Cash holding, state ownership and firm value: The case of Vietnam

Using a sample of 650 listed firms on the Vietnamese stock exchange over the period 2008-2015, we examine the effect of cash holding level on firm value. The results find out the cash holding has an impact on firm value in an inverted U-shaped form. Furthermore, this study investigates whether the state ownership influences firm value. We point out that there is a statistically insignificant positive relationship between state ownership and firm value unless the state ownership’s advantages are utilized. The findings have implications of cash management in state-owned firms. © 2016, Econjournals. All rights reserved

Cash Holding, State Ownership and Firm Value: The Case of Vietnam

Using a sample of 650 listed firms on the Vietnamese stock exchange over the period 2008 to 2015, we examine the effect of cash holding level on firm value. The results find out the cash holding has an impact on firm value in an inverted U-shaped form. Furthermore, this study investigates whether the state ownership influences firm value. We point out that there is a statistically insignificant positive relationship between state ownership and firm value unless the state ownership's advantages are utilized. The findings have implications of cash management in state-owned firms. Keywords: Cash holding, firm value, state ownership, Vietnamese corporations JEL Classifications: G32, G31, G2

Decomposing ontology in Description Logics by graph partitioning

International audienceIn this paper, we investigate the problem of decomposing an ontology in Description Logics (DLs) based on graph partitioning algorithms. Also, we focus on syntax features of axioms in a given ontology. Our approach aims at decomposing the ontology into many sub ontologies that are as distinct as possible. We analyze the algorithms and exploit parameters of partitioning that influence the efficiency of computation and reasoning. These parameters are the number of concepts and roles shared by a pair of sub-ontologies, the size (the number of axioms) of each sub-ontology, and the topology of decomposition. We provide two concrete approaches for automatically decomposing the ontology, one is called minimal separator based partitioning, and the other is eigenvectors and eigenvalues based segmenting. We also tested on some parts of used TBoxes in the systems FaCT, Vedaall, tambis, ... and propose estimated results.Dans cet article, nous étudions le problème de la décomposition d'une ontologie dans les logiques de description (DL) basés sur des algorithmes de partitionnement de graphe. Nous nous concentrons sur les particularités de syntaxe d'axiomes dans une ontologie donnée. Notre approche vise à décomposer l'ontologie dans un nombre d'ontologies telles qu'elles soient les plus distincts que possible. Nous analysons les algorithmes et exploitons les paramètres de partitionnement qui influencent l'efficacité du calcul et du raisonnement. Ces paramètres sont : le nombre de concepts et rôles partagés par une paire de sous-ontologies, la taille en nombre d'axiomes, de chaque sous-ontologie, et la topologie de la décomposition. Nous proposons deux approches concrètes pour décomposer automatiquement l'ontologie, l'une appelée "partitionnement par séparateur minimal" et l'autre appelée "partitionnement par vecteurs et valeurs propres" sur la base de segmentation. Enfin, nous avons effectué une évaluation de ces algorithmes sur certaines parties de TBoxes utilisées sur le moteur d'inférence FaCT : Vedaall, tambis, ... et étudié des résultats obtenus

PROBLEMS OF ENGLISH STUDIES STUDENTS ON LEARNING PHONOLOGY AND SUGGESTIONS, CAN THO UNIVERSITY, VIETNAM

The writers were concerned by the phonological challenges encountered by students of the Schools of Foreign Languages, Can Tho University. Foreign language majors are often difficult, and theory is quite tackled, which has caused many serious problems for students. This is no exception for students majoring in English Studies, at Can Tho University in the process of approaching the subject "Introduction to English Phonology". This study was conducted to clarify the phonological challenges that students at Can Tho University are facing, as well as suggest solutions to the problem of phonology learners. Using data from Google Questionnaire Forms, the research conducted an error analysis of 103 English majors who studied the subject. Based on the phonological problems, certain remedial activities were planned for the students, which helped improve their study process phonological problems considerably.   Article visualizations

Effects of calpastain (CAST) polymorphisms on carcass and meat quality traits in Mongcai pigs

Calpastain (CAST) activity plays a major role in muscle growth and proteolytic changes post-mortem and the CAST gene has been considered as a candidate gene for carcass and pork quality characteristics. The aim of this study was to analyze the association of two polymorphisms namely CAST_HinfI (allele A and B) and CAST_MspI (allele C and D) with carcass and meat quality traits in Mongcai, a Vietnamese indigenous pig breed. Polymerase chain reaction-restriction fragment length polymorphism (PCR-RFLP) was used to genotype the animals at these loci. Results indicate that the CAST_HinfI single nucleotide polymorphism (SNP) had a low frequency of allele A as compared to allele B, while the C and D allele distribution was almost the same for the CAST_MspI SNP. In the association analysis, significant effects on dressing percentage of carcass were detected. The CAST_HinfI locus was associated with the pH24, while the CAST_MspI position was in association with pH45 min, drip loss48 and redness color. Additional analysis showed a variation in muscle fiber type composition with higher proportion of IIx fiber in pigs with AB genotype (P < 0.05). Three constructed haplotypes namely AB/CD, AB/DD and BB/CC also had significant effects on carcass, type IIa and IIb fiber percentages.Keywords: Association, carcass, pork quality, Vietnamese local pi

Further Discussion On Applying Case Study Method In Investment Law Course – A Case Of Education Investment In Vietnam

Purpose: The aim of this study is to focus on clarifying using case study method to improve taching law course. Currently, many universities around the world are applying a new teaching method. It can help students absorb knowledge more efficiently and faster. That is the case study. Using a Case Study allows a deeper understanding of cases as a unit, through comparing the similarities and differences of individual cases. Design/methodology/approach: The study uses qualitative analysis, synthesis and inductive methods, together with studies and references from CPTPP, FTA Agreement, as well as Regulations on assurance of business investment activities. Findings: The application of this method to teaching helps learners to approach very applicable situations. The situations or problems close to the theory will also help them to systematize all the knowledge they have learned to apply to solve the assigned problem. Not only use the knowledge learned, but also learn related knowledge outside the program to solve the problem. Case Study is an extremely interesting and interesting learning method, helping us to associate reality and apply it to solve problems and help us remember longer. If you really understand what a case study is, then apply it to your life and work. The results show the regulations on guaranteeing ownership rights as well as ensuring investors' business investment activities have been clearly stipulated in the 2020 Labor Law of Vietnam. These regulations have concretized the constitutional principle of investors' freedom to invest and do business in industries that are not prohibited by la

Comparison of velocity distribution in turbulent diffusion jet given by the integral model and code CFD FLUENT 6.0

Integral model is simple in utilization, low in CPU time calculation, suitable for a lot of practical applications of turbulent diffusion jet. However the assessment of accuracy of the model should be carried out by experimental data and by results of available multidirectional codes. The present paper shows the comparison of velocity profiles given by the integral model and the CFD FLUENT 6.0 Code. The difference in results given by the two models is lower than 10% when Reynolds number at the exit nozzle below 5000

Ontology-Based Workflow Validation

International audienceIn order to ensure a workflow to be executed correctly, many approaches were introduced. But not many of them consider the semantic correctness of the workflow in the design time and the run time. In this paper, a solution to check the semantic correctness of the workflow automatically is presented. To do that, the workflow must be represented in a machine understandable form, an ontology-based approach to represent a workflow is proposed. In addition, we also provide a set of changed operations allowing the users to customize a workflow for using in their organizations. Their change can be made while ensuring the correctness of the workflow. Moreover, a verification method is proposed for checking the semantic correctness of workflow