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We showcase how Challenge Based Learning is applied to the Finance area by evaluating the performance of student managed investment Fund set up by University of Lincoln. These funds are managed live by students from undergraduate and postgraduate courses from Lincoln International Business School and are traded live, so the funds accrual is directly a result of student choices. By making careful choices, students gain experience whilst in study which allows them to apply their experiential learning later on. The Lincoln Student Managed Investment Fund is a direct result of the Student as Producer Initiative (Neary, 2010) at Lincoln which underpins all degrees.

In this paper, we investigate the determinants of household borrowing from the formal financial sector, the determinants of credit rationing by the formal sector and the impact of credit on household welfare in rural Vietnam. We find that education, savings, the area devoted to farming and the availability of formal credit are important determinants of both household borrowing and credit rationing by the formal sector. We also find that credit has a positive (albeit small) effect on household welfare in rural Vietnam. Our findings have policy implications for land and banking sector reform.

In this paper, we investigate the determinants of household borrowing from the formal financial sector, the determinants of credit rationing by the formal sector and the impact of credit on household welfare in rural Vietnam. We find that education, savings, the area devoted to farming and the availability of formal credit are important determinants of both household borrowing and credit rationing by the formal sector. We also find that credit has a positive (albeit small) effect on household welfare in rural Vietnam. Our findings have policy implications for land and banking sector reform.

The positive relationship between access to credit and household welfare has been well explored and documented in the literature. The literature however sees just few research papers about Vietnam. One issue with most research papers in this area however is that while the conclusions are consistent, they mostly draw their findings from the analysis of cross-section data obtained from household surveys. Such an analysis represents a snapshot view and does not tell us much about the long-term impact of access to credit on household welfare. In this paper, we develop an econometric framework to test the impact of access to credit on household welfare in the long-run using data from two household surveys in Vietnam. The first survey covers a sample of 4,799 households, 150 communes and 300 villages over the country. The second survey, taken after 5 years, covers a sample of 5,999 households, 194 communes and 388 villages, including all households surveyed in the first survey. Our econometric framework considers and controls for the effect of endogenous credit and of the sample selection bias. We employ a three stage regression: the first stage controls for the sample selection bias; the second stage controls for the endogeneity of credit; and the third stage is to estimate the impact of access to credit on household welfare, where the inverse Mill’s ratios and the predicted residuals, which are computed from the first and second stages, are included as explanatory variables. We find that access to credit has a positive and significant long-term impact on household welfare in terms of per capita expenditure, per capita food expenditure and per capita non-food expenditure. We also find that although both formal and informal credit contribute to household welfare, formal credit has a relatively higher impact than its informal counterpart. Our findings imply some policy recommendations. On the one hand, the findings encourage policies that improve the access to credit for p

Our paper employs a dataset that comprises real-time data, which, in our study, is defined as the best known data available to investors at the time of making decision. The research was inspired by comments by industry leaders at an international conference in finance in Vietnam in 2016, basically implying that academic research findings were not useful to investors because they had not done in the way that investors think and do. Drawing on an alike experiment study using realtime data for a period from October 2010 to April 2014, our paper documents that the value and liquidity effect do not exist in Vietnam and the size effect is weak. Specifically, we find that growth and high liquidity stocks outperform and do not find strong evidence for the outperformance of small stocks. This finding contradicts the general literature, which suggests that value, low liquidity and small stocks outperform, but supports similar contradicting findings for emerging markets. The findings from our research are important to investors in Vietnam market because they are drawn on the decision making basis that investors in this market normally do. Our research findings also suggest the use of a multifactor pricing model that is relevant for valuing stocks in Vietnam. In addition, to check the reliability of our dataset and the robustness of our conclusions, we repeated the same procedure using two samples of historical data and compared with results from our data. The additional analysis confirms the reliability of our data and findings.

This paper presents a short discussion on the weaknesses of the banking system in Vietnam. Using focus group approach, the author has analyzed four important areas of weakness, including (i) maturity mismatching, liquidity and social costs; (ii) poor governance and risk of loan losses; (iii) strategy arid products; (iv) state batik's dependence. The author believes that the first step in restructuring should be building a set of operational standards based on Vietnam context, instead of applying theoretically international experience.

This paper examines the effect of tax policy on housing prices in Vietnam for the period from October 2004 to September 2016 using event study approach. The authors find that all five key changes made to the personal income tax, corporate income tax and non-farm land use tax have caused the housing prices to decline on average 6-11% during the event window, but only the impact of the personal income tax changes is statistically significant. The fact that changes in housing prices are mostly seen prior to the effective date of the tax policy change implies that tax policy change indeed has influenced the housing prices in Vietnam. Although this research has not examined the mechanism through which tax policy has influenced the housing prices, the findings offer some implications for the government in terms of using tax policy for controlling housing prices in Vietnam. The research is also of very few papers in this literature that use the event study approach.

This study examines the day-of-the-week trading patterns of individual and institutional investors. Consistent with previous evidence, we find an increase in the proportion of Monday trading volume attributable to individual investors relative to other days of the week. However, we document that this increase results from a reduction in trading by institutional investors, rather than from an absolute increase in trading by individual investors. In fact, the absolute trading volume by individual investors is significantly lower on Monday than on any other weekday. We also document that the degree of day-of-the-week effect varies with the quality and dissemination of public information proxied by the market capitalization of each company.

In this paper, the author develops an econometric framework to analyze the effect of access to credit on the economic welfare of households in Vietnam. The findings confirm that household credit contributes positively and significantly to the economic welfare of households in terms of per capita expenditure, per capita food expenditure and per capita non-food expenditure. The positive effect of credit on household economic welfare is observed regardless of whether they are poor or better-off households. The author also finds that credit has a greater positive effect on the economic welfare of poorer households and finds that the age of the household head, the household size, land ownership, and savings and the availability of credit at village level are key factors that affect household borrowing. Some policy implications are drawn.

Although many of the issues of microfinance in the developed world are similar to those in the developing world, the policy motivations behind the funding and support may result in alternative methodologies being established. For example, Western governments’ usually provide extensive Welfare State networks for the poorest members of their societies, while sophisticated financial systems mean that the majority of the population are served by mainstream financial providers. Thus, funding for microfinance generally aims to either encourage entrepreneurship among the socially excluded or address issues of financial exclusion.

The positive relationship between access to credit and household welfare has been well explored and documented in the literature. The literature however sees just few research papers about Vietnam. One issue with most research papers in this area however is that while the conclusions are consistent, they mostly draw their findings from the analysis of cross-section data obtained from household surveys. Such an analysis represents a snapshot view and does not tell us much about the long-term impact of access to credit on household welfare. In this paper, we develop an econometric framework to test the impact of access to credit on household welfare in the long-run using data from two household surveys in Vietnam. The first survey covers a sample of 4,799 households, 150 communes and 300 villages over the country. The second survey, taken after 5 years, covers a sample of 5,999 households, 194 communes and 388 villages, including all households surveyed in the first survey. Our econometric framework considers and controls for the effect of endogenous credit and of the sample selection bias. We employ a three stage regression: the first stage controls for the sample selection bias; the second stage controls for the endogeneity of credit; and the third stage is to estimate the impact of access to credit on household welfare, where the inverse Mill’s ratios and the predicted residuals, which are computed from the first and second stages, are included as explanatory variables. We find that access to credit has a positive and significant long-term impact on household welfare in terms of per capita expenditure, per capita food expenditure and per capita non-food expenditure. We also find that although both formal and informal credit contribute to household welfare, formal credit has a relatively higher impact than its informal counterpart. Our findings imply some policy recommendations. On the one hand, the findings encourage policies that improve the access to credit for p

Purpose This paper examines credit composition and income inequality reduction in Vietnam. In particular, the authors focus on the distinction between policy and commercial credits and investigate whether these two types of credit adversely affect on income inequality. The authors also examine whether the educational level and institutional quality condition the impact of policy credit on income inequality. Design/methodology/approach The authors use the primary data set, which contains a panel of 60 provinces collected from the General Statistics Office of Vietnam from 2002 to 2016. The authors employ the generalized method of moments to solve the endogenous problem. Findings The authors show that while commercial credit increases income inequality, policy credit reduces income inequality in Vietnam. In addition, we provide evidence that the institutional quality and educational level condition the impact of policy credit on income inequality. Based on the findings, the paper implies that it was not the size of the private credit but its composition that mattered in reducing income inequality due to the asymmetric effects of different types of credit. Practical implication The government should focus on credit for the poor by helping them to exit poverty through investing in human capital, health and micro enterprises activities. Originality/value This is the first study that examines the links between the two components of credit and income inequality as well as the constraints of the links. The authors argue that analyzing the separate effects of commercial and policy credits is more important for explaining the role of credit in income inequality than the size of total credit.

This book is a collection of the author's research papers and policy discussions on stock markets in Vietnam for the period from 2007 to 2012. Various issues were discussed and presented in the book, including the privatization of the state owned enterprises, the monetary policies and stock market performance, the valuation of stocks and the technical analysis of the markets.