The Effects Of Venture Capital Network Centrality On Earnings Management And Profitability Of Portfolio Company: Evidence From The U.S. Market,
2023
National Institute of Development Administration, Bangkok Thailand
The Effects Of Venture Capital Network Centrality On Earnings Management And Profitability Of Portfolio Company: Evidence From The U.S. Market, Yosavee Niranvichaiya, Sorasart Sukcharoensin
DLSU Business & Economics Review
Based on a sample of 788 U.S. venture capital-backed IPO companies from 2006 to 2015, this research evaluates the impact of network centrality, venture capital (VC), and earnings management on the future profitability of VC-backed portfolio companies. The results suggest that companies backed by VCs with higher network centrality or that are “more centralized” are likely to have better future profitability after an IPO, even with the use of accrual-based earnings management.
Life After Death: A Field Experiment With Small Businesses On Information Frictions, Stigma, And Bankruptcy,
2023
Harvard University
Life After Death: A Field Experiment With Small Businesses On Information Frictions, Stigma, And Bankruptcy, Shai Bernstein, Emanuele Colonnelli, Mitchell Hoffman
Faculty Publications
In an RCT with US small businesses, we document that a large share of firms are not well-informed about bankruptcy. Many assume that bankruptcy necessarily entails the death of a business and do not know about Chapter 11, where debts are renegotiated so that the business can continue operating. Firms also exhibit bankruptcy-related stigma, believing that bankruptcy is embarrassing, a sign of failure, and a negative signal to employees and customers. Short educational videos that address information or stigma increase knowledge and decrease stigma, both immediately and durably over 4 months. Videos increase reported interest in using Chapter 11 bankruptcy …
Does Esg Matter In Corporate Takeover?,
2023
Faculty of Commerce and Accountancy
Does Esg Matter In Corporate Takeover?, Sann Wai Lhyan
Chulalongkorn University Theses and Dissertations (Chula ETD)
As Environmental, Social, and Governance scores (ESG) are increasingly becoming aware to the public, it is imperative to understand the impact of ESG on firm values, especially in the Asia-Pacific region, as it is home to a diverse and rapidly growing economy, including emerging markets. Therefore, the purpose of this study is to investigate the relationship between ESG and firm value using the takeover market as an empirical setting. The primary focus of the study involves examining the influence of ESG on the occurrence of takeovers through binary logistic regression. Subsequently, the study explores the association between ESG and target …
Does Esg Performance Impact Financial Distress Risk? Evidence From Asia-Pacific Markets,
2023
Faculty of Commerce and Accountancy
Does Esg Performance Impact Financial Distress Risk? Evidence From Asia-Pacific Markets, Methee Srikranjanapert
Chulalongkorn University Theses and Dissertations (Chula ETD)
This research investigates the relationship between Environmental, Social, and Governance (ESG) performance, represented by ESG scores, and Probability of Financial Distress Risk (FDR), as proxied by Ohlson O-Score, for firms operating in the Asia-Pacific region from 2010 to 2022. In addition, the aforementioned relationship during economic crisis and the level of market development is also investigated. The findings reveal a negative association between ESG performance and the probability of FDR in which the increase in ESG performance reduces the likelihood of FDR. Notably, the environmental and social pillars of ESG consistently exhibit negative relationship with FDR, with the social pillar …
Examining Purity And Green Complexity Score On Wind And Solar Stock Return,
2023
Faculty of Commerce and Accountancy
Examining Purity And Green Complexity Score On Wind And Solar Stock Return, Kanokphorn Pongklang
Chulalongkorn University Theses and Dissertations (Chula ETD)
No abstract provided.
Exploring The Link Between Esg Scores And Downside Risks Of Stock Returns During Periods Of Negative Shock : Evidence In Apac,
2023
Faculty of Commerce and Accountancy
Exploring The Link Between Esg Scores And Downside Risks Of Stock Returns During Periods Of Negative Shock : Evidence In Apac, Nattakij Summakarawa
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study investigates the empirical association between Environmental, Social, and Governance (ESG) factors and downside risks in stock returns during negative shocks focusing on 13 countries within the Asia-Pacific (APAC) region. The study assesses ESG performance using combined ESG scores, E pillar, S pillar, G pillar and controversy scores, examining their impact on downside risk measured by Value at Risk (VaR) and Maximum Drawdown (MDD). The sample includes publicly traded companies across diverse APAC countries from 2012 to 2021. The research contextualizes the global significance of ESG practices, emphasizing their role in mitigating financial risks and contributing to sustainable financial …
Information Asymmetry Transmissions Between Futures And Spot Markets : Evidence From Thailand,
2023
Faculty of Commerce and Accountancy
Information Asymmetry Transmissions Between Futures And Spot Markets : Evidence From Thailand, Supichaya Pattanapanitchai
Chulalongkorn University Theses and Dissertations (Chula ETD)
This research investigates the existence of a lead-lag relationship in information asymmetry between Thailand's futures and spot markets. We use the volatility of order imbalance (VOIB) as an indicator of this asymmetry, concentrating on three investor groups: Foreign Investors (FI), Local Institutions (LS), and Local Investors (LI). Data from TFEX and SET, covering January 2017 to December 2022, was analyzed to identify trading patterns of these investor types. Using vector autoregression (VAR), we examined the connection between variables in the futures and spot markets. We also evaluated the impact of shocks in one market on the other using impulse response …
Investor Type Effect To Volatility-Volume Relationship: Set50 Index Futures,
2023
Faculty of Commerce and Accountancy
Investor Type Effect To Volatility-Volume Relationship: Set50 Index Futures, Jirayu Nakviroj
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study delves into the complex interplay between various types of traders and the resulting effects on the volatility-volume relationship in Thailand's SET50 Index Futures market. It categorizes traders into institutional, retail, and foreign investors, examining their distinct trading behaviors and access to information. The research aims to discern how these diverse investor profiles impact market volatility, particularly in the context of an emerging financial market like Thailand. Utilizing a range of econometric techniques, the study categorizes trading activity into expected and unexpected variables. The findings reveal a positive correlation between retail investors' expected trading volume and market volatility, aligning …
The Credit Risk-Return Puzzle And The Value Premium Puzzle In Thailand,
2023
Faculty of Commerce and Accountancy
The Credit Risk-Return Puzzle And The Value Premium Puzzle In Thailand, Pimnara Ratanasaeng
Chulalongkorn University Theses and Dissertations (Chula ETD)
The objective of this study is to examine the presence of two puzzles in the stock market which are empirically inconsistent with the fundamental principle of risk and return. Theoretically, the assets with higher risk should compensate higher returns. However, when the credit risk is considered, the previous evidences show that the stocks of firms with high credit rating (low risk) generate higher return than the stocks of firms with low credit rating (high risk). Moreover, previous studies find that the firms with high book-to-market (value firm) generates higher return on stock than the firms with low book-to-market (growth firm). …
The Effect Of Earning Surprise On Market Reaction At Various Free Float Levels: An Event Study In Thailand,
2023
Faculty of Commerce and Accountancy
The Effect Of Earning Surprise On Market Reaction At Various Free Float Levels: An Event Study In Thailand, Netchanok Thongplod
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study investigates the complex relationship between free float and market reactions to earnings surprises within the context of the Thai stock market, casting light on the role of free float in influencing market efficiency and investor behavior. The study examines the Efficient Market Hypothesis (EMH), which states that stock prices reflect all available information, making consistent market outperformance difficult. However, it acknowledges that market inefficiencies can occur, with earnings surprises as one possible source. The study investigates how the level of free float or the number of shares available for trading impact the speed and precision of market adjustments …
The Impact Of Green House Gas Emission On Firm's Performance In Japan,
2023
Faculty of Commerce and Accountancy
The Impact Of Green House Gas Emission On Firm's Performance In Japan, Chanikan Veerachadsakulchai
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study investigates the impact of greenhouse gas (GHG) emissions on corporate financial performance in Japan, with a particular focus on the role of environmental regulations. We hypothesize that while lower GHG emissions generally enhance financial performance, the benefits diminish beyond a certain point. Additionally, we examine how stringent environmental regulations influence this relationship. We use total GHG emissions and total GHG emissions per company’s enterprise value including cash (EVIC) as the proxies. The results indicate that GHG emissions negatively impact corporate financial performance, as measured by ROA and Tobin's Q. However, the regulatory environment, whether stringent or not, does …
The Impact Of Regulation, Financial Liberalization, And Mobile Banking On Banking Crises : Evidence From Cross-Country Data,
2023
Faculty of Commerce and Accountancy
The Impact Of Regulation, Financial Liberalization, And Mobile Banking On Banking Crises : Evidence From Cross-Country Data, Napisa Saengmaneenimitr
Chulalongkorn University Theses and Dissertations (Chula ETD)
This paper examines how financial liberalization, institutional quality, and mobile banking adoption affect the probability of a banking crisis using a panel of 36 countries over the period 2000 – 2021. Our key inference is that the relationship between financial liberalization and the probability of a banking crisis is depended in institutional quality. In strong institutional quality countries, the impact of financial liberalization on the probability of a banking crisis is a concave curve, increasing the likelihood of a crisis at low to moderate liberalization levels and reducing it at medium to high levels. Conversely, weak institutions do not exhibit …
The Influence Of Esg Performance On The Cost Of Debt: Evidence From Asia Pacific Countries: The Moderating Role Of Economic Policy Uncertainty,
2023
Faculty of Commerce and Accountancy
The Influence Of Esg Performance On The Cost Of Debt: Evidence From Asia Pacific Countries: The Moderating Role Of Economic Policy Uncertainty, Wiraya Nillaorsrisakul
Chulalongkorn University Theses and Dissertations (Chula ETD)
This paper examines the influence of ESG performance on the cost of debt (CoD) in Asia-Pacific firms from 2010 to 2022. It is among the first to explore how ESG performance scores affect the cost of debt against different economic conditions and market maturity levels.The study finds that companies with higher ESG ratings, particularly environmental and social dimensions, correlate with lower borrowing costs. Governance scores also matter, but they don't seem to influence borrowing costs as much. Additionally, the paper reveals that ESG's impact on borrowing costs is stronger in developed countries than in emerging ones. The research also indicates …
The Role Of Return Dispersion In Momentum Profita Study In The Thai Stock Market,
2023
Faculty of Commerce and Accountancy
The Role Of Return Dispersion In Momentum Profita Study In The Thai Stock Market, Chanunchita Watcharavasunthara
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study investigates the influence of market return dispersion on the profitability of momentum investment strategies within the Stock Exchange of Thailand (SET). Employing an analytical approach, the research identifies a significant and persistent pattern of return dispersion in the Thai stock market. This pattern is characterized by a strong positive correlation between the dispersion of returns in a given period and the subsequent period, as confirmed by a significant autoregressive coefficient and the Dickey-Fuller test. Additionally, the study explores the performance consistency of top-performing stocks during periods of high and low dispersion, using transition matrices and the Chi-squared test. …
The Roles Of Catastrophe (Cat) Bonds: Diversifier, Hedge, Or Safe Haven?,
2023
Faculty of Commerce and Accountancy
The Roles Of Catastrophe (Cat) Bonds: Diversifier, Hedge, Or Safe Haven?, Treepatchara Tasnavijitvong
Chulalongkorn University Theses and Dissertations (Chula ETD)
This research investigates the role of Catastrophe (CAT) Bonds as diversification tools, hedges, and safe havens in global financial markets, with a focus on their behavior during the global financial crisis and the Covid-19 crisis. The study reveals that CAT bonds, recognized as a valuable asset class for their unique structure and ability to transfer catastrophic risks, have gained prominence among institutional investors. By examining the diversification benefits of CAT bonds in relation to traditional assets and analyzing their performance in crisis and non-crisis periods, the research highlights CAT bonds as effective tools for risk management and portfolio diversification. The …
ผลกระทบจากขนาดของการระดมทุน ต่อผลตอบแทนระยะยาวของหุ้น Ipos : หลักฐานจากประเทศไทย,
2023
คณะพาณิชยศาสตร์และการบัญชี
ผลกระทบจากขนาดของการระดมทุน ต่อผลตอบแทนระยะยาวของหุ้น Ipos : หลักฐานจากประเทศไทย, ภูริชญ์ วงศ์ขำ
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study investigates the long-term performance of Initial Public Offerings (IPOs) in Thailand, focusing on how the size of IPO gross proceeds influences their long-run returns. Utilizing a sample of 176 IPOs listed on the Stock Exchange of Thailand (SET) and the Market for Alternative Investment (MAI) between 2013 and 2018, this research aims to provide empirical insights into the relationship between IPO size and market performance over three and five-year periods. The analysis employs multivariate regression models, incorporating control variables such as Return on Equity (ROE), Earnings Per Share (EPS) Growth, and market volatility, while also examining the moderating …
Momentum Effect On Equity Return Derived By Esg Performance, Evidence From Japanese Equity Market,
2023
Faculty of Commerce and Accountancy
Momentum Effect On Equity Return Derived By Esg Performance, Evidence From Japanese Equity Market, Sathaporn Tiensermsub
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study delves into the intricate relationship between Environmental, Social, and Governance (ESG) performance and equity returns within the Japanese market, with a specific emphasis on the momentum effect. Leveraging an extensive dataset encompassing the environmental, social, and governance pillars, our research contributes to the existing body of literature on ESG investing. Our analysis reveals consistent patterns in ESG-momentum interactions, aligning with the findings of previous studies while also offering new insights into the Japanese equity market. Consistent with the research of Chen & Yang (2020), Pedersen et al. (2021), and Luo (2022), our findings affirm that specific quintiles within …
Impact Of Fund Manager Characteristics On Thailand Domestic Equity Mutual Fund Performance,
2023
Faculty of Commerce and Accountancy
Impact Of Fund Manager Characteristics On Thailand Domestic Equity Mutual Fund Performance, Krisana Rathanit
Chulalongkorn University Theses and Dissertations (Chula ETD)
This paper aims to reconsider whether mutual funds managers’ characteristics, including gender, working experience (tenure), and CFA designation, affect the fund risk-adjusted performance, using the Thai open-ended domestic equity funds from 2018 to 2023. The first objective is to examine whether each fund manager characteristic impacts the fund risk-adjusted performance (alpha), including Jensen’s, 3-factor Fama French, and 5-factor Fama French alpha, using the pooled ordinary least square (OLS) regression. The alphas are estimated over the 24-month rolling window. The second objective of the study, as the extension of the first objective, is to examine the fund performance persistence over the …
“The Dual Impact Of Transportation Infrastructure And Telecommunication Technology On Analyst Coverage And Forecast Accuracy: Evidence From The Thai Market?”,
2023
Faculty of Commerce and Accountancy
“The Dual Impact Of Transportation Infrastructure And Telecommunication Technology On Analyst Coverage And Forecast Accuracy: Evidence From The Thai Market?”, Kittipoj Rujjanavate
Chulalongkorn University Theses and Dissertations (Chula ETD)
This paper investigates the determinants of forecast accuracy and brokerage coverage in the Thailand stock market from 2009 to 2022. Leveraging a comprehensive dataset comprising various financial metrics and market variables, we explore the impact of infrastructure development, digital communication, and external factors such as the Covid-19 pandemic on analysts' forecast accuracy and the coverage of stocks by brokerage firms. Our analysis employs regression models to examine the relationships between these variables and forecast accuracy, as measured by the absolute deviation between predicted and actual earnings, and brokerage coverage, quantified by the number of brokerage firms covering a particular stock. …
Oil Price Volatility And Bond Credit Spread: Evidence From Thailand,
2023
Faculty of Commerce and Accountancy
Oil Price Volatility And Bond Credit Spread: Evidence From Thailand, Natasha Thatchaichawalit
Chulalongkorn University Theses and Dissertations (Chula ETD)
This paper studies the relationship between oil price volatility and corporate bond credit spread. The sample is selected from bonds offered by listed companies in energy and utility sector (categorized by the Thai Bond Market Association) whose profit directly relates to the oil price movement. The studied period is 10 years which covers January 2013 – December 2023. The period covers both upturn and downturn of oil price movement. For the oil price volatility proxy, this paper uses end of month data of OVX index and conditional variance of Brent return estimated with GARCH (1,1) model. After, controlling for other …
