The Flow-Performance Relationship Of Etfs In International Market,
2019
Faculty of Commerce and Accountancy
The Flow-Performance Relationship Of Etfs In International Market, Thaweeporn Krailaksanawarapar
Chulalongkorn University Theses and Dissertations (Chula ETD)
This paper uses sample from 15 countries from different regions around the world to examine how past performance of exchange-traded funds (ETFs) impact on their fund flow in the following period. Piecewise-linear regression following (Sirri & Tufano, 1998) which allow past performance to be non-linear are employed in the model to examine the different sensitivity of past performance ranking to flow. The evidence confirms that past bad-performing ETFs associate with outflow and past good-performing ETFs associate with inflow in the following period. Furthermore, I also find that investors are more sensitive to bad performers than good performers suggesting that there …
The Impact Of Fund Fees On Mutual Fund Flows In Thailand,
2019
Faculty of Commerce and Accountancy
The Impact Of Fund Fees On Mutual Fund Flows In Thailand, Non Yingvarakul
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study investigates the sensitivity of mutual fund flows to the different types of mutual fund fees, including management fees, front-end load fees, along with back-end load fees and compares the relative level of sophistication among investors in bank related funds versus non-bank related funds and also tax benefit funds versus non-tax benefit funds. Furthermore, this study examines the relationship between change in fund fees and fund flows. The data are from Thai equity funds during the period from 2006 to 2019. Based on the analysis, we found the evidence that there is difference of sensitivity of fund flows to …
Do Thai Property Fund And Reit Investors Herd?,
2019
Faculty of Commerce and Accountancy
Do Thai Property Fund And Reit Investors Herd?, Palat Lertphitchaphong
Chulalongkorn University Theses and Dissertations (Chula ETD)
This paper is the first to examine herding behavior in Thai Property Fund and Real Estate Investment Trusts or REIT market for the period of 2015-2019. The empirical results suggest that those market is exhibit herding behavior significantly. The herding is present in both up and down market and also present in medium to high volume days. Besides, the herding is motivated by cross-sectional premium to NAV, however, on high dividend yield days as well. Herding on high dividend yield days also robust when controlled the dividend yield by the Government bond yield. These results are sensational as herding might …
Is There Risk Reduction In Conglomerate Acquisition?,
2019
Faculty of Commerce and Accountancy
Is There Risk Reduction In Conglomerate Acquisition?, Paskamon Luntavanich
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study examines risk effect in conglomerate acquisitions through portfolio diversification framework. We find that based on asset diversification potential, acquirers’ risks are expected to decline when they engage in diversifying acquisitions. Interestingly, our result suggests that focus acquisitions are also associated with firms’ risk decrease. With this finding, it indicates that asset diversification potential is also pronounced even when the two assets, i.e., firms from similar industry are combined together. In addition, our results suggest that risks are expected to decline more when diversified firms make further diversifying acquisitions than focus acquisitions but this evidence could not be observed …
Do Investors React To Purchase Price Allocation?,
2019
Faculty of Commerce and Accountancy
Do Investors React To Purchase Price Allocation?, Nonthawan U-Thisanonth
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study examines the influence of Purchase Price Allocation (PPA) on investors’ decision making in Thailand by utilising the completed M&A deals which the acquirers listed on the Stock Exchange of Thailand and are over 50% owned after transactions during 2010 – 2019. I investigate how purchase price allocation to goodwill impacts on stock return reaction surrounding the announcement of final PPA information and inspect an association between percentage of goodwill allocated to the identifiable intangible assets and potential earnings per share (EPS) dilution. However, I do not find the supporting evidence to indicate that the investors react to the …
Bond Market Reaction Surrounding Share Repurchase Announcement,
2019
Faculty of Commerce and Accountancy
Bond Market Reaction Surrounding Share Repurchase Announcement, Phasaporn Kitjakarnkoson
Chulalongkorn University Theses and Dissertations (Chula ETD)
I reexamine the bond market reaction to share repurchase announcement. The wealth transfer hypothesis suggests that shareholders expropriate wealth from debtholders hence the debtholders should react negative to this news. I collect daily yield-to-maturity of corporate bond during 2005-2019 to calculate excess change in bond yield spread and classify bond characteristics into five subsamples which are sensitive to the wealth redistribution effect: payment rank, issuer rating, bond rating, bond maturity, and size of repurchase. However, I do not find evidence supporting wealth redistribution effect in all bond attributes. Moreover, firm ratings of repurchasing firms are less likely to be downgraded …
Market Reaction To Ifrs 9 Adoption In The United States,
2019
Faculty of Commerce and Accountancy
Market Reaction To Ifrs 9 Adoption In The United States, Pichaya Yodruk
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study aims to investigate the investors’ reaction to International Financial Reporting Standards 9 (IFRS 9): Financial Instruments adoption in the U.S. capital market. We examine by using companies in the S&P 500 stock market index encompassing the 22 events relating to IFRS 9 process preparation from 2009 to 2014. The findings indicate that the U.S. capital market positively react to the event which increase the probability of IFRS 9 adoption, although most listed companies in the U.S. market have applied US GAAP as accounting standard for their financial reporting. These results show the convergence benefits in accounting standards of …
The Analysis Of Long Term Lng Contract Pricing Structure,
2019
Faculty of Commerce and Accountancy
The Analysis Of Long Term Lng Contract Pricing Structure, Yossaran Pichiansoontorn
Chulalongkorn University Theses and Dissertations (Chula ETD)
No abstract provided.
The Commitment On The Stated Use Of Ipo Proceeds And Long-Run Performance,
2019
Faculty of Commerce and Accountancy
The Commitment On The Stated Use Of Ipo Proceeds And Long-Run Performance, Vitaya Tangwongpatikul
Chulalongkorn University Theses and Dissertations (Chula ETD)
This research paper examines the relationship between the commitment to the stated use of IPO proceed and long-run performance. This also examines the effect of hot market condition on the probability of commitment. Furthermore, this paper investigates the effect of the specificity of the disclosure in the filling document on the probability of commitment. The data comprises of the firms that went public in both the Stock Exchange of Thailand (SET) and the Market for Alternative Investment (mai) during the period of 2000 – 2018. The stated use of IPO proceed is classified into 3 groups: Investment, Debt Repayment, and …
The Disclosure Of The Intended Uses Of Proceeds And Aftermarket Trading Volume,
2019
Faculty of Commerce and Accountancy
The Disclosure Of The Intended Uses Of Proceeds And Aftermarket Trading Volume, Pornpimol Wongsiri
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study aims to provide empirical evidence to support the idea of signaling in a situation with high information asymmetry. We attempt to understand how IPO issuer’s expectation on its aftermarket trading volume may affect its disclosure decision of the intended use of proceeds. The sample consists of IPOs between January 1, 2000 and December 31, 2019 from 5 countries, including Australia, Indonesia, Philippine, Singapore, and Thailand. By using the expected turnover estimated from 3 approaches, we find empirical evidence suggesting that IPO issuers with low expected aftermarket turnover tend to disclose highly detailed information on the uses of proceeds. …
Impact Of Esg Ratings On The Borrowing Cost, Evidence From Asia-Pacific Region,
2019
Faculty of Commerce and Accountancy
Impact Of Esg Ratings On The Borrowing Cost, Evidence From Asia-Pacific Region, Nattawan Tantinakom
Chulalongkorn University Theses and Dissertations (Chula ETD)
This paper studies the impact of ESG ratings, in conjunction with the particular dimension, on the companies’ borrowing cost. Also, this is the first paper that study the impact of level of ESG disclosure, voluntary and mandatory disclosure, on the borrowing cost of the firms. The findings show that only ESG disclosure score has significantly lower the borrowing cost of the companies through the environmental and corporate governance dimensions. It can be concluded that lending institutions do take into account the ESG disclosure score, which integrated risk management framework of firm, as an additional explanation factor over the financial factors. …
Young Adults With Disabilities Financial Skills And Goals: A Mixed Methods Strengths And Needs Assessment,
2019
Virginia Commonwealth University
Young Adults With Disabilities Financial Skills And Goals: A Mixed Methods Strengths And Needs Assessment, Allison D'Aguilar
Theses and Dissertations
Young adults with disabilities face barriers that affect their financial capability and financial inclusion in the marketplace. Barriers include a lack of autonomy, skills, and opportunities. This mixed method strengths and needs assessment aimed to explain and explore the financial skills and goals of young adults with disabilities. A standardized scale captured young adults with disabilities financial skills, photovoice participatory action research documented their valued financial skills and goals, and semi-structured interviews notated parents financial aspirations and goals for their daughters and sons. The mixed methods analysis suggested young adults with disabilities underlying financial skills fell 25 percent below the …
Retail Employee Motivation And Performance,
2019
Walden University
Retail Employee Motivation And Performance, Angela Michelle Addair
Walden Dissertations and Doctoral Studies
Retail industry leaders seek effective strategies to improve employee motivation to increase levels of workforce productivity. The purpose of this single case study was to explore the strategies successful retail industry leaders used to motivate their employees to achieve higher levels of workforce productivity. The conceptual framework for the study was Vroom's expectancy theory of motivation. The research participants consisted of 2 retail store managers from the same retail store located in southeastern mid-Atlantic region of the United States who successfully motivated their employees. Data collection consisted of semistructured interviews, direct observation, and review of company documents. Data analysis included …
Strategies To Manage Transfer Pricing Risks,
2019
Walden University
Strategies To Manage Transfer Pricing Risks, Emmanuel Lah Kanee
Walden Dissertations and Doctoral Studies
Transfer pricing compliance related issues continue to pose challenges to leaders of multinational entities (MNEs) and tax regulators. MNE leaders strive to mitigate the risks of non-compliance violations and double taxation, while tax regulators seek to minimize profit shifting and revenue losses. This multiple case study explored strategies for managing transfer pricing risks against the backdrop of various risks MNE leaders face for non-compliance violations. The cost contribution agreement theory served as the conceptual framework for this study. Data were collected from organizational documents and semistructured interviews conducted with 6 finance executives representing 2 multinational entities in the midwest and …
Relationship Between Regulatory Compliance Cost, Operation Cost, And Profitability Of Credit Unions,
2019
Walden University
Relationship Between Regulatory Compliance Cost, Operation Cost, And Profitability Of Credit Unions, Maher Shbaita
Walden Dissertations and Doctoral Studies
The decline in the profitability of credit unions with less than $10 million in assets harms the number of small credit unions available to serve local communities. Grounded in the financial intermediation theory, the purpose of this quantitative correlational study was to examine the relationship between regulatory compliance costs, operation costs, and profitability. The population of this study consisted of federally insured credit unions with less than $10 million in assets and located in the state of Texas. Archival data from the National Credit Union Administration database were collected and analyzed. Multiple regression was used to identify a statistically significant …
The Role Of Strategic Leadership In The Profitability Of Large Organizations,
2019
Walden University
The Role Of Strategic Leadership In The Profitability Of Large Organizations, Bernard Yaw Owusu-Boadi
Walden Dissertations and Doctoral Studies
Large organizations in the United States endure a 30%-50% failure to achieve profitability. Senior executives' lack of strategies to ensure profitability diminish performance and economic growth. The purpose of this qualitative single case study was to explore strategies senior executives use to ensure profitability in large tax preparation organizations. The conceptual framework for this study was the resource-based view theory. The sample consisted of 2 board members and 3 senior leaders from a large tax preparation organization located in the United States. Study site participants had at least 15 years of experience in enhancing organizational profitability and 5 years of …
Relationship Between Regulatory Compliance Cost, Operation Cost, And Profitability Of Credit Unions,
2019
Walden University
Relationship Between Regulatory Compliance Cost, Operation Cost, And Profitability Of Credit Unions, Maher Shbaita
Walden Dissertations and Doctoral Studies
The decline in the profitability of credit unions with less than $10 million in assets harms the number of small credit unions available to serve local communities. Grounded in the financial intermediation theory, the purpose of this quantitative correlational study was to examine the relationship between regulatory compliance costs, operation costs, and profitability. The population of this study consisted of federally insured credit unions with less than $10 million in assets and located in the state of Texas. Archival data from the National Credit Union Administration database were collected and analyzed. Multiple regression was used to identify a statistically significant …
Leadership Strategies To Reduce Occupational Fraud In Banking,
2019
Walden University
Leadership Strategies To Reduce Occupational Fraud In Banking, Vincent Dewayne Edwards
Walden Dissertations and Doctoral Studies
Banks are in a precarious position due to increasing corporate losses from prolonged instances of employee-driven occupational fraud. The purpose of this single case study was to explore the leadership strategies some bank leaders used to reduce corporate losses from occupational fraud. The fraud triangle theory was the conceptual framework for this study. Data collection consisted of semistructured interviews with 11 bank managers at various levels within the bank, and a focus group session with 8 frontline managers. Data were analyzed using Yin's 5-step data analysis process, which entailed descriptive coding and sequential review of the interview transcripts. Member checks …
Transfer Pricing Legislation: Effect On Multinational Enterprises In The United States,
2019
Walden University
Transfer Pricing Legislation: Effect On Multinational Enterprises In The United States, Ravi Taklalsingh
Walden Dissertations and Doctoral Studies
Multinational enterprises (MNEs) engage in tax-planning strategies between their related parties that affect their profit and consequently their tax liability. Transfer pricing (TP) legislation addresses these tax planning strategies of MNEs resulting in increased tax revenues. Despite the updated 2006 TP legislation, shifting of profit and taxes is still occurring by MNEs; therefore, the implications of this legislation need to be examined. The purpose of this study was to compare the reporting of profit, before and after change in legislation, as well as to examine the cost of services mediation of the relationship between the status of the legislation and …
Incorporating Data Governance Frameworks In The Financial Industry,
2019
Walden University
Incorporating Data Governance Frameworks In The Financial Industry, Tarlochan Singh Randhawa
Walden Dissertations and Doctoral Studies
Data governance frameworks are critical to reducing operational costs and risks in the financial industry. Corporate data managers face challenges when implementing data governance frameworks. The purpose of this multiple case study was to explore the strategies that successful corporate data managers in some banks in the United States used to implement data governance frameworks to reduce operational costs and risks. The participants were 7 corporate data managers from 3 banks in North Carolina and New York. Servant leadership theory provided the conceptual framework for the study. Methodological triangulation involved assessment of nonconfidential bank documentation on the data governance framework, …
