Free cashflow and firm performance: Evidence from sectoral levels for Vietnamese listed firms

Using data of listed firms on Hochiminh Stock Exchange, the study examines the impact of free cashflowson firm performance of manufacture, trade and real estates sectors. The findingsconsistently show that free cashflowshave a positive effect on firm performance for all sectors. However, the impact of free cashflows on firm performanceis different between firms with and without investment opportunities. This shows the relevance of Jensen\u27s free-cashflows theory (1986) to listed Vietnamese firms at thesectoral level

Global logistics indicators, supply chain metrics, and bilateral trade patterns

Past research into the determinants of international trade highlighted the importance of the basic spatial gravity model augmented by additional variables representing sources of friction. Studies modeled many sources of friction using various proxies, including indices based on expert judgment in some cases. This paper focuses on logistics friction and draws on a data set recently compiled by the World Bank with specific quantitative metrics of logistics performance interms of time, cost, and variability in time. It finds that the new variables that relate directly to logistics performance have a statistically significant relationship with the level of bilateral trade. It also finds that a single logistics index can capture virtually all of the explanatory power of multiple logistics indicators. The findings should spur public and private agencies that have direct or indirect power over logistics performance to focus attention on reducing sources of friction so as to improve their country's ability to compete in today's global economy. Moreover, since the logistics metrics are directly related to operational performance, countries can use these metrics to target actions to improve logistics and monitor their progress.Common Carriers Industry,Transport and Trade Logistics,Economic Theory&Research,Free Trade,Trade Policy

Near-wall velocity of suspended particles in microchannel flow

This contribution investigates the characteristic reduction of the particle velocity with respect to the velocity profile of a pure liquid (water) in a pressure driven flow (PDF). It is shown by simulations and experiments that particles are slowed down once their local perturbation "cloud" of the velocity field hits the wall. We show that this effect scales with the ratio of the distance of sphere's surface from the wall, a, and the radius, a, of the sphere, i.e. delta/a

An Observational Limit on the Dwarf Galaxy Population of the Local Group

We present the results of an all-sky, deep optical survey for faint Local Group dwarf galaxies. Candidate objects were selected from the second Palomar survey (POSS-II) and ESO/SRC survey plates and follow-up observations performed to determine whether they were indeed overlooked members of the Local Group. Only two galaxies (Antlia and Cetus) were discovered this way out of 206 candidates. Based on internal and external comparisons, we estimate that our visual survey is more than 77% complete for objects larger than one arc minute in size and with a surface brightness greater than an extremely faint limit over the 72% of the sky not obstructed by the Milky Way. Our limit of sensitivity cannot be calculated exactly, but is certainly fainter than 25 magnitudes per square arc second in R, probably 25.5 and possibly approaching 26. We conclude that there are at most one or two Local Group dwarf galaxies fitting our observational criteria still undiscovered in the clear part of the sky, and a roughly a dozen hidden behind the Milky Way. Our work places the "missing satellite problem" on a firm quantitative observational basis. We present detailed data on all our candidates, including surface brightness measurements.Comment: 58 pages in AJ manuscript format; some figures at slightly reduced quality; accepted by the Astronomical Journa

Determinants of Corporate Disclosure in Financial Statements: Evidence from Vietnamese Listed Firms

Using data of listed firms on Hochiminh Stock Exchange, the study examines determinants of corporate disclosure in financial statements. In line with the literature, the findingsshow that firm size, the use of financial leverage and the presence of supervision board have a positive influence on corporate disclosure. Furthermore, auditing firm (whether a Big4 or not) also plays an important role in the degree of information disclosure by firms.Contradicting to the literature, however state ownership and the proportion of non-executive members in director board show a negative relation to corporate disclosure level. These counter factscanbe explained by real situations of Vietnam over the studied period. Finally, the concurrent role between chair of director board and managing director reduces corporate disclosure degree, as predicted by the agency theory