and in earlier periods. A comprehensive account of the concept of organism should involve a botanical conception of the organism as well as a zoological one (which is more frequently considered). Although this essay does not aim to present a conceptual analysis, it presents examples of how an organismic perspective can be useful for understanding concepts (such as phenotype, stress, etc.) and research processes (such as experiment set-ups, data processes, etc.) in plant biology. Philosophy of biology investigations that aim at a comprehensive understanding of the concept of organism can benefit greatly from examinations of cases in plant biology, both now and in the past. (shrink)

Fictionalism has recently returned as a standard response to ontologically problematic domains. This article assesses moral fictionalism. It argues (i) that a correct understanding of the dialectical situation in contemporary metaethics shows that fictionalism is only an interesting new alternative if it can provide a new account of normative content: what is it that I am thinking or saying when I think or say that I ought to do something; and (ii) that fictionalism, qua fictionalism, does not provide us with (...) any new resources for providing such an account. (shrink)

Abstract: Accurate stock price prediction is essential for informed investment decisions and financial planning. In this research, we introduce an innovative approach to forecast stock prices using an Artificial Neural Network (ANN). Our dataset, consisting of 5582 samples and 6 features, including historical price data and technical indicators, was sourced from Yahoo Finance. The proposed ANN model, composed of four layers (1 input, 1 hidden, 1 output), underwent rigorous training and validation, yielding remarkable results with an accuracy of (...) 99.84% and an average error of 0.005. Additionally, we conducted a feature importance analysis, identifying the key drivers of stock price prediction, such as "High," "Low," "Open," "Volume"," and "Date." This study not only offers a highly accurate stock price prediction model but also contributes valuable insights into the influential factors affecting stock prices, enhancing the field of financial analysis and investment decision-making that are suitable for the task. (shrink)

As the world’s population grows and urbanization continues, the global waste crisis is becoming more severe, especially in developing countries. Without proper waste management, they may encounter various environmental and health risks. Biological technologies are regarded as promising waste management and recycling approaches in developing countries due to their cost-effectiveness and capability to handle diverse waste categories. One prominent technology in this aspect is the vermicomposting of organic waste utilizing the black soldier fly larvae. Nevertheless, significant financial resources are still (...) necessary to advance and expand biological waste treatment, which requires the participation of businesses. By examining waste management companies listed on the Vietnamese stock market, we highlight two challenges that hinder the adoption and scaling of the waste treatment system using black soldier flies and potentially other biological technologies in Vietnam. Specifically, the business regards the environmental services they offer primarily as a means to generate profit rather than as a genuine commitment to environmental preservation, and the values of companies operating in the environmental sector, particularly in waste management, have been significantly undervalued by the Vietnamese investing public. Therefore, we advocate for societal shifts toward the eco-surplus culture and apply the semiconducting principle of monetary and environmental values exchange to address the problem. (shrink)

In the boiling atmosphere of the Vietnamese stock market, it is time to mention a few misconceptions from Vietnamese investors. (Vietnam Investment Review, 27-6-2007).

Although it may seem like a truism to assert that biology is the science that studies organisms, during the second half of the twentieth century the organism category disappeared from biological theory. Over the past decade, however, biology has begun to witness the return of the organism as a fundamental explanatory concept. There are three major causes: (a) the realization that the Modern Synthesis does not provide a fully satisfactory understanding of evolution; (b) the growing awareness of the limits of (...) reductionism in molecular biology; and (c) the renewed interest in the nature of life as a genuine scientific problem. This essay examines these recent developments and considers the new epistemological roles being played by the organism in each of them. It also reflects on what the present resurgence of the organism means for the philosophy of biology. (shrink)

A failed market, or asymmetric information, is a well-known economic concept. This phenomenon can be witnessed in a variety of markets. However, the repercussions of information asymmetry are thought to be more substantial in the stock market. Because, in addition to measurable economic impact, knowledge asymmetry harms trust. The Vietnamese stock market has experienced several successes since its creation, yet it still has many restrictions typical of a young market. The numerous violations of the subjects on the market (...) in recent years reflect those restrictions. Information issues, or more broadly, information asymmetry, are primarily responsible for these errors. The goal of this study was to analyze and assess the degree of information asymmetry in the Vietnamese stock market during a five-year period (2018 – 2022). The author tests the information asymmetry effect using GARCH models for VN-Index data and measures Adverse Selection Component (ASC) using the Glosten & Harris model for the 100 largest capitalization companies on the Ho Chi Minh City Stock Exchange (HOSE). The findings demonstrate information asymmetry, and the ASC value for the entire study period is 89.53%. This empirical finding serves as the foundation for formulating suitable policy recommendations for every market participant, aiding in the growth of a productive, equitable, open, and transparent Vietnamese stock market. (shrink)

For many years, the relationship between the financial system and economic growth has attracted the attention of scholars intending to uncover the direction of the relationship. The stock market is a part of the financial system and plays an essential role in channelling equity funds into the economy and creating liquidity for the equity instruments. A substantial empirical study postulates that the stock market can boost the economic growth of an economy. However, other studies assert that, at best, (...) the stock market is an unimportant economic driver. (shrink)

Among recent objections to Pascal's Wager, two are especially compelling. The first is that decision theory, and specifically the requirement of maximizing expected utility, is incompatible with infinite utility values. The second is that even if infinite utility values are admitted, the argument of the Wager is invalid provided that we allow mixed strategies. Furthermore, Hájek has shown that reformulations of Pascal's Wager that address these criticisms inevitably lead to arguments that are philosophically unsatisfying and historically unfaithful. Both the objections (...) and Hájek's philosophical worries disappear, however, if we represent our preferences using relative utilities rather than a one-place utility function. Relative utilities provide a conservative way to make sense of infinite value that preserves the familiar equation of rationality with the maximization of expected utility. They also provide a means of investigating a broader class of problems related to the Wager. (shrink)

Reproductive genetic technologies allow parents to decide whether their future children will have or lack certain genetic predispositions. A popular model that has been proposed for regulating access to RGTs is the ‘genetic supermarket’. In the genetic supermarket, parents are free to make decisions about which genes to select for their children with little state interference. One possible consequence of the genetic supermarket is that collective action problems will arise: if rational individuals use the genetic supermarket in isolation from one (...) another, this may have a negative effect on society as a whole, including future generations. In this article we argue that RGTs targeting height, innate immunity, and certain cognitive traits could lead to collective action problems. We then discuss whether this risk could in principle justify state intervention in the genetic supermarket. We argue that there is a plausible prima facie case for the view that such state intervention would be justified and respond to a number of arguments that might be adduced against that view. (shrink)

In Anti-Oedipus, Deleuze and Guattari claim that a general theory of society must be a generalised theory of flows. This is hardly a straightforward claim, and this paper attempts to examine the grounds for it. Why should socio-political theory be based on a theory of flows rather than, say, a theory of the social contract, or a theory of the State, or the questions of legitimation or revolution, or numerous other possible candidates? The concept of flow (and the related notions (...) of code and stock), I argue, is derived from contemporary economic theory, and most notably John Maynard Keynes. Deleuze and Guattari remained Marxists, not only because they held that contemporary political philosophy must inevitably be centred on the analysis of capitalism, but also because they held, following Marx himself, that the Marxist analysis of capital must constantly be transformed and adapted to new conditions. Thus, while certain aspects of Marx's analysis disappear from Capitalism and Schizophrenia, they are supplemented by the addition of new concepts adequate to the contemporary state of capitalism. The paper concludes, then, with an analysis of the role played by the concepts of flow, code and stock in Deleuze and Guattari's political philosophy. (shrink)

In this chapter I argue that choosing to live forever comes with the threat of an especially pernicious kind of boredom. However, it may be theoretically possible to circumvent it by finding ways to pursue an infinite number of projects consistent with one’s personality, taking on endlessly pursuable endlessly interesting projects, or by rekindling old projects once you’ve forgotten about them. However, each of these possibilities is contingent upon having certain traits that you are likely not currently in a good (...) position to assess. I therefore argue that no one is in a good position to be confident about her prospects for living forever. (shrink)

Nie Bao 聶豹 (1487–1563) was a Neo-Confucian philosopher and scholar-official of sixteenthcentury Ming China. In his Ming ru xue an 明儒學案 (Case studies of Ming Confucians), Huang Zongxi 黃宗羲 placed him in the Jiangxi (Jiangyou 江右) group of Wang Yangming followers. Nie Bao met the influential founder of the Ming School of Mind in 1526 and was inspired by his teaching of the innate knowing (liangzhi 良知). However, he differed from other followers in his quietist approach to realizing and extending (...) this knowledge. While developing his ideas over the course of two decades, as a holder of the highest civil service examination degree, Nie Bao also held a series of impactful official positions, and earned a reputation for effectiveness and integrity. However, he was also the unwitting victim of factionalism at the Ming court, which led to his imprisonment in 1548. The goal of this article is to provide a sketch of Nie Bao’s political trajectory and intellectual development from his early years until his imprisonment, as well as translation of significant passages pertaining to that trajectory and development. By the time of his imprisonment, Nie Bao had articulated the essential elements of his philosophy of returning to the root (by which he meant silence), and attaining centeredness and, with that, his unique interpretation of his teacher’s central tenet. (shrink)

Background: In prevalence studies of sexually transmitted infections (STIs), investigators often provide syndromic management for symptomatic participants, but may not provide specific treatment for asymptomatic individuals with positive laboratory test results due to the delays between sample collection and availability of results as well as logistical constraints in recontacting study participants. Methods: To characterize the extent of this issue, 80 prevalence studies from the World Health Organization’s Report on global sexually transmitted infection surveillance, 2018, were reviewed. Studies were classified as (...) to whether clinically relevant positive results were returned or if this was not specified. Results: More than half (56%) of the cited studies did not specify if participants were notified of clinically relevant positive STI test results. The percentages were similar for low- and middle-income country populations (57%) and high-income country populations (53%). Conclusions: The absence of documentation of the provision of test results raises the possibility that in some instances, results may not have been communicated, with potential negative effects for participants, their sexual partners, and newborns. From an ethical perspective, clinically relevant results should be returned to study participants and treating clinicians in a timely fashion to ensure appropriate management of identified infections. Study authors should document if they returned test results to study participants and report on numbers lost to follow-up. (shrink)

Powers, capacities and dispositions (in what follows I will use these terms synonymously) have become prominent in recent debates in metaphysics, philosophy of science and other areas of philosophy. In this paper I will analyse in some detail a well-known argument from scientific practice to the existence of powers/capacities/dispositions. According to this argument the practice of extrapolating scientific knowledge from one kind of situation to a different kind of situation requires a specific interpretation of laws of nature, namely as attributing (...) dispositions to systems. My main interest will be to discuss what characteristics these dispositions need to have in order to account for the scientific practice in question. I will furthermore assess whether the introduction of dispositions in the context of the extrapolation argument can be described as a ‘revitalization’ or as a ‘return’ to those notions repudiated by early modern philosophers. More particularly I will argue for the following claims: I. In repudiating scholastic terminology, including substantial forms with their causal powers, post-cartesian philosophers focussed on a concept of causation that was much stronger than 21st century conceptions of causation. For this reason alone, whatever ‘causal’ is supposed to mean in today’s causal powers, embracing causal powers is not a simple return to a pre-cartesian notion. II. The dispositions presupposed in scientific practice need not (and should not) be construed in causal terms (whether strong or weak). III. While some early modern philosophers contrasted the characterisation of the natural world in terms of substantial forms (and their causal powers) on the one hand and a mathematical characterization on the other and suggested that these approaches are incompatible, the dispositions postulated by the extrapolation argument to account for scientific practice are themselves characterized in mathematical terms. More precisely: The behaviour the systems are disposed to display is – at least in physics – often characterized in mathematical terms. IV. The dispositions assumed in the law-statements in scientific practice are determinable rather than determinate properties. (shrink)

This article focuses on Barth's explication of Anselm's Proslogion 2-4 in his book on Anselm and attempts to show how Anselm helped clarify for Barth the ontological nature of his own early theology, in particular what he meant by the “is” in his affirmation “God is God.” My contention is that Barth's continual pointing to Anselm's Fides Quaerens Intellectum as a vital key to his own theology should not be overlooked. In fact, I argue that only by returning Barth to (...) Anselm in this way is it possible to understand more thoroughly Barth's relevance to contemporary onto-theological debates. (shrink)

The eminent French biologist and historian of biology, François Jacob, once notoriously declared “On n’interroge plus la vie dans les laboratoires”: laboratory research no longer inquires into the notion of ‘Life’. Nowadays, as David Hull puts it, “both scientists and philosophers take ontological reduction for granted… Organisms are ‘nothing but’ atoms, and that is that.” In the mid-twentieth century, from the immediate post-war period to the late 1960s, French philosophers of science such as Georges Canguilhem, Raymond Ruyer and Gilbert Simondon (...) returned to Jacob’s statement with an odd kind of pathos: they were determined to reverse course. Not by imposing a different kind of research program in laboratories, but by an unusual combination of historical and philosophical inquiry into the foundations of the life sciences (particularly medicine, physiology and the cluster of activities that were termed ‘biology’ in the early 1800s). Even in as straightforwardly scholarly a work as La formation du concept de réflexe aux XVIIe et XVIIIe siècles (1955), Canguilhem speaks oddly of “defending vitalist biology,” and declares that Life cannot be grasped by logic (or at least, “la vie déconcerte la logique”). Was all this historical and philosophical work merely a reassertion of ‘mysterian’, magical vitalism? In order to answer this question we need to achieve some perspective on Canguilhem’s ‘vitalism’, notably with respect to its philosophical influences such as Kurt Goldstein. (shrink)

This paper aims at answering the question whether the VN30 index futures introduction has an impact on stock market volatility in Vietnam. Apply GARCH model of volatility with additive dummy variable from 28/7/2000 to 10/9/2020, the result shows that when the first listed index futures contract appears, it makes the volatility of VNIndex increases. The result is still robust after excluding the turmoil period of Vietnam stock market. This paper implies that policy maker should be more careful in (...) promoting derivatives market in Vietnam. (shrink)

"Translation, as with any practice, is something to return to again and again. Opening this issue, curator and poet Srajana Kaikini’s multi-layered article, ‘The Return of the Translator’ underlines the relevance of translation as a critical process, available to anyone, in any field. Bringing in references to philosopher Sundar Sarukkai, poet Gangadhar Chittal, and Buddhist philosophical principles, she locates the place of translation. Kaikini looks closely at the ways “language and the world are in strange relation with each other,” to (...) borrow her words. Translation as a method, she main- tains, is a matter of intention, creation, and experience." from the Editorial, Marianna Maruyama. (shrink)

The journey of Byzantine scholar Manuel Chrysoloras and his stay in Florence at the turn of the fourteenth and fifteenth centuries has been celebrated as an event that decisively shaped the course of European humanism. The later return of Enlightenment humanism to Ottoman lands in the eighteenth to early twentieth centuries can be described as the return of Chrysoloras. This return is generally known in a fragmentary form as a regional phenomenon: the story of Greek, Arab, Turkish and Jewish nationalisms (...) and of the Ottoman reforms. It is also framed historically as the evolution from a traditional and theological society to new forms of epistemic, literary, civic and national communities, while often leaving aside failures and later contradictory transformations. The present essay offers an integrative study of modern humanism in late Ottoman and post-Ottoman contexts. The migration of Enlightenment humanism to the Middle East raised a wide range of expectations, projecting a new national or imperial organization within a harmonious diplomatic relationship with Christian Europe and the Americas. Yet, the more the revivalist and reformist projects evolved, the more they involved ethnic and religious conflicts and colonial intervention. This article illuminates the rise and fall of humanism in Middle Eastern contexts. (shrink)

As one of the most contagious diseases in history, Corona Virus (COVID-19) spread rapidly around the world infecting millions of people in the year 2020. Besides killing huge number of persons, the calamity not only ignited severe panic and chaos among them, it even affected vast businesses and stock markets around the globe. This study was undertaken to investigate those determinants, which affected the extent of stock market investors’ behavior in Pakistan during spread of COVID-19. Data was collected (...) from various individual investors, representing a high response rate of about 86.5% from 167 respondents. From the analysis it was indicated that most important and significantly influencing determinants on investment decisions in Pakistan Stock Markets are pertinent to: ‘getting rich quickly, loss aversion, fear of losses, expected corporate earnings and dividends, gut feelings on the economy, previous performances of firm’s stock and opinions of its majority shareholders, and eventually, the recommendations of brokers and family/friends. Our findings would first, assist in understanding the most common behavioral patterns of investors and secondly, determine to show the adequate paths, which lead towards the growth of Pakistan Stock Market. (shrink)

Propounded in relation to a peculiar mode in the view of an oscillating or cyclic universe, the concept of Return of Power, or of ontic recurrence as further increase in ontic Power signifies the determination of the existing entity according to its own selective recurrence as dialectically exceeding a previous status. Based thus upon the assumption that the actual ontological existence of the entity lies in its own potentiated recurrence (for it is maintained that only what is able to return (...) to itself as potentiated signifies actual ontological existence) and that an ontic eternal return can only occur in terms of further Power, this notion embodies the culminating phase within change as an ultimate overcoming of a previous ontic status or situation respecting the category Power as a primary criterion within a constantly increasing Real (as Power, precisely). An ontic selective ultimate event respecting becoming as a general increment of the Real, this concept exceeds both the ontic dispersion in nothingness of the linear time and the identical ontic repeatability of the Eternal Return of the Same, the latter insofar as asserting the perennial return of man's own status of powerlessness, and as rendering accordingly impossible any actual (dialectical) transition to a well-defined superior ontic phase. (shrink)

Why was mythology of vital importance for the romantics? What role did mythology play in their philosophical and literary work? And what common sources of influence inspired these writers across Britain and Germany at the turn of the nineteenth century? In this wide-ranging study, Owen Ware argues that the romantics turned to mythology for its potential to transform how we see ourselves, others, and the world. Engaging with authors such as William Blake, Friedrich Schlegel, Samuel Taylor Coleridge, Friedrich von Hardenberg (...) (Novalis), and Percy Bysshe Shelley, Ware shows why they believed that neither perception nor reason alone can sustain a vision of the unity of all things. A new mode of cognition is necessary, they claimed, one that revives the poetic origin of mythology and reveals our own mythmaking powers. _Return of the Gods_ investigates the rise of mythology in the British and German traditions and the romantics’ practices of reinterpreting old myths and inventing new ones. Their shared aim was nothing less than to elevate the human imagination to higher stages of self-development in which philosophy and poetry, as well as intellect and imagination, form an integrated whole. Far from calling us to return to the past, the romantics’ work on mythology points us to a future where we can live in harmony with the personal, social, and natural worlds we inhabit. Owen Ware combines intellectual history with philosophical analysis and literary criticism to offer a bold reflection on why mythology mattered for the romantics—and why it still matters today. (shrink)

The vision of legendary criminologist Cesare Lombroso to use scientific theories of individual causes of crime as a basis for screening and prevention programmes targeting individuals at risk for future criminal behaviour has resurfaced, following advances in genetics, neuroscience and psychiatric epidemiology. This article analyses this idea and maps its ethical implications from a public health ethical standpoint. Twenty-seven variants of the new Lombrosian vision of forensic screening and prevention are distinguished, and some scientific and technical limitations are noted. Some (...) lures, biases and structural factors, making the application of the Lombrosian idea likely in spite of weak evidence are pointed out and noted as a specific type of ethical aspect. Many classic and complex ethical challenges for health screening programmes are shown to apply to the identified variants and the choice between them, albeit with peculiar and often provoking variations. These variations are shown to actualize an underlying theoretical conundrum in need of further study, pertaining to the relationship between public health ethics and the ethics and values of criminal law policy. (shrink)

How people understand the fundamental dynamics of stock and flow is an important basic theoretical question with many practical applications. In this paper, we present a universal frame for understanding stock-flow reasoning in terms of the theory of force dynamics. This deep-level analysis is then applied to two different presentation formats of SF tasks in the context of climate change. We can explain why in a coordinate-graphic presentation misunderstandings occur, whereas in a verbal presentation a better understanding is (...) found. We end up with recommendations for presentation formats that will help people to better understand SF dynamics. Better public SF understanding might in turn also enhance corresponding public action – such as enhancing pro-environmental actions in relation to climate change. (shrink)

This paper examines the significance of Epicureanism for Nietzsche’s critique of Christian monotheism and his subsequent attempt to reanimate a kind of this-worldly, affirmative religiosity of immanence. After a brief overview of the pivotal role that Epicurus’ thought plays in the death of God, I focus on Epicurus’ own residual conception of the gods and the ways in which Nietzsche strategically retrieves it and puts it use in his writing. Nietzsche juxtaposes the distant, serene, indifferent Epicurean gods with the omniscient, (...) intrusive, jealous and needy God of middle-Eastern monotheisms. One might say that they constitute a ‘halfway house’ of sorts between Christianity and Nietzsche’s new Dionysian religion of the earth. But they also figure prominently in his own conflicted desire to intervene in the aleatory course of natural history and legislate the the future of humanity: Nietzsche finds he cannot simply look down with “the mocking and aloof eyes” of an Epicurean god upon the degeneration and diminution of the human being under Christian ascetic regimes of cultivation. Ultimately, Nietzsche fails to achieve the divine temperament of the Epicurean gods (looking down from afar on human ignorance, desire and suffering with a noble pathos of distance). Forthcoming 2022. (shrink)

A failed market, or asymmetric information, is a well-known economic concept. This phenomenon can be witnessed in a variety of markets. However, the repercussions of information asymmetry are thought to be more substantial in the stock market. Because, in addition to measurable economic impact, knowledge asymmetry harms trust. The Vietnamese stock market has experienced several successes since its creation, yet it still has many restrictions typical of a young market. The numerous violations of the subjects on the market (...) in recent years reflect those restrictions. Information issues, or more broadly, information asymmetry, are primarily responsible for these errors. The goal of this study was to analyze and assess the degree of information asymmetry in the Vietnamese stock market during a five-year period (2018 – 2022). The author tests the information asymmetry effect using GARCH models for VN-Index data and measures Adverse Selection Component (ASC) using the Glosten & Harris model for the 100 largest capitalization companies on the Ho Chi Minh City Stock Exchange (HOSE). The findings demonstrate information asymmetry, and the ASC value for the entire study period is 89.53%. This empirical finding serves as the foundation for formulating suitable policy recommendations for every market participant, aiding in the growth of a productive, equitable, open, and transparent Vietnamese stock market. (shrink)

A proper and comprehensive study of the relationship between Hassidism and philosophy would require a volume of its own. In the limited space of this chapter, I shall focus on two crucial issues within the broader topic of Hassidism and philosophy. In the first part, I will study the Hassidic reception of Maimonides’ Guide of the Perplexed, widely perceived as the greatest work of Jewish philosophy, a work that was equally admired and derided as heretical from its very early dissemination (...) in the late twelfth century. Against the common prejudice among scholars, I will show that throughout its history, numerous Hassidic leaders engaged in the study of the Guide, admired the book, and quoted it approvingly as an authoritative rabbinic source. In the second part of this chapter, I will move from the Hassidic reception of Maimonides’ philosophy to what I would argue is perhaps the most significant Jewish contribution to modern Western philosophy: the notion of acosmism, according to which only God truly and fully exists. I will show that through the mediation of Salomon Maimon (1753-1800) this bold notion was adopted from the school of the Maggid of Mezhrich and introduced into the systems of German Idealism. In my brief conclusion, I will attempt to provide a preliminary answer to the question of what allowed Hassidic masters to develop rather bold philosophical and theological views in spite of the conservative appearance of the movement. (shrink)

The recent publication of André Bazin's Écrits complets (2018), an enormous two-volume edition of 3000 pages which increases ten-fold Bazin's available corpus, provides opportunities for renewed reflection on, and possibly for substantial revisions of, this key figure in film theory. On the basis of several essays, I propose a drastic rereading of Bazin's most explicitly philosophical notion of “ontology.” This all too familiar notion, long settled into a rather dust-laden couple (“Bazin and ontology”) nonetheless retains its fascination. Rather than attempting (...) to provide a systematic reworking of this couple along well established lines, particularly those defined by realism and indexicality, this article proposes to shift the notion of ontology in Bazin from its determination as actual existence toward a more radical concept of ontology based on the notion of mimesis, particularly as articulated, in a Heideggerian mode, by Philippe Lacoue-Labarthe. This more properly ontological concept, also paradoxically and radically improper, is shown to be at work already in Bazin's texts, and it allows us to see that far from simplistically naturalizing photographic technology, Bazin does the contrary: he technicizes nature. If Bazin says that the photograph is a flower or a snowflake, he also implies that, like photographs, these are likewise a kind of technical artifact, an auto-mimetic reproduction of nature. Bazin likewise refers to film as a kind of skin falling away from the body of History, an accumulating pellicule in which nature and history disturbingly merge. This shifted perspective on Bazin's thinking is extended further in reference to Georges Didi-Huberman on the highly mimetic creatures known as phasmids, insects that mimic their environement. I extend this into the dynamic notion of eternal return, an implicit dimension of Bazin's thinking, clarified here in reference to Giorgio Agamben and the “immemorial image” which, like Bazin's “Death Every Afternoon,” presents an eminently repeatable deathly image, an animated corpse-world that can be likened to hell. (shrink)