...of the North and South in 1954, Vietnam adopted different economic systems: communism in the North which was following the communist party, and capitalism in the South because of the control of the US in this region. Since 1986, Vietnamese economy has made a significant shift from command-plan economy in which market mechanism are replaced by a centralized state authority into a market economy with socialist orientation through launching a political and economic reform so-called “renovation campaign” which is often understood by foreign scholars. This reform aimed to liberalize the economy as well as encourage the potential for the development of national economy such as the private economic sectors and foreign investment including foreign-owned enterprises. To boost economic development, the Enterprises Law 1999 (the National Assembly, 1999) was enacted, though it only dealt with domestic investors, being the first real step towards corporate governance and creating a legal framework for an efficient regime of corporate governance. It also can be argued that the history of corporate governance in Vietnam started with the formation of the stock market, as just one year after issuing the Enterprises Law 1999, the establishment of the stock market was marked by the official operation of Ho Chi Minh City Securities Trading Centre in 2000. However, from...
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...mark. Assessment: 10% for discussion (presentation, Q & A); 5% for the write-up (3 pages long only and to hand in directly to your tutor in week 9) Topics and guidelines for the seminars #1. How do Vietnamese stock exchanges operate? You should address at least the following issues: • • • • Compare HOSE and HNX How many types of orders are being executed in Vietnam? Trading process (how to buy and sell shares for example) Trading methods (for example: continuous matching method) and/or techniques such as margin trading, short-selling, repo if applicable Suggested issues: • • • • • • • • • Trading venue (floor-based or screen-based) Listing rules Ownership of the exchanges Price limit, trading halt Types of order, execution process Precedence rules Tick size, any procedure for block trades Methods of trading (quote driven or order-driven) Opening call/Closing call #2. General information of OTC market in Vietnam. Students are required to provide audiences with brief information about OTC market in Vietnam and make comparison with the two stock exchanges (HOSE and HNX). Suggested issues: • • • • • What is OTC market? Differences between OTC market and an exchange? SanOTC vs. Upcom Participants on OTC market Securities and financial instruments traded? Types of market (auction, dealer, direct...
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...would like to also thank everyone at the Institute of International Management and Business Administration, National Cheng Kung University, who has contributed to the completion of this thesis. Finally, I would like to appreciate my family members, who have offered their constant support for my study here and thank them for be always by my side. Abstract Keywords: Personalities, Core self-evaluations, Extraversion, Herding behavior, Individual investors’ performance, Cognitive dissonance, Return, Satisfaction. This research examined the relationship among investor psychology, herding behavior and investment performance. Four hypotheses were tested using survey data collected from 250 individual investors in Vietnam stock markets. The findings showed that core self evaluations are positively related to herding behavior. In addition,...
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...December 2001; This Law regulates securities and the securities market. CHAPTER I General Provisions Article 1 Governing scope This Law regulates activities being public offers of securities, listing and trading securities, conducting business and investing in securities, securities services and the securities market. Article 2 1. Applicable entities: Vietnamese organizations and individuals and foreign organizations and individuals participating in investment in securities and activities on the Vietnamese securities market. Other organizations and individuals related to securities activities and securities market activities. Application of Law on Securities, relevant laws and international treaties 2. Article 3 1. Activities being public offers of securities, listing and trading securities, conducting business and investing in securities, securities services and securities market activities must comply with the provisions of this Law and other provisions of relevant laws. If an international treaty of which the Socialist Republic of Vietnam is a member contains provisions which are different from those in this Law, then the provisions of such international treaty shall apply. The Government shall provide specific regulations on the implementation of international treaties consistent with the schedule for integration and international undertakings. Principles on securities and securities market activities: 2. Article 4 1. Respect for the right of organizations...
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...After interviewing Ian, my neighbour, I have come to the conclusion that most of his views agree with those of the general public, from his taste in music to his love of sport. He pretty much filled in the role of the “Ordinary Australian” of the 80’s. The first impression you have of Ian is his absolute passion for sports. The interview itself was allocated at a convenient time slot for him, so that he would not miss his Seven o’clock football match on Television. He particularly loved, and still does, love his cricket, but enjoys watching more or less any form of sport on the television-a habit that he has not strayed from for a long time, a habit he has maintained throughout the 1980’s. Australians has always been a sport-loving nation. For a country with a relatively small population, Australian athletes fared extremely well on the international scale. In this decade, coverage of Sport on TV evolved in leaps and bounds. The quality of TV had improved, and as a result, there was a great surge of popularity in the 80s for television. Ian, it seems, was no exception to the increase in television views (particularly the sporting channels). The 80’s was the time of Madonna and Michael Jackson; these two artists were extremely popular and presented a new style of music. Australian Music gained confidence in the 1980’s, and developed a distinct “Australian Rock” sound. The band Midnight Oil was popular, as was the internationally renowned INXS, who received Grammy nominations...
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...1. a) In our Company, the Receivables were always an issue. There were customers who did not pay on time, deducted payments without details, miscalculated previous payments while paying for current bills and confused / adjusted between departments while making payments. We had a bad time in the Accounts / Finance Department and the balances outstanding grew by the month. I had proposed to the management that unless we do some change in the way we are dealing with the problem of Receivables, we would in no time be severely hit. b) The process in planning the change was to: i. To get the entire (detailed - transaction wise) data of customers whose balance was showing outstanding in our books for long ii. Set a team of two to go through it exhaustively so that all transactions recorded in our books are taken into account iii. Arrange a meeting with the concerned customer and reconcile their balances with ours iv. Arrive at a balance acceptable to both ourselves and the customer c) The human challenges faced were: i. Not every person in the management were keen to get it done as they thought that since everything was going smoothly in an overall manner, we should not dig for trouble. ii. The people selected to do the job under my leadership were skeptical about the issue and thought that it was an extra workload for them. iii. Some of the customers were not willing to sit for reconciliation since they said they did not have time for it and also...
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...2013 INDIVIDUAL ASSIGNMENT NAME: ID: LECTURER: TOPIC: TRAN HUYNH NHU SB60381 CLASS: SB0765 DINH TIEN THANH VALUATION AND FINANCIAL MODELING NHUTHSB60381 VALUATION FINANCIAL MODELING INDIVIDUAL ASSIGNMENT I. EXECUTIVE Through this report, I will analyze and evaluate Hung Vuong Joint Stock Company’s price and compare with the 10 other companies in the same industry. To evaluate the value stock of enterprises, we have a lot of methods, such as: Dividend Discount Model (DDM), price to earnings (PE) or market price to book value (PB)… Each method has its pros and cons. However, in this report, I will evaluate stock price in three methods: PE, PS and PB. In this report, there are three main parts: overview the foods industry and background of HVG, valuation of stock price and give some comment about these methods. II. OVERVIEW FOODS INDUSTRY AND HUNG VUONG JOINT STOCK COMPANY 1. Overview foods industry After becoming a member of WTO, Vietnam has more opportunities for foods industry. However, with the advantages, foods industry in Vietnam has also faced with a lot of challenges. Foods industry in Vietnam develops very quickly with two types: domestic foods and exported foods. With the local consumers, with the variety, there are a 1 NHUTHSB60381 VALUATION FINANCIAL MODELING INDIVIDUAL ASSIGNMENT lot of types of foods. Moreover, in fact, when Vietnam joined WTO and ASEAN, it promotes foods exported and agriculture and maritime products. In recent years, even though growth...
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...Business Summary | | BP is also BO (Big Oil). It is the world's third-largest integrated oil concern, behind Exxon Mobil and Royal Dutch Shell. BP explores for oil and gas in 30 countries and has proved reserves of 18.3 billion barrels of oil equivalent. BP is the largest oil and gas producer in the US and a top refiner, with stakes in 16 refineries, processing 4 million barrels of crude oil per day. BP markets its products in more than 80 countries and operates 22,400 gas stations worldwide. The company's reputation took a major hit in 2010 when one of its deepwater rigs, working less than 50 miles south of Louisiana, exploded and killed 11 workers. Millions of gallons of crude gushed into the Gulf of Mexico for months. Following the disaster in the Gulf of Mexico, BP stock lost more than half its value, until recovering a bit in July. The company's dividend has been suspended and the CEO replaced. The company is creating a $20 billion fund over the next three-and-a-half years to cover claims from the Deepwater Horizon catastrophe,and to pay for that and other costs, BP announced it would be selling $30 billion in assets over the next 18 months. The company also took a $32 billion pretax charge against second-quarter earnings to cover potential liabilities.BP p.l.c.was founded in 1889, has headquarters in London, the United Kingdom. The company provides fuel for transportation, energy for heat and light, retail services, and petrochemicals products, operates through two...
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...Annual Dividend Rate NA Annual Dividend Yield NA Market Capitalization $958.2 Million Sub-Industry: Restaurants SMA (50) SMA (100) Price as of 2/11/2010 $41.41 Sector: Consumer Discretionary PFCB BUSINESS DESCRIPTION P.F. Chang's China Bistro, Inc., through its subsidiaries, engages in the ownership and operation of restaurants in the United States. It owns and operates two restaurant concepts, P.F. Chang's China Bistro and Pei Wei Asian Diner. STOCK PERFORMANCE (%) 3 Mo. Price Change 32.17 GROWTH (%) Revenues Net Income EPS Last Qtr -1.88 109.58 -15.63 12 Mo. 0.30 26.11 8.55 3 Yr CAGR 9.97 2.73 9.70 Weekly Price: (US$) 1 Year 2 Years 55 50 45 40 35 TARGET PRICE $54.35 TARGET PRICE $54.35 TARGET PRICE $54.35 PRICE $54.35 1 Yr. 131.08 3 Yr (Ann) 0.36 30 25 20 15 Rating History HOLD Volume in Millions BUY 20 10 RETURN ON EQUITY (%) PFCB Q3 2009 11.86 Q3 2008 11.87 Q3 2007 10.70 P/E COMPARISON Ind Avg 9.91 25.50 33.38 S&P 500 3.25 9.77 15.84 2008 2009 2010 0 COMPUSTAT for Price and Volume, TheStreet.com Ratings, Inc. for Rating History RECOMMENDATION We rate P F CHANGS CHINA BISTRO INC (PFCB) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance, compelling growth in net income...
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...wholesale/cash and carry group based in Düsseldorf. It has the largest market share in its home market, and is one of the most globalised retail and wholesale corporations. It is the fifth-largest retailer in the world measured by revenues (after Wal-Mart, Carrefour, Tesco and Kroger). Metro Group has 280.000 employees, from 180 nations, with over 2.200 outlets in 32 countries in Europe, Africa and Asia. With this force, Metro Group is one of the most important international retailing companies. In Metro AG portfolio we can find some internationally strong sales brands like: * Metro Cash & Carry - the world's market leader in cash & carry; * Real Hypermarkets – purchased by Auchan; * Media Markt and Saturn - Europe' s leader in consumer electronic retailing; * Galeria Kaufhof - the system leader in the department store business. When doing business, Metro AG goes after important values such as: * Responsibility towards our customers, stockholders and the public; * Innovative strength is one key to success; * Further development and modernization of the retail sector - both, at the national and at the international level. 1.2 History Starting from 1996, to 2000 Within a period of only ten months, METRO AG is formed through a merger of the retail companies Asko Deutsche Kaufhaus AG, Kaufhof Holding AG and Deutsche SB-Kauf AG. The group goes on the stock market in the same year. On July 25,...
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...Get the inside scoop on investment banking careers in the Asia Pacific region! Read this extended excerpt of the all-new Vault Career Guide to Investment Banking, Asia Pacific Edition and get the inside story on investment banking careers, including: • An inside look at corporate finance, sales & trading, research and other major functions at investment banks. • An oveview of equity and debt markets in the region • A discussion of industry trends and corporate culture in Asia Pacific • Days in the life of investment bankers in Asia Pacific This PDF is an excerpted version of the full 198-page guide To get the complete guide: • Purchase your own print or e-Book version of the guide. Go to www.Vault.com/Asia. • More than 900 universities and MBA programs worldwide subscribe to the Vault Online Library, providing more than 4.5 million students worldwide with access to Vault's guides and career information. Contact your career center today to ask about access to the Vault Online Career Library. ABOUT VAULT Founded in 1996, Vault is the leading global media company focused on careers. With offices in North America, Europe, India and Asia, Vault provides graduates and young professionals worldwide with insider information on careers and education through its award-winning web sites and career guides. CAR E E RS VAU LT CA R E E R G U I D E TO INVESTMENT BAN KING A S I A P A C I F I C E D I T I O N INVESTMENT BANKING JUNG B. LEE, TOM LOTT and the staff of vault ...
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...Get the inside scoop on investment banking careers in the Asia Pacific region! Read this extended excerpt of the all-new Vault Career Guide to Investment Banking, Asia Pacific Edition and get the inside story on investment banking careers, including: • An inside look at corporate finance, sales & trading, research and other major functions at investment banks. • An oveview of equity and debt markets in the region • A discussion of industry trends and corporate culture in Asia Pacific • Days in the life of investment bankers in Asia Pacific This PDF is an excerpted version of the full 198-page guide To get the complete guide: • Purchase your own print or e-Book version of the guide. Go to www.Vault.com/Asia. • More than 900 universities and MBA programs worldwide subscribe to the Vault Online Library, providing more than 4.5 million students worldwide with access to Vault's guides and career information. Contact your career center today to ask about access to the Vault Online Career Library. ABOUT VAULT Founded in 1996, Vault is the leading global media company focused on careers. With offices in North America, Europe, India and Asia, Vault provides graduates and young professionals worldwide with insider information on careers and education through its award-winning web sites and career guides. CAR E E RS VAU LT CA R E E R G U I D E TO INVESTMENT BAN KING A S I A P A C I F I C E D I T I O N INVESTMENT BANKING JUNG B. LEE, TOM LOTT and the staff of vault ...
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...Get the inside scoop on investment banking careers in the Asia Pacific region! Read this extended excerpt of the all-new Vault Career Guide to Investment Banking, Asia Pacific Edition and get the inside story on investment banking careers, including: • An inside look at corporate finance, sales & trading, research and other major functions at investment banks. • An oveview of equity and debt markets in the region • A discussion of industry trends and corporate culture in Asia Pacific • Days in the life of investment bankers in Asia Pacific This PDF is an excerpted version of the full 198-page guide To get the complete guide: • Purchase your own print or e-Book version of the guide. Go to www.Vault.com/Asia. • More than 900 universities and MBA programs worldwide subscribe to the Vault Online Library, providing more than 4.5 million students worldwide with access to Vault's guides and career information. Contact your career center today to ask about access to the Vault Online Career Library. ABOUT VAULT Founded in 1996, Vault is the leading global media company focused on careers. With offices in North America, Europe, India and Asia, Vault provides graduates and young professionals worldwide with insider information on careers and education through its award-winning web sites and career guides. CAR E E RS VAU LT CA R E E R G U I D E TO INVESTMENT BAN KING A S I A P A C I F I C E D I T I O N INVESTMENT BANKING JUNG B. LEE, TOM LOTT ...
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...Executive summary Table of contents Introduction: Intro of derivatives to SA fin markets The South African futures market started informally on an over the counter basis in 1987 and Rand Merchant Bank fulfilled the clearing house role (Alexander: 1996). According to Alexander, the Johannesburg Stock Exchange (JSE) together with commercial banks combined to set up a formal futures exchange and the South African Futures Exchange (SAFEX) exchange was eventually formed and opened for business on 30 April 1990. The Johannesburg Stock Exchange’s equity derivative section began operating in 1990 facilitating the trading of financial derivatives to the open market (Adelegan, 2009). Options’ contract trading was initiated in October 1992 and futures on agricultural commodities were available by 1995. In May 1996 the system of automated trading was fully introduced to the Futures exchange (Adelegan, 2009). The main reasons behind the establishment of the derivative market in South Africa were to increase liquidity, improve level of risk management as well as to allow the local market to tackle challenges arising as a result of globalization (Adelgan, 2009). Two broad categories exist in the derivatives market and these are futures and options and these two categories a variety of instruments can be found which include single stock futures, warrants, financial and commodity futures (Adelegan, 2009). Findings: Warrants Warrants Warrants were first launched in South Africa in 1997...
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...Stewart case: lessons and training 2 HEADING Shares sold in cases of insider trading often come from option exercises or restricted stock vesting. 3 Accounting scandals/fraud intertwined with insider trading. Insider trading cases more interesting to juries and easier for prosecutors to explain. Did the CEO sell stock knowing his company could not make its earnings targets without improperly booking revenue? 4 The SEC detects and prosecutes even small-profit cases. $38,000 in profits by former CFO. 5 Criminal charges are now more likely. Justice Department and local US Attorneys interested in these cases. Ex-Countrywide execs get probation terms for insider trading By ALEX VEIGA, AP Business Writer LOS ANGELES—November 26, 2007 Three former Countrywide Financial Corp. executives who pleaded guilty to criminal charges of insider trading were sentenced Monday to serve three years probation, the U.S. attorney's office said. They must also serve several hundred hours of community service and pay fines. In their plea agreements earlier this year, the executives admitted they used confidential data showing Countrywide would not meet Wall Street earnings projections for the third quarter of 2004. They then used the information to sell off their shares, to buy put options and, eventually, to short-sell the stock, in efforts to profit from a fall in the stock's price,...
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