The Order O(αtαs)\mathcal{O}(\alpha_t\alpha_s) Corrections to the Trilinear Higgs Self-Couplings in the Complex NMSSM

A consistent interpretation of the Higgs data requires the same precision in the Higgs boson masses and in the trilinear Higgs self-couplings, which are related through their common origin from the Higgs potential. In this work we provide the two-loop corrections at order ${\cal O}(\alpha_t \alpha_s)$ in the approximation of vanishing external momenta to the trilinear Higgs self-couplings in the CP-violating Next-to-Minimal Supersymmetric extension of the Standard Model (NMSSM). In the top/stop sector two different renormalization schemes have been implemented, the OS and the $\overline{\text{DR}}$ scheme. The two-loop corrections to the self-couplings are of the order of 10\% in the investigated scenarios. The theoretical error, estimated both from the variation of the renormalization scale and from the change of the top/stop sector renormalization scheme, has been shown to be reduced due to the inclusion of the two-loop corrections.Comment: 31 pages, 7 figure

The Determinants of the Fundraising Structure of Listed Companies in Vietnam: Estimation of the Effects of Government Ownership

This study investigates the factors determining the debt-ratios of listed companies on the Hanoi and Ho Chi Minh stock exchange markets. Estimation analysis using panel data covering the three-year period from 2006 to 2008 reveals the following results. (1) The debt-ratios of listed companies may be well explained by adjusted Modigliani and Miller theory combined with agency cost theory. (2) In order to borrow long-term outside funds, the ability to provide collateral is very important, even for qualified and listed companies. (3) Government controlled companies have weak incentives to save corporate tax payments by using debt financing. (4) In term of long-term fundraising, government controlled companies are perceived to present less risk than other companies. (5) In the determinants of fundraising, there is almost no difference in the determinants of fundraising between companies listed on the Ho Chi Minh stock exchange and those on the Hanoi stock exchange. (6) Compared to the fundraising activities of small- and medium-sized companies analyzed by Nguyen (2006) and Biger et al. (2008), those of listed companies could be better explained by using standard corporate financing theory. These observations suggest several policy implications. (1) Economic reform (Doi Moi) policies have successfully built up market based corporate financing systems for listed companies in Vietnam; however, (2) the protection of outside creditors should be further enhanced, as should be the disclosure of corporate information. (3) Further liberalization and privatization of the banking sector is urgently needed.Corporate Finance, Capital Structure, Transition Economy, Vietnam

Fundraising Behaviors of Listed Companies in Vietnam: An Estimation of the Influence of Government Ownership

This study investigates the capital structure and investment activities of listed companies on the Hanoi Securities Exchange and the Ho Chi Minh Securities Exchange in Vietnam. Estimation analysis using panel data covering the four-year period 2006-2009 revealed the following results. (1) Standard corporate financing theories such as trade-off theory and agency cost theory could be appropriate for explaining the capital structure of listed companies in Vietnam. (2) Compared to the fundraising activities of the companies analyzed by Nguyen (2006) and Biger et al. (2008), the fundraising activities of the listed companies were better explained by standard agency cost theory. (3) There are differences between the determinants of long-term fundraising and short-term fundraising of listed companies in Vietnam. (4) The fundraising determinants of state-controlled companies are different from those of other companies; state-controlled companies have an advantage in tapping external debt funds, and their incentive to reduce their tax payments by debt financing is weaker. (5) The companies listed on the Ho Chi Minh Securities Exchange depended less on debt financing than those listed on the Hanoi Securities Exchange. (6) Listed companies in Vietnam face weak incentives to reduce their tax payments by debt financing because the effective corporate tax rate is low. These results imply that the economic reforms (“Doi Moi”) implemented by the Vietnamese government, which aims to create an economic system based on market mechanisms, have achieved some of their goals in terms of fund mobilization and corporate financing. However, our estimation study illustrates several limitations of economic reforms, such as the opaque relationship between state-controlled companies and government banks, financial restrictions on investment activities, and inactive investment of companies that are state-controlled or listed on the Ho Chi Minh Securities Exchange.Corporate Finance, Capital Structure, Transition Economy, Vietnam

The Determinants of the Fundraising Structure of Listed Companies in Vietnam : Estimation of the Effects of Government Ownership

This study investigates the factors determining the debt-ratios of listed companies on the Hanoi and Ho Chi Minh stock exchange markets. Estimation analysis using panel data covering the three-year period from 2006 to 2008 reveals the following results. (1) The debt-ratios of listed companies may be well explained by adjusted Modigliani and Miller theory combined with agency cost theory. (2) In order to borrow long-term outside funds, the ability to provide collateral is very important, even for qualified and listed companies. (3) Government controlled companies have weak incentives to save corporate tax payments by using debt financing. (4) In term of long-term fundraising, government controlled companies are perceived to present less risk than other companies. (5) In the determinants of fundraising, there is almost no difference in the determinants of fundraising between companies listed on the Ho Chi Minh stock exchange and those on the Hanoi stock exchange. (6) Compared to the fundraising activities of small- and medium-sized companies analyzed by Nguyen (2006) and Biger et al. (2008), those of listed companies could be better explained by using standard corporate financing theory. These observations suggest several policy implications. (1) Economic reform (Doi Moi) policies have successfully built up market based corporate financing systems for listed companies in Vietnam; however, (2) the protection of outside creditors should be further enhanced, as should be the disclosure of corporate information. (3) Further liberalization and privatization of the banking sector is urgently needed.Corporate Finance, Capital Structure, Transition Economy, Vietnam