On signalling and debt maturity choice

The theoretical literature on a firm?s choice of debt maturity argues that a borrowing firm can signal its value in asymmetric information setting by borrowing short. This well-known fact is based on Flannery (1986). This paper questions the use of debt maturity as a signalling device. We demonstrate that Flannery?s (1986) signalling outcome is vulnerable on two accounts. First, the separating equilibrium established by Flannery is not driven by the incentive compatibility. Second, derivations of the separating equilibrium appear to be vulnerable due to the lack of the refinements of pooling equilibria. If correct constraints are provided, the parameter space for the separating equilibrium shrinks, moderating the signalling role of debt maturity.

Collateral and Debt Maturity Choice. A Signaling Model

This paper derives optimal loan policies under asymmetric information where banks offer loan contracts of long and short duration, backed or unbacked with collateral. The main novelty of the paper is that it analyzes a setting in which high quality firms use collateral as a complementary device along with debt maturity to signal their superiority. The least-cost signaling equilibrium depends on the relative costs of the signaling devices, the difference in firm quality and the proportion of good firms in the market. Model simulations suggest a non-monotonic relationship between firm quality and debt maturity, in which high quality firms have both long-term secured debt and short-term secured or non-secured debt.

Does exporting spur firm productivity and promote inclusive growth? : evidence from Vietnam

Are exporting firms superior because only superior firms choose to become exporters or do they become superior by virtue of being exporters and having to face greater competition and to specialize in core activities? Findings show that the decision to export induces a gain in capital productivity for the new exporters, but no significant effect is observed for labour productivity and Total Factor Productivity (TFP). This result offers some support for the learning-by-exporting effect that occurs within a sector. Entry of Vietnamese firms into the world market can spur inclusive economic growth of the country

chemical constituents from methanolic extract of Garcinia mackeaniana leaves and their antioxidant activity

A phytochemical investigation of the methanolic extract of Garcinia mackeaniana leaves led to the isolation, and determination of five secondary metabolites, including one benzophenone 4,3',4'-trihydroxy-2,6-dimethoxybenzophenone (1), two flavone C-glucosides vitexin (2) and its 2''-O-acetyl derivative (3), one biflavone amentoflavone (4), and one mono-phenol methyl protocatechuate (5). The chemical structures of these compounds were characterized by the NMR-spectroscopic method. These isolated compounds were isolated from G. mackeaniana species for the first time. Benzophenone derivative 1 has shown to be associated with a significant IC50 value of 14.97±0.8 µg/mL in the DPPH-antioxidant assay

Endoparasites in pigs raised in smallholder farms in Hung Yen province of Vietnam

As being part of an ongoing project, assessing animal health and food safety risks in smallholder pig value chains in Hung Yen province of Vietnam, the presence of endoparasites was investigated in a repeated study. Three communes, with a total of 545 smallhoder pig farms, from three districts were selected. In each commune, ten farms were randomly chosen. On farm data including farm management and biosecurity measures were recorded by using a checklist and observations. From each farm, one pooled fecal sample was collected from a randomly chosen barn monthly and followed from June to December 2014 for seven months. Fecal samples were analyzed for intestinal parasites by floatation and sedimentation methods. The intensity of most commonly seen parasites was determined by the McMaster counting technique. In 198 collected fecal samples, six types of parasites were detected, namely Eimeria 89 (44.95%), Ascaris suum 43 (21.72%), Strongyloides sp. 41 (20.71%), Trichocephalus suis 19 (9.60%), Fasciolopsis buski 10 (5.05%), and Fasciola 2 (1.01%). Highest intensities were observed for Eimeria (maximum 80900 oocyst/g), followed by Ascaris suum (2400 egg/g), Strongyloides sp. (1900 egg/g), and Trichocephalus suis (1300 egg/g); the others were reported at much lower intensities. Infection levels and intensities of the parasites tended to be higher during the hot months, June to September. No significant difference between communes was found. At least one type of parasites was present in 137 samples (69.19%). Most of farms (96.67%) were positive for at least one type of parasites in at least one sample. There was a significant difference in infection level of endoparasites between biogas and non-biogas farms. The general high parasite burden reported in this study will be addressed in future interventions which will include parasite control apart from other measures

Challenges of Implementing Outcome-Based Assessment in Vietnamese Higher Education – A Qualitative Inquiry

This qualitative study investigates the key challenges faced by university lecturers in implementing outcome-based assessments (OBA) in higher education institutions in Vietnam, a country currently undergoing significant educational transformation. Utilizing a qualitative research design, the study conducted semi-structured interviews with 15 lecturers from diverse academic fields in a institution. The data were thematically coded and interpreted through the lenses of Constructivism, Institutional Theory, and Diffusion of Innovations Theory. Nine major challenges emerged from the findings, including pedagogical hurdles, lack of training and resources, institutional constraints, and technological limitations. These challenges are contextualized within the existing theoretical frameworks and related literature. The study offers critical insights that are deeply rooted in cultural, institutional, and structural variables. These findings are pertinent for educators, administrators, and policymakers in Vietnam and potentially for those in similar educational settings, and they hold broader implications for professional development, institutional policies, technological infrastructure, and cultural shifts within the educational landscape

In-action reflective teaching in Vietnam: A qualitative exploration of practices, influences and implications

Reflective teaching plays a crucial role in the field of education though its intricacies in particular cultural contexts like Vietnam are still little understood. This study aims to investigate reflective teaching practices in more detail within the context of Vietnamese education.  This study used a qualitative methodology and semi-structured interviews with twelve Vietnamese teachers, each representing a different stage of their careers to shed light on the many forms of in-action reflective practices and their implementation, benefits, drawbacks and even cultural influences. The results of this in-depth investigation provided an overview of the wide range of in-action reflective practices that are actively used in the classroom.  The enhancement of adaptive teaching methodologies and the bolstering of student engagement are prominent among the many advantages that were noted.  Teaching in the Vietnamese context also presents unique challenges. Teachers often struggle with the demands of multitasking, the complexities of navigating uncertainties in real-time classroom scenarios   and the predominant challenge of managing large class sizes. Moreover, it was surprising to learn how many Vietnamese cultural, social   and educational factors influenced teacher understanding and use of in-action reflection.  The understanding of reflective teaching practices is enhanced by the research findings which also have broad implications for areas such as instructional strategies, teacher preparation programmes, academic research perspectives and even the development of educational policies.  The study strongly emphasizes the pressing need for more context-specific investigations into reflective teaching and underscores the indispensable role of reflection in fostering an environment conducive to effective teaching and learning

Multi-faceted identities of teacher assessors: A qualitative study in the Vietnamese educational context

Within the educational landscape of Vietnam, the professional identity of teachers when acting as assessors remains a comparatively uncharted domain and requires further explorations. Consequently, this qualitative investigation was initiated to delve deeper into the intricate identities Vietnamese teachers adopt in their capacities as assessors. Relying upon frameworks such as Constructivist Grounded Theory and Identity Theory, the study meticulously analyzed self-reported narratives from 15 tertiary lecturers based in Vietnam. Through this rigorous analysis, a spectrum of fifteen distinct identities was uncovered. These identities included “Gatekeepers of Knowledge and Competency”, “Nurturers”, “Diplomatists”, “Auditors”, “Confusian Sages”, “Innovators”, “Social Justice Advocators”, “Cultural Mediators”, “Emotional Anchors”, “Scalfolders”, “Technological Navigators”, “Lifelong Learners”, “Community Builders”, “Ethical Guardians”, and “Democratic Facilitators.” Intriguingly, these identities were not merely seen as additional layers to their professional duties; instead, they emerged as foundational components of teachers’ professional self-image. The forces molding these roles are diverse, encompassing deep-seated cultural values, prevailing educational paradigms, and personal lived experiences of educators. Unraveling these identities offers consequential implications for the broader educational sector. It underscores the imperative to holistically re-envision teacher training programs and assessment design, ensuring they resonate with the multifaceted roles educators play in steering both academic achievements and wider societal outcomes