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Vietnam is amongst the 24 countries with the highest demand for gold according to the World Gold Council. Over the last few years, the Vietnam gold market has been characterized by a unique feature which is a gap between international and domestic gold prices. Empirical research on the gap provides invaluable insight into the impact of state regulations on Vietnam gold market. The results show that interventions from the State Bank of Vietnam (the SBV) impose unnecessary instabilities in the gold market and widen the gap. The outcomes contribute to literature about impacts of state regulations on gold market and provide policy implications as well.

PurposeThis paper examines the effects of managerial optimism on corporate cash holdings.Design/methodology/approachThe authors construct a novel measure of managerial optimism based on the linguistic tone of annual reports by applying a Naïve Bayesian Machine Learning algorithm to non-numeric parts of Vietnamese listed firms' reports from 2010 to 2016. The paper employs firm and year fixed effects model and also uses the generalized method of moments estimation as robustness checks.FindingsThe authors find that the cash holding of firms managed by optimistic managers is higher than the cash holdings of firms managed by non-optimistic managers. Managerial optimism also influences corporate cash holdings through internal cash flows and the current year’s capital expenditures. Although the authors find no evidence that optimistic managers hold more cash to finance future growth opportunities in general, optimistic managers hold more cash for near future investment opportunities than non-optimistic managers do.Research limitations/implicationsThe novel measure proposed in this study is expected to provide great potential for future finance studies investigating the relation between managerial traits and corporate policies since it is applicable for any levels of financial market development. In addition, the findings highlight the important role, both direct and indirect, of managerial optimism on cash holdings. Related future research should take this psychological trait into account to gain a better understanding of corporate cash holding.Originality/valueThis paper helps to extend the literature on managerial optimism measurement by introducing a new measure of managerial optimism based on the linguistic tone of annual reports. Furthermore, this is among the first studies directly linking annual report linguistic tone to cash holding. The paper also provides new evidence regarding how managerial optimism affects the relationship between the firm's growth opportunities and cash holding, given that mispricing corrections are naturally uncertain.

The article explores factors influencing Vietnamese students' attitude and intention to infringe software copyright, on the basis of applying the Social Cognitive Theory (SCT) and related studies. The research sample consists of 358 students in universities in Ho Chi Minh City. Data is analyzed using the Structural Equation Modeling (SEM). The results indicate that factors affecting the intention to violate the software copyright are social norms, incentive, deterrents, attitude and moral disengagement, in which the moral disengagement is the most important factor. The research proposes some managerial solutions for software producers and related organizations to increase users' awareness of intellectual property law, limit incentive and create technique and economic barriers to prevent the infringement of software copyright.

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