TAILIEUCHUNG - NATIONAL ASSEMBLY LAW ON SECURITIES

Because both nondurable and durable consumption are smooth, the durable consumption model requires high risk aversion to fit the high level and volatil- ity of expected stock returns. This paper shows that the model can successfully explain the cross-sectional and time variation in expected stock returns, con- ditional on an “equity premium puzzle” (Mehra and Prescott (1985)). The high risk aversion does not imply a “risk-free rate puzzle” (Weil (1989)) in the model because recursive utility allows the EIS to be higher than the inverse of risk aversion | NATIONAL ASSEMBLY SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness No. 70-2006-QH11 LAW ON SECURITIES1 Pursuant to the 1992 Constitution of the Socialist Republic of Vietnam as amended by Resolution 51-2001-QH10 passed by Legislature X of the National Assembly at its 10th Session on 25 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 Applicable entities 1. Vietnamese organizations and individuals and foreign organizations and individuals participating in investment in securities and activities on the Vietnamese securities market. 2. Other organizations and individuals related to securities activities and securities market activities. Article 3 Application of Law on Securities relevant laws and international treaties 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. 2. 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. Article 4 Principles on securities and securities market activities 1. Respect for the right of organizations and individuals to freely purchase sell and conduct business in securities and to provide securities services. 2. Fairness publicity and transparency. 3. Protection of the lawful rights and interests of investors. 1 Allens

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