Crowdfunding Digital Platforms: Backer Networks And Their Impact On Project Outcomes,
2021
Tokyo International University
Crowdfunding Digital Platforms: Backer Networks And Their Impact On Project Outcomes, Yee Heng Tan, Srinivas K. Reddy
Research Collection Lee Kong Chian School Of Business
Crowdfunding platforms serve to connect project creators and backers. Previous research has explored several project and platform determinants that impact crowdfunding outcomes. However, there has been limited research on these determinants at an individual level. Our paper addresses how backers may influence the outcomes of projects in crowdfunding platforms. We explore several methods commonly used in the industry to identify influence and show that centrality measures through a backer affiliation network best exemplifies influence. Using data from Kickstarter, we construct a weighted backer network based on 52,678 common projects backed by 11,134 backers. Controlling for digital media mentions and project …
Smart Contracts: Will Fintech Be The Catalyst For The Next Global Financial Crisis?,
2021
Catena Technologies
Smart Contracts: Will Fintech Be The Catalyst For The Next Global Financial Crisis?, Randall Duran, Paul Griffin
Research Collection School Of Computing and Information Systems
Purpose: This paper aims to examine the risks associated with smart contracts, a disruptive financial technology (FinTech) innovation, and assesses how in the future they could threaten the integrity of the global financial system. Design/methodology/approach: A qualitative approach is used to identify risk factors related to the use of new financial innovations, by examining how over-the-counter (OTC) derivatives contributed to the Global Financial Crisis (GFC) which occurred during 2007 and 2008. Based on this analysis, the potential for similar concerns with smart contracts are evaluated, drawing on the failure of The DAO on the Ethereum blockchain, which involved the loss …
Portfolio Construction Under Group Risk Parity Strategy In The Stock Exchange Of Thailand,
2021
Faculty of Commerce and Accountancy
Portfolio Construction Under Group Risk Parity Strategy In The Stock Exchange Of Thailand, Warintorn Sornpradit
Chulalongkorn University Theses and Dissertations (Chula ETD)
Risk parity strategy has been commonly applied to construct a portfolio with multiple asset classes. For single asset class, group risk parity is introduced such that risks from each group are equally contributed. This study investigates and compares performances of group risk parity strategy in Thai market under two different grouping methods which are sector and size with non-group risk parity, minimum-variance, and equal-weight strategies. The study mainly focus on two periods which are during 2016-2020 and in years with highly volatile down market. The analysis indicates that there is no clear evidence that group risk parity strategy outperforms others …
Stock Market Volatility And Business Cycle: Exploring Cross-Country Spillovers,
2021
Department of Humanities,Social Sciences and Management, NIT Srinagar
Stock Market Volatility And Business Cycle: Exploring Cross-Country Spillovers, Nufazil Altaf
DLSU Business & Economics Review
This study explores the impact of the financial crisis on the relationship between stock market volatility and the business cycle. In addition, the possible spillover effects within a cross-country framework are also examined. The study is based on secondary macroeconomic data of monthly frequency for the time period of 1991:01 to 2012:12. Bivariate and multivariate causality techniques are used to arrive at results. Results of the study provide fresh evidence for the existence of strong bidirectional causality between stock market volatility and the business cycle for all sample countries. In fact, this bidirectional causality was found to be strong when …
The Prospect Of Indonesian Government Retail Sukuk: From The Perspective Of Sharia Financial Knowledge, Education, And Behavior,
2021
Department of Management, Faculty of Economics, Universitas Andalas, Indonesia
The Prospect Of Indonesian Government Retail Sukuk: From The Perspective Of Sharia Financial Knowledge, Education, And Behavior, Fajri Adrianto
DLSU Business & Economics Review
As a source of government financing, the Indonesian government’s retail Sukuk is still not as popular as conventional government bonds. The Indonesian government has issued serial retail Sukuks with the code SR to get funds from retail investors, especially those concerned with Sharia values. Sharia financial literacy is expected to determine the success of this Sukuk. This study fills the gap of previous research on financial literacy by investigating the Sharia financial literacy in the investment decision. This study investigates the descriptive analysis of Sharia financial literacy in Indonesia and its relationship with the prospect of retail Sukuk issued by …
Reinforcing The Role Of Intellectual Property In The Battle Against The Pandemic: The Vowel Framework,
2021
De La Salle University, Manila, Philippines
Reinforcing The Role Of Intellectual Property In The Battle Against The Pandemic: The Vowel Framework, Daniel S. Hofilena
DLSU Business & Economics Review
The intellectual property (IP) system plays a vital role in public health crises as everyone should have access to medicines and equipment to protect themselves. Thus, the State can utilize the system for the greater good. An IP-centric approach can be summarized using the simple letters of the vowels: Awareness – for the populace to respect IP rights, they must first be educated as to its value; Enforcement – for infringers to be discouraged, IP holders should have an avenue for the easy enforcement of their rights; Incentivize – for businesses to be encouraged to invest in certain forms of …
Redefining Sustainable Tourism In Covid-19: A Political-Economy Approach,
2021
Asian Institute of Management, Makati City, Philippines
Redefining Sustainable Tourism In Covid-19: A Political-Economy Approach, Eylla Laire M. Gutierrez
DLSU Business & Economics Review
Tourism has emerged as a critical sector generating economic growth and development across countries in the world. However, in the face of the outbreak of the COVID-19 pandemic, it is also considered as one of the most heavily hit sectors. Given the backdrop of all the measures implemented to prevent the spread of the outbreak and the changing mindset of actors towards travel, sustainable tourism is expected to play a more critical role in the face of the new normal. This article aims to provide a better understanding of sustainable tourism by utilizing a political economy approach. Specifically, this article …
Does The Organizer’S Reputation Affect Exhibitors’ Satisfaction?,
2021
De La Salle University, Manila, Philippines
Does The Organizer’S Reputation Affect Exhibitors’ Satisfaction?, Luz Suplico, Reynaldo Bautista Jr., Carlo Saavedra
DLSU Business & Economics Review
This research surveyed 229 exhibitors of the Manila FAME Trade Fair held last October 19–21, 2018, in the Philippines to find out if the trade fair organizer’s reputation was significant to exhibitors’ satisfaction. The other variable that was studied to determine if they affected exhibitors’ satisfaction was the quality of service dimensions of booth design and layout, exhibition logistics, venue services, and show management. The quality of these service dimensions was tested using structural equation modeling to determine if there is a relationship between the quality of the service dimensions and the trade fair organizer’s reputation, exhibitors’ satisfaction, and behavioral …
Risk Perception In Respect Of Equity Shares: A Literature Review And Future Research Agenda,
2021
Indian Institute of Information Technology Allahabad, Prayagraj, Uttar Pradesh, India
Risk Perception In Respect Of Equity Shares: A Literature Review And Future Research Agenda, Ranjit Singh, K. Kajol, Jayashree Bhattacharjee
DLSU Business & Economics Review
The purpose of this paper is to systematically review the literature published on various aspects of risk perception about equity investment. It also aims to raise specific questions for future research. A comprehensive and systematic literature review is done to get the insights of the available literature with an objective to identify the determinants of equity-share-related risk perception and identify its impact that influences equity investment behavior. The study found that risk perception can be measured mainly by using the axiomatic approach, socio cultural group approach, emotional reactions, marketing mix approach, and psychometric approach. It is also found that the …
Capm-Based Company (Mis)Valuations,
2021
University of Toronto
Capm-Based Company (Mis)Valuations, Olivier Dessaint, Jacques Olivier, Clemens A. Otto, David Thesmar
Research Collection Lee Kong Chian School Of Business
There is a discrepancy between CAPM-implied and realized returns. Using the CAPM in capital budgeting -- as recommended in textbooks -- should thus have real effects. For instance, low beta projects should be valued more by CAPM-users than by the market. We test this hypothesis using M&A data and show that bids for low-beta private targets entail lower bidder returns. We provide further support by testing several ancillary predictions. Our analyses suggest that using the CAPM when valuing targets leads to valuation errors (relative to the market's view) corresponding on average to 12% to 33% of the deal values.
The Effects Of Conventional And Unconventional Monetary Policy On Exchange Rate Volatility,
2021
Arkansas Tech University
The Effects Of Conventional And Unconventional Monetary Policy On Exchange Rate Volatility, Wan Wei, Susan Pozo
Faculty Publications - The LeMoyne Smith School of Business
This paper examines the impacts of U.S. conventional and unconventional monetary policy announcements on the volatility of six exchange rates, namely Australian dollar, British pound, Canadian dollar, Euro, Japanese yen, and Swiss franc against the U.S. dollar. Narrow windows around policy announcements and high frequency second-by-second intraday data are used in the analysis. Results show that the exchange rate volatility increases significantly in the narrow window before and after the announcements under conventional monetary policy regime. The increase in the volatility is even greater during the contemporaneous period under the unconventional regime. Dividing monetary policy announcements into expansionary and non-expansionary …
Diversification Benefits Of Commodity Indices Versus Islamic Stock Indices,
2021
Faculty of Commerce and Accountancy
Diversification Benefits Of Commodity Indices Versus Islamic Stock Indices, Sita Khan
Chulalongkorn University Theses and Dissertations (Chula ETD)
The objective of this study is to investigate conditional correlations between the Dow Jones Emerging Market index and commodity indices (i.e., agriculture, energy, industrial metals, livestock, precious metals) and Islamic stock indices (i.e., JKII, KLFTEMSI, MSCI Bahrain, MSCI Kuwait, and MSCI Qatar). Additionally, this paper classifies the properties of assets whether it is a diversifier, a hedger, or a safe-haven assets to the Dow Jones Emerging Market index. The estimation method is the dynamic conditional correlation generalized autoregressive conditional heteroskedasticity (DCC-GARCH) model to estimate the conditional correlations during the period of 2007-2021 which covers the Global financial crisis (GFC) and …
Do Issuers Affect Derivative Warrants Overpricing? Evidence Of Thailand,
2021
Faculty of Commerce and Accountancy
Do Issuers Affect Derivative Warrants Overpricing? Evidence Of Thailand, Sarunporn Thupthong
Chulalongkorn University Theses and Dissertations (Chula ETD)
Derivative warrants have become increasingly popular in many countries. However, numerous literatures provide the empirical evidences that derivative warrants are overpriced relative to the comparable options. Many researchers found that the derivative warrant overpricing can be explained by hedging cost, liquidity premium, market power, and asymmetric information of investors. These explanations are likely to be related to characteristics of derivative warrant issuer. Therefore, this paper comes up with the objective to reconfirm the overpricing phenomenon in Thailand and investigate the issuer identity effect on the derivative warrant overpricing as well as examine what issuer’s characteristics cause the level of overpricing …
Market Reactions Towards Changes In Analysts’ Ratings And Target Prices, Evidence From Thailand,
2021
Faculty of Commerce and Accountancy
Market Reactions Towards Changes In Analysts’ Ratings And Target Prices, Evidence From Thailand, Talatarn Kromadit
Chulalongkorn University Theses and Dissertations (Chula ETD)
This paper aims to perform a comprehensive analysis of the effects of the stock ratings and target prices announcement published by analysts from both domestic and foreign brokerage firms in the Thai market. There are two quantitative indicators that will be focused on in this study, target prices and stocks rating, by observing the change of these two factors along with the change of market price, I will be able to study market reaction by using the Fama-French 3-factor modal (Fama and French, 1992) to detect AR and CAR within each focused window period. The observation period starts from January …
Effect Of Dividend On Derivative Warrants : Evidence From Stock Exchange Of Thailand,
2021
Faculty of Commerce and Accountancy
Effect Of Dividend On Derivative Warrants : Evidence From Stock Exchange Of Thailand, Nakarin Chanachaivorakorn
Chulalongkorn University Theses and Dissertations (Chula ETD)
The purpose of this paper is to investigate mispricing of derivative warrants on ex-dividend date. Using data from the Stock Exchange of Thailand during 2010 to 2020, this research examines mispricing of derivative warrants by comparing the market price to the theoretical price, which incorporates the adjustment of exercise price and ratio on ex-dividend date according to the rules given by SET. This research also studies further by investigating the magnitude of impact from the dividend yield of underlying asset. The empirical results show strong evidence of mispricing in call derivative warrants, whereas put derivative warrants are found to be …
International Evidence On Corporate Rating Changes,
2021
Faculty of Commerce and Accountancy
International Evidence On Corporate Rating Changes, Torfun Kantatasiri
Chulalongkorn University Theses and Dissertations (Chula ETD)
This research aims to study the reaction of the International stock market around the corporate bond rating change announcements by Moody's between 2015-2021 using stocks and rating data from Datastream. The empirical result shows a significantly positive reaction after the upgrades announcement and a negative reaction around the downgrades event date. Specifically, the impact of rating changes on stock prices is larger around downgrades. The results imply that there is an information effect but no price pressure effect since there is a significant reaction in response to downgrades for all samples insignificance impact following downgrades for sub-sample of the changes …
The Impact Of Government Response’S Policy To Covid-19 On Stock Market Volatility,
2021
Faculty of Commerce and Accountancy
The Impact Of Government Response’S Policy To Covid-19 On Stock Market Volatility, Chaiwat Ratchawat
Chulalongkorn University Theses and Dissertations (Chula ETD)
This research explores the effect of government's COVID-19 response policy on stock market volatility. We explain the stock market volatility dynamics via the index that measures the strict level of government response’s policy to COVID-19. Using EGARCH (1,1) model to identify stock market volatility from daily stock market return of 68 countries and apply the Arellano–Bond two-step system GMM estimator for dynamic panel data analysis, we found that the stock market volatility in the COVID-19 period can be reduced by the government policy response to COVID-19. Furthermore, after dividing the index into 3 types, all types of policy also reduce …
The Co-Movement Between Equity Markets Of Thailand And China : A Wavelet-Based Approach,
2021
Faculty of Commerce and Accountancy
The Co-Movement Between Equity Markets Of Thailand And China : A Wavelet-Based Approach, Shilei Sun
Chulalongkorn University Theses and Dissertations (Chula ETD)
This paper applied the MODWT wavelet method to decompose correlations of the stock market of Thailand and China into different time scales and frequencies. The decomposed correlations are then examined and compared between short-term and long-term, and also between different time periods when the interdependence of two markets is expected to change. The result shows that long-term correlation is not significantly higher and sometimes is significantly lower than the short-term, whereas the correlation does significantly increase from 2005 to 2020. Furthermore, the paper investigates the effectiveness of using the correlation in the suitable time scale and frequency in an application …
The Monetary Policy Transmission During The Crisis: Evidence From Thailand,
2021
Faculty of Commerce and Accountancy
The Monetary Policy Transmission During The Crisis: Evidence From Thailand, Duangporn Lertsomphol
Chulalongkorn University Theses and Dissertations (Chula ETD)
The interest rate pass-through is defined as the process by which changes in policy or money market rate are transmitted to commercial bank rates. In other words, monetary policy transmission is one of the useful tools for the analysis of effective monetary policy decisions. This paper examines the effectiveness of the interest rate passthrough from the money market rate to various lending rates (MLR, MOR, and MRR) in Thailand from 2008 to 2021 including crisis periods, and also assesses the impact of bank characteristics. Using the panel cointegration method and error correction model with monthly data from individual commercial banks. …
The Impact Of Derivative Warrant Introduction : Evidence From Stock Exchange Of Thailand,
2021
Faculty of Commerce and Accountancy
The Impact Of Derivative Warrant Introduction : Evidence From Stock Exchange Of Thailand, Phuket Kumhangphon
Chulalongkorn University Theses and Dissertations (Chula ETD)
The impact that derivative instrument has on the underlying stocks is important for regulators and investors to concern. This paper tries to examine the impact of derivative warrant introduction on liquidity (measured by trading volume) and risk (measure by volatility and systematic risk beta) of the underlying stocks in stock exchange of Thailand. This paper examines the impact on trading volume by using t-test for testing the equality of two means between pre-derivative warrant introduction period and post-derivative warrant introduction period and using dummy variable regression for finding a change in the underlying’s trading volume after the introduction of derivative …
