Vietnam Bond Market free essay sample

In recent years, the issue of efficiently mobilizing capital has become the concern of all companies. There are some ways of doing this: borrowing from the banks, issuing stocks or issuing bonds. However, when the interest rate of borrowing from banks is very high due to high inflation, together with the stock market is quite instable; calling for capital from bond market is much more preferred by investors. In the context of this report, some major points regarding the bond market in Vietnam are presented. Firstly, a common picture about the Vietnam bond market is drawn. Next come the types of bonds and major participants in this market. Finally, several ways by which bonds are issued are described in details. I/ Overview of Vietnam bond market The Vietnam bond market was established in 2000, but it only developed sharply after 2002 when the government allowed issuing many types of bonds and especially after the appearance of the Ho Chi Minh stock exchange. We will write a custom essay sample on Vietnam Bond Market or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Recently, the outstanding volume of bonds has increased rapidly, as shown in the graph below. Figure 1. Bonds outstanding volume and bond outstanding/ GDP. Source: Ministry of Finance of Vietnam) Up to the year 2006, the proportion of outstanding bond volume over GDP reached the figure of 13%, in comparison with only 3% in 2001. Nevertheless, compared with the Vietnam stock market that accounts for more than 40% of the total GDP, that of bonds is very low. In particular, this rate of Vietnam is far below the level of other countries in Asia. In most Asia countries, the bond accounts for more than half of the total GDP whereas in Vietnam, it takes less than 15% of GDP. Figure 2. Outstanding bond volume/GDP in some Asia countries. Source: Ministry of Finance of Vietnam) All things considered, one of the main features easily to be realized in Vietnam now is that the bond market has not been attractive enough to most investors. Yet, according to many specialists, it is likely that this market will become an extremely attractive capital-mobilizing channel in the near future. II/ Types of bonds At the moment, there are three main types of bonds in Vietnam: government bonds, municip al bonds and corporate bonds. Here comes the pie chart showing the proportion of each types contributing to Vietnam bond market. Figure 3: Proportion of different types of bonds (Source: Ministry of Finance of Vietnam) As can be seen, the government bonds, which are issued by both the State Treasury of Vietnam and the Vietnam Development Bank, dominate almost the market with 64% and 18% respectively. The municipal bonds currently issued by three local governments including Hanoi, Ho Chi Minh and Dong Nai, account for only 7% of the total. The rest 11% belongs to the corporate bonds which are issued by the companies. Nevertheless, there are many intensive conditions of the government for issuing corporate bonds. Therefore, until now there are only 10 companies who meet enough conditions to issue corporate bonds, such as EVN, Vinashin, Song Da Corporation, etc. In comparison with other countries in the region, the structure of Vietnam bond market is quite different. Figure 4: Structure of bond market in some Asia countries (Source: Ministry of Finance of Vietnam) While in Korea, Singapore and especially Malaysia, the contribution of government and corporate bonds to the market is quite balance, that of Vietnam shows a significant difference. Government bonds dominate more than three forts of the market, and the rest 11% belongs to corporate bonds. That large disparity warns that we are dealing with a strange situation in bond market and some actions need to be taken to balance the two types of bonds. III/ Major participants 1. Individual investors According to the SSC, until September 2008, the number of investors had increased by 47 per cent to 460,000 compared with last December. In fact, when in many other countries, institutional investors usually make up a large part of the securities market, the situation in Vietnam is on the contrary with individual holding 70% of the total accounts. However, Vietnamese individual investors still prove to be unprofessional for some reasons: Main source of capital usually coming from banks, lack of reliable information about the market, limitation in accurate evaluation of the value of bonds and the bond issuing organizations. Therefore, they have tendency to invest following the majority: sell immediately when prices of securities decrease and buy right away when prices increase. This will lead to the high fluctuation of the market, so easily results in the losses suffering of many investors. 2. Fund managers Fund management is the professional management of various securities (shares, bonds etc. ) to meet specified investment goals for the benefit of the investors. Fund management companies play an important part in the development of securities market. Since the establishment of VietFund Management, the first fund management company in Vietnam in 2003, until now, 38 fund managers have been granted operation licenses by SSC. Among them, FPT Fund Management Joint Stock Company has the highest chartered capital with 110 billion VND and Lotus IMC has lowest charter capital with 5 billion VND. . Brokers Broker has recently occupied the position of the hottest career for youngsters, although it is still new in Vietnam. The term â€Å"broker† is used to indicate a qualified and regulated professional who buys and sells all kinds of securities through market makers or Agency Only Firms on behalf of investors. Brokers play a leading role in developing securities market, and since the esta blishment of bond market in Vietnam, the number of brokers has increased rapidly, with hundreds of people working for nearly 100 brokerages (according to vietbao. net). In 2008, due to the new regulation of The Ministry of Finance, brokerages are now the main target for the bond market. However, the lack of knowledge and experience has left Vietnamese brokers with some fatal weakness: limited in quantity, unable to perform all the service (in Vietnam, brokers only concentrate on execution, instead of advisory and discretionary dealing), lack of certificate and qualification, etc. IV/ The number of companies listed There exists an inequality in the number of securities in the Vietnam. Over 300 stocks and 600 bonds are now listed even though the stock market is more active than that of bond. Another noticeable feature is that bond market has only 10 corporate listings, compared to over 600 government listings, in which most issuers are state-owned corporations. V/ Issuance of bonds Basically, there are two ways of issuing bonds: private placement and public offering 1. Private placement This is the direct sale of securities to a limited number of investors, often the institutions such as mutual funds or insurance companies. Compared to public bonds, those bonds are more likely to have call provision. The issuers usually take their bonds back before the maturity date. Certainly, the bonds that are more callable are riskier because the investors whose bonds have been called have to face with reinvestment risk. However, investors can get higher rate of return as compensation for the risk they bear. Definitely, such bonds are more in favor of the risk-lovers. 2. Public offering Public offering means the issuance in which securities can be exchanged widely among the public. The separation of private placement and public offering aims at ensuring that the companies using public offering must have high-quality, good operations in order to protect the public from the default risk. Public offering can take the forms of underwriting or auction. 2. 1. Underwriting When a company wants to go public, the first thing it does is to hire an intermediary known as underwriter. In most situations, the underwriters are the investment banks that act as the middleman between the public and the corporation. If the investment bank and company reach an agreement to do underwriting then investment bank will buy the new securities for an agreed price, and resell them to the public at a markup, bearing all of the expenses associated with the sale. The company gets the guaranteed funds even if the investment bank does not sell all of the securities. Thus, the investment bank takes a significant risk in a firm commitment. 2. 2. Auction Auctions are designed to minimize the cost of financing the corporate debt by promoting broad, competitive bidding and liquid secondary market trading. A review of the auction process from the announcement of a new issue to the delivery of securities reveals how these objectives have been met. However, in the recent times, many of Vietnamese government bond auctions have not been successful. The major cause is supposed that the government can not match the coupon rate of private investors. Creditors usually applied a high level of coupon that the government can not offer. Both customers and suppliers cannot meet at the common point to bring bonds to market. Conclusion There have been much more debate among the issues of Vietnam bond market and some discussion points should be noticed. Regarding the domination of government compared to corporate bonds, two main causes have been drawn. Firstly, there are many intensive conditions for companies to issue corporate bonds. Beside the requirement of owning at least 10 billion chartered capital and making a profit of the previous year, the companies need to have no bad debts over 1 year and prepare the audited financial statements of the last year to ensure transparency for investors. Secondly, default risk is higher with corporate bonds than government bonds that also means a higher interest rate of corporate bonds. Therefore, very few companies can afford this type of cost and few companies issue corporate bonds as a result. Concerning the difference between Treasury Bills and Treasury Bonds, even they are both issued by the Government and bearing no default risk, their maturity dates are far different. Treasury Bills have the short terms of 3 months or 6 months whereas Treasury Bonds have long terms of 5 years, 10 years or more. The issue of high inflation has a significant influence on Vietnam bond market, one of which is the decrease in value of bonds. Apparently, the price of bond is equal to the coupon divided by the bond yield. Coupon is fixed, so when inflation rate is high, leading to high bond yield, the bond price falls accordingly. Noticeably, although bonds have lower default risk premium than stocks, their liquidity risk premium is considerably higher than that of stock. The low liquidity of bonds compared to stocks can be explained by two reasons. Firstly, the stock market is much more active than bond which pushes up the transactions of stocks among investors and increases liquidity of stocks. More importantly, the value of bonds in each transaction is quite large (about 500 million VND for each), few companies can afford them and therefore, makes it harder to exchange bonds in the market. After purchasing those bonds, investors tend to hold them until the maturity dates, which significantly reduces the liquidity of bonds. Moreover, it has been asked the reasons why the rate of individual investors in Vietnam is much higher than other countries (70% and 30% respectively). It is supposed that buying bonds is almost compulsory with individual employees in the workplace. Moreover, investment funds have not yet implemented their roles effectively in Vietnam, so small source of capital can not be gathered to make up the market for institutional investors. It is also important to differentiate between the brokers and market makers or dealers. The dealers act as both buyer and seller of bonds. They purchase bonds from investors and then resell them at a higher price to others. Meanwhile, the brokers do not actually make any purchasing, and only act as intermediaries between investors and dealers. Finally, the question about the difference in interest rate of bonds issued under private placement and public offering was raised. As mentioned in the report, the holders of private placement bonds often bear reinvestment risk, which in turn leads to higher return or higher interest rate. That is the reason why the interest rate of bonds issued by private placement is usually higher than that of public offering. All in all, there still exists a lot of concerning around the topic of the Vietnam bond market. General speaking, this market has not developed accordingly to its potential. However, with the efforts of Vietnam Government to enhance the bond market’ operations, a bright perspective has been open to this field. Vietnam Bond Market free essay sample In recent years, the issue of efficiently mobilizing capital has become the concern of all companies. There are some ways of doing this: borrowing from the banks, issuing stocks or issuing bonds. However, when the interest rate of borrowing from banks is very high due to high inflation, together with the stock market is quite instable; calling for capital from bond market is much more preferred by investors. In the context of this report, some major points regarding the bond market in Vietnam are presented. Firstly, a common picture about the Vietnam bond market is drawn. Next come the types of bonds and major participants in this market. Finally, several ways by which bonds are issued are described in details. I/ Overview of Vietnam bond market The Vietnam bond market was established in 2000, but it only developed sharply after 2002 when the government allowed issuing many types of bonds and especially after the appearance of the Ho Chi Minh stock exchange. We will write a custom essay sample on Vietnam Bond Market or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Recently, the outstanding volume of bonds has increased rapidly, as shown in the graph below. Figure 1. Bonds outstanding volume and bond outstanding/ GDP. Source: Ministry of Finance of Vietnam) Up to the year 2006, the proportion of outstanding bond volume over GDP reached the figure of 13%, in comparison with only 3% in 2001. Nevertheless, compared with the Vietnam stock market that accounts for more than 40% of the total GDP, that of bonds is very low. In particular, this rate of Vietnam is far below the level of other countries in Asia. In most Asia countries, the bond accounts for more than half of the total GDP whereas in Vietnam, it takes less than 15% of GDP. Figure 2. Outstanding bond volume/GDP in some Asia countries. Source: Ministry of Finance of Vietnam) All things considered, one of the main features easily to be realized in Vietnam now is that the bond market has not been attractive enough to most investors. Yet, according to many specialists, it is likely that this market will become an extremely attractive capital-mobilizing channel in the near future. II/ Types of bonds At the moment, there are three main types of bonds in Vietnam: government bonds, municipal bonds and corporate bonds. Here comes the pie chart showing the proportion of each types contributing to Vietnam bond market. Figure 3: Proportion of different types of bonds (Source: Ministry of Finance of Vietnam) As can be seen, the government bonds, which are issued by both the State Treasury of Vietnam and the Vietnam Development Bank, dominate almost the market with 64% and 18% respectively. The municipal bonds currently issued by three local governments including Hanoi, Ho Chi Minh and Dong Nai, account for only 7% of the total. The rest 11% belongs to the corporate bonds which are issued by the companies. Nevertheless, there are many intensive conditions of the government for issuing corporate bonds. Therefore, until now there are only 10 companies who meet enough conditions to issue corporate bonds, such as EVN, Vinashin, Song Da Corporation, etc. In comparison with other countries in the region, the structure of Vietnam bond market is quite different. Figure 4: Structure of bond market in some Asia countries (Source: Ministry of Finance of Vietnam) While in Korea, Singapore and especially Malaysia, the contribution of government and corporate bonds to the market is quite balance, that of Vietnam shows a significant difference. Government bonds dominate more than three forts of the market, and the rest 11% belongs to corporate bonds. That large disparity warns that we are dealing with a strange situation in bond market and some actions need to be taken to balance the two types of bonds. III/ Major participants 1. Individual investors According to the SSC, until September 2008, the number of investors had increased by 47 per cent to 460,000 compared with last December. In fact, when in many other countries, institutional investors usually make up a large part of the securities market, the situation in Vietnam is on the contrary with individual holding 70% of the total accounts. However, Vietnamese individual investors still prove to be unprofessional for some reasons: Main source of capital usually coming from banks, lack of reliable information about the market, limitation in accurate evaluation of the value of bonds and the bond issuing organizations. Therefore, they have tendency to invest following the majority: sell immediately when prices of securities decrease and buy right away when prices increase. This will lead to the high fluctuation of the market, so easily results in the losses suffering of many investors. 2. Fund managers Fund management is the professional management of various securities (shares, bonds etc. ) to meet specified investment goals for the benefit of the investors. Fund management companies play an important part in the development of securities market. Since the establishment of VietFund Management, the first fund management company in Vietnam in 2003, until now, 38 fund managers have been granted operation licenses by SSC. Among them, FPT Fund Management Joint Stock Company has the highest chartered capital with 110 billion VND and Lotus IMC has lowest charter capital with 5 billion VND. . Brokers Broker has recently occupied the position of the hottest career for youngsters, although it is still new in Vietnam. The term â€Å"broker† is used to indicate a qualified and regulated professional who buys and sells all kinds of securities through market makers or Agency Only Firms on behalf of investors. Brokers play a leading role in developing securities market, and since the esta blishment of bond market in Vietnam, the number of brokers has increased rapidly, with hundreds of people working for nearly 100 brokerages (according to vietbao. net). In 2008, due to the new regulation of The Ministry of Finance, brokerages are now the main target for the bond market. However, the lack of knowledge and experience has left Vietnamese brokers with some fatal weakness: limited in quantity, unable to perform all the service (in Vietnam, brokers only concentrate on execution, instead of advisory and discretionary dealing), lack of certificate and qualification, etc. IV/ The number of companies listed There exists an inequality in the number of securities in the Vietnam. Over 300 stocks and 600 bonds are now listed even though the stock market is more active than that of bond. Another noticeable feature is that bond market has only 10 corporate listings, compared to over 600 government listings, in which most issuers are state-owned corporations. V/ Issuance of bonds Basically, there are two ways of issuing bonds: private placement and public offering 1. Private placement This is the direct sale of securities to a limited number of investors, often the institutions such as mutual funds or insurance companies. Compared to public bonds, those bonds are more likely to have call provision. The issuers usually take their bonds back before the maturity date. Certainly, the bonds that are more callable are riskier because the investors whose bonds have been called have to face with reinvestment risk. However, investors can get higher rate of return as compensation for the risk they bear. Definitely, such bonds are more in favor of the risk-lovers. 2. Public offering Public offering means the issuance in which securities can be exchanged widely among the public. The separation of private placement and public offering aims at ensuring that the companies using public offering must have high-quality, good operations in order to protect the public from the default risk. Public offering can take the forms of underwriting or auction. 2. 1. Underwriting When a company wants to go public, the first thing it does is to hire an intermediary known as underwriter. In most situations, the underwriters are the investment banks that act as the middleman between the public and the corporation. If the investment bank and company reach an agreement to do underwriting then investment bank will buy the new securities for an agreed price, and resell them to the public at a markup, bearing all of the expenses associated with the sale. The company gets the guaranteed funds even if the investment bank does not sell all of the securities. Thus, the investment bank takes a significant risk in a firm commitment. 2. 2. Auction Auctions are designed to minimize the cost of financing the corporate debt by promoting broad, competitive bidding and liquid secondary market trading. A review of the auction process from the announcement of a new issue to the delivery of securities reveals how these objectives have been met. However, in the recent times, many of Vietnamese government bond auctions have not been successful. The major cause is supposed that the government can not match the coupon rate of private investors. Creditors usually applied a high level of coupon that the government can not offer. Both customers and suppliers cannot meet at the common point to bring bonds to market. Conclusion There have been much more debate among the issues of Vietnam bond market and some discussion points should be noticed. Regarding the domination of government compared to corporate bonds, two main causes have been drawn. Firstly, there are many intensive conditions for companies to issue corporate bonds. Beside the requirement of owning at least 10 billion chartered capital and making a profit of the previous year, the companies need to have no bad debts over 1 year and prepare the audited financial statements of the last year to ensure transparency for investors. Secondly, default risk is higher with corporate bonds than government bonds that also means a higher interest rate of corporate bonds. Therefore, very few companies can afford this type of cost and few companies issue corporate bonds as a result. Concerning the difference between Treasury Bills and Treasury Bonds, even they are both issued by the Government and bearing no default risk, their maturity dates are far different. Treasury Bills have the short terms of 3 months or 6 months whereas Treasury Bonds have long terms of 5 years, 10 years or more. The issue of high inflation has a significant influence on Vietnam bond market, one of which is the decrease in value of bonds. Apparently, the price of bond is equal to the coupon divided by the bond yield. Coupon is fixed, so when inflation rate is high, leading to high bond yield, the bond price falls accordingly. Noticeably, although bonds have lower default risk premium than stocks, their liquidity risk premium is considerably higher than that of stock. The low liquidity of bonds compared to stocks can be explained by two reasons. Firstly, the stock market is much more active than bond which pushes up the transactions of stocks among investors and increases liquidity of stocks. More importantly, the value of bonds in each transaction is quite large (about 500 million VND for each), few companies can afford them and therefore, makes it harder to exchange bonds in the market. After purchasing those bonds, investors tend to hold them until the maturity dates, which significantly reduces the liquidity of bonds. Moreover, it has been asked the reasons why the rate of individual investors in Vietnam is much higher than other countries (70% and 30% respectively). It is supposed that buying bonds is almost compulsory with individual employees in the workplace. Moreover, investment funds have not yet implemented their roles effectively in Vietnam, so small source of capital can not be gathered to make up the market for institutional investors. It is also important to differentiate between the brokers and market makers or dealers. The dealers act as both buyer and seller of bonds. They purchase bonds from investors and then resell them at a higher price to others. Meanwhile, the brokers do not actually make any purchasing, and only act as intermediaries between investors and dealers. Finally, the question about the difference in interest rate of bonds issued under private placement and public offering was raised. As mentioned in the report, the holders of private placement bonds often bear reinvestment risk, which in turn leads to higher return or higher interest rate. That is the reason why the interest rate of bonds issued by private placement is usually higher than that of public offering. All in all, there still exists a lot of concerning around the topic of the Vietnam bond market. General speaking, this market has not developed accordingly to its potential. However, with the efforts of Vietnam Government to enhance the bond market’ operations, a bright perspective has been open to this field.

Discuss the evidence that supports the contention Essay Example

Discuss the evidence that supports the contention Essay Example Discuss the evidence that supports the contention Essay Discuss the evidence that supports the contention Essay Research workers have long been seeking for the neurobiological footing of memory. Where are memories stored? How are they encoded? What systems underlie the puting down and retrieval of memories? The hunt for this neurobiological footing for memory has frequently concentrated on the hunt for the engram , literally the physical hint of memory in the encephalon. As the encephalon is composed of one million millions of nerve cells, it must be here that the neurobiological hints of memory are to be found. But in analyzing how memory is formed by the construction of memory traces in the encephalon, two different kinds of analysis have sometimes been used. The first involves concentrating on the construction of the nerve cells in the encephalon in other words concentrating on how the nerve cells are arranged in relation to each other. The 2nd involves the neurochemical activity between the nerve cells how each nerve cell communicates with other relevant nerve cells. It is this supposed duality that this essay examines. To make so it is utile to reexamine some of the history of how this duality has been researched. A innovator in the field of the physiological psychology of memory was Karl Lashley. Lashley ( 1950 ) developed a technique for destructing parts of the encephalons of mice and so experimenting on them to measure their acquisition and memory capablenesss. What was found was that there was a correlational relationship between the sum of encephalon harm given to the mice and the figure of mistakes they made in a maze trial. One of import determination of Lashley s was that there seemed to be no importance attached to the existent portion of the mouse s encephalon which was damaged. This led him to suggest that the encephalon was non specialised in its parts for peculiar types of activities and in fact all of the different parts of the encephalon could be used for all the different maps. This happening tends to back up the thought that it is the activity in the encephalon that is most responsible for memory, instead than its construction. However, these findings have since been question ed by a batch of subsequent research. A really of import part to the apprehension of how memory might be encoded was made by Donald Hebb. Hebb ( 1949 ) argued that the manner in which memories might be encoded in the encephalon was by the proliferation of neural connexions. This theory posits that nerve cells that are repeatedly stimulated in unison develop a connexion which so facilitates their joint stimulation in the hereafter. As nerve cells become activated together they form a cell assembly this provides the footing for the find of the memory memory trace. The activity hint is hence prima to a structural memory hint. This theory tends to propose that the activation between nerve cells has a direct consequence on the structural connexions between them. What, though, does the grounds from the research state us about how memory is stored? In the 1950s and 1960s research workers began analyzing encephalon cells for the physical manifestations of acquisition and memory. Hyden and Egyhazi ( 1962 ) for illustration used a paradigm which involved the preparation of rats to transport out a equilibrating undertaking. The nerve cells in the rat s vestibular system, chiefly involved in balance, were examined and it was found that one peculiar karyon was peculiarly big. This was some of the earliest grounds for how memory can hold structural effects on the encephalon now known as neuroplasticity. Similar to these early surveies, more recent work such as Bailey A ; Kandel ( 1993 ) has found farther structural alterations to nerve cells have been seen as the consequence of encoding memories. Bailey ( 1993, 1996 ) examined how the encephalons of Marine snails responded to simple associatory acquisition undertakings. Bailey, Bartsch A ; Kandel ( 1996 ) found that after larning and hence puting down of memories had taken topographic point, there was a alteration in the balance of neurotransmitters so as to beef up communicating in the parts of the snail s encephalon responsible for the gill backdown physiological reaction. This was found to be the instance for the puting down of short-run memories. For long term memories, nevertheless, a different procedure was seen. Adjustments in the manner the web of synapses are organised is changed as clip goes on familial alterations suggest that a alterations in the synaptic constellation is of import in puting down long-run memories. A unfavorable judgment of these surveies is that they were carried out in non-mammalian encephalons and so there may be a inquiry as to how generalisable these findings are. Further surveies have been carried out, nevertheless, into mammalian species. Bliss A ; Collingridge ( 1993 ) examined nervous tracts within the hippocampus. These were stimulated and it was found that after a short clip there was an addition in the efficiency of synaptic communicating. In the same manner as the old research, this has been proposed as a mechanism for memory. It is known as Long Term Potentiation ( LTP ) and it is the thought that as one synapse communicates with another, the connexion between the two of them is strengthened. These sort of findings tend to back up the importance of activity-dependant mechanisms in memory storage. However, unfavorable judgments of this type of happening are that this mechanism could non be chiefly related to memory and may, in fact, be a secondary feature. The portion of the encephalon thought to be most of import in memory, the hippocampus, has been extensively researched in relation to memory. Recent research has begun to happen farther grounds of structural alterations in the hippocampus ensuing from puting down new memories. Leuner, Falduto A ; Shors ( 2003 ) examined the hippocampi of rats after they had been involved in associatory acquisition undertaking based on eye-blinks. The research workers found that dendritic spinal columns increased in denseness after the preparation. As dendritic spinal columns are the most of import method by which neural communicating is facilitated, this is of import grounds of how the encephalon is altering is construction. Kleim, Freeman, Bruneau, Nolan, Cooper, Zook A ; Walters ( 2002 ) examined synaptic growing in rats utilizing the same eye-blink paradigm as antecedently discussed. In contrast though the figure of synapses in the cerebellum the portion of the encephalon thought to be of impor t in the keeping of a conditioned response was examined. Trained rats were compared with those who had non been trained. The writers found that the trained rats had significantly more synapses connected to each nerve cell than the untrained rats. This research was specifically aimed at turn toing inquiries from old research that had non been able to tie in larning with an rush in synaptic connexions. This research claimed to battle old jobs by utilizing a simple learned behavior. Lamprecht A ; LeDoux ( 2004 ) in reexamining the grounds on how memories are formed at the neural degree, explain that it is the alterations in synaptic transmittal which are glutamate-dependent that are most of import. The nexus has been shown between the LTP and structural alterations in the synapses and dendrites. It is this incentive by LTP of the alteration of construction that causes memories to be laid down. One challenge to the thought that long-run memories are laid down in the construction of synapses is the cognition that these synapses are capable to continued debasement over the life-time. If synapses are on a regular basis interrupting down and disappearance, so how are memories maintained for the long-run? Horn, Levy A ; Ruppin ( 1998 ) propose the reply that at the neural degree there are regulative mechanisms that guarantee that neural activity is maintained at the coveted degree to maintain memories alive. This system relies on the fact that memories will be indiscriminately activated over a period of clip and it is this activation which forms portion of the mechanism for guaranting its continuity. Other statements that Horn, Levy A ; Ruppin ( 1998 ) reappraisal rely to a great extent on neural construction. For illustration Bailey, Montarolo, Chen, Kandel A ; Schacher ( 1992 ) argue that long-run memory is facilitated by the alterations in the genome. This thought is based on research that has found the puting down of long-run memory is inhibited by decelerating or halting protein synthesis. New research, nevertheless, has shown that protein synthesis is non required for long-run memory storage ( Lisman, 1994 ) , which is a job for this theory. Horn, Levy A ; Ruppin ( 1998 ) therefore assert that their theory provides a better mechanism for how long-run memory might be maintained. It is clear that this theory relies more to a great extent on the activation of nerve cells to really keep the structural unity. From the grounds reviewed here it can be seen that activity-dependent and structural memories have different functions to play in the procedure of memory formation. The research suggests that the activity-dependent memories are more associated with short-run alterations to memory hints or memory traces, and structural alterations are more associated with long-run memory storage. This supports the prescient work done by Hebb ( 1949 ) which linked short-run and long-run memory creative activity in a similar manner, with continued activation of a cell-assembly leading to structural alterations. The research has tended to keep this differentiation, although recent inquiries of how long-run memories are maintained have highlighted the ever-narrowing differentiation between activity-dependent and structural signifiers of memory at the neural degree. Mentions Bailey, C. H. , Montarolo, P. G. , Chen, M. , Kandel, E. R. A ; Schacher, S. ( 1992 ) Neuron 9, 749-758 Bailey, C. H. , Kandel, E. R. ( 1993 ) . Structural alterations attach toing memory storage. Annual Review of Physiology, 55:397-426. Bailey, C. H. , Bartsch, D. , Kandel, E.R. ( 1996 ) . Toward a molecular definition of long-run memory storage. Proceedings of the National Academy of Science USA, 93: 13445-13452. Bliss, T. V. P. , Collingridge, G. L. ( 1993 ) . A synaptic theoretical account of memory: long-run potentiation in the hippocampus. Nature 361, 31-39 Dolley, D.H. ( 1913 ) . Journal of Medical Research, 29:65. Hebb, D. O. ( 1949 ) . The Administration of Behaviour. New York: Wiley. Horn, D. Levy, N. Ruppin, E. ( 1998 ) Memory Maintenance via Neuronal Regulation Neural Computation, Vol 10, 1-18 Hyden, H. , Egyhazi, E. ( 1962 ) . Nuclear RNA alterations in nervus cells during a learning experiment in rats. Proceedings of the National Academy of Science USA, 48:1366-1373. Kleim, J. A. , Freeman, J. F. , Bruneau, R. , Nolan, B. C. , Cooper, N. R. , Zook, A. , Walters, D. ( 2002 ) Synapse formation is associated with memory storage in the cerebellum. Proceedings of the National Academy of Science USA, 99:13228-13231 Lamprecht, R. , LeDoux, J. ( 2004 ) Nature Reviews Neuroscience 5, 45-54 Lashley, K.S. ( 1950 ) . In hunt of the memory trace. In Danielli, J.F. and Brown, R. ( Eds. ) , Symposia of the Society for Experimental Biology, 4 Physiological Mechanisms in Animal Behaviour. Cambridge: Cambridge University Press. Leuner, B. , Falduto, J. , Shors, T. J. ( 2003 ) Associative Memory Formation Increases the Observation of Dendritic Spines in the Hippocampus. The Journal of Neuroscience, 23 ( 2 ) 659-665 Lisman, J. , ( 1994 ) The CaM kinase II hypothesis for the storage of synaptic memory. Tendencies in Neuroscience, 17, 406-412

Critique of a nursing research article Assignment

Critique of a nursing research article - Assignment Example The purpose of the research is therefore viable to the topic. According to French et al., nurses are faced with roles such as carrying patients from their beds, measuring the degree of body temperature, measuring arterial blood pressure among other inventions (qtd. in Sevim, et al., 2008, p. 207). This actions therefore, could lead to a spread in infectious diseases across the hospital’s patients and nurses. Hand washing therefore could be a cheaper, simpler and an applicable key practice that can reduce the rate of hospital infections. Although many nurses try to practice hand washing after handling patients, others find it hard to keep up due to several factors. According to Kampf et al., low hand washing behavior among nurses could be attributed to lack of consistent practice by practitioners, increased education levels that result to a decrement in the practical application of nurses, lack of enough water sinks among other issues (Sevim, et al., 2008, p. 207). It is therefore necessary to address this issues so as to increase the status of hygiene among nurses and patients. For instance, in the case of an outbreak such as the Ebola pandemic, the government should provide nurses with high quality protective gears so as to enable them to interact with different patients without acting as disease spreading ambassadors. In this study, Sevim et al. wanted to determine the overall status of hand washing information that exists among the nursing context more so among the nursing students in Turkey (2008, p.208). The research questions therefore tended to determine the situations in which the students wash their hands in clinical areas. It also sought to determine whether there was a significant difference between the number of patient care activities of students in the clinical setup and hand washing frequency. The research sought to