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2020

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Inflation Level And Equity Mutual Fund Flows In Aggregate, Boontarikar Dangsritham Jan 2020

Inflation Level And Equity Mutual Fund Flows In Aggregate, Boontarikar Dangsritham

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper investigates the relationship of inflation level and aggregate equity mutual fund flows using Thai evidence. Sample period covered from 2006 to 2020. For the first objective, we investigate the relationship between realized inflation and net flow of money into equity mutual fund. Next, since investors are forward-looking, we extend the analysis to investigate the same relationship using forecasted inflation instead. Lastly, money supply is increasing since 2008 because of the first launch of QE. Also, inflation trend becomes lower since then. Our further exploration is whether there is a change in the relationship between inflation and aggregate equity …

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Industry Size And Deal Initiation: Evidence From Merger And Acquisition, Sirilak Sriburapar Jan 2020

Industry Size And Deal Initiation: Evidence From Merger And Acquisition, Sirilak Sriburapar

Chulalongkorn University Theses and Dissertations (Chula ETD)

Targets in small industries are more likely to initiate the deal than targets in large industries. Bidders are willing to pay more for target-initiated deals in small industries than in large industries. This research finds empirical evidence that industry size significantly impacts firms' decision to initiate the deal and bid premium. Targets in small industries are more plausibly to initiate the deal because the demand for target corporate assets is lower. Consequently, they receive lower premiums compared to targets in large industries. Surprisingly the impact of target-initiated deals on premiums significantly depends on target industry size, the negative impact of …

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Inside The Black Box Of Financial Analysts: What Drives Systematic Forecast Optimism?, Christian Schmidt Jan 2020

Inside The Black Box Of Financial Analysts: What Drives Systematic Forecast Optimism?, Christian Schmidt

Chulalongkorn University Theses and Dissertations (Chula ETD)

Despite past failures and a higher standard of regulation, excessive forecast optimism among financial analysts is still observable. It is mainly attributed to incentives provided by an underlying affiliated relationship. This paper investigates diverse market settings in the Thai stock market between 2005 and 2017 to break down the incentive structure in the analysts' forecasting process. First, banks and brokerage houses with an affiliated mutual fund family show an extreme forecast behavior, especially when the fund family is backed by high capital and has a large stake in the covered firm. Secondly, full-service banks are among the most optimistic analysts …

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Mutual Fund Recommendations On Fund Flows And Returns, Rachapoom Karnasoot Jan 2020

Mutual Fund Recommendations On Fund Flows And Returns, Rachapoom Karnasoot

Chulalongkorn University Theses and Dissertations (Chula ETD)

Using Thailand open-end mutual fund samples from 2017 to 2019, this study examines the impact of analysts’ recommendations on mutual fund flow and return. We decide to use the analysts’ recommendation from two big management companies in Thailand who publicly released their analysts’ recommendation in weekly periods, SCBAM and KAsset. We hypothesize and find the recommendations have a significantly positive impact on mutual fund flows and found no significant impact on return. Our study further examines the risk-adjusted return and observe no significant excess return is generated from recommended mutual funds.

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Option Returns Around Earning Announcement In London, Thanawat Thangchadakorn Jan 2020

Option Returns Around Earning Announcement In London, Thanawat Thangchadakorn

Chulalongkorn University Theses and Dissertations (Chula ETD)

While prior studies find that returns on straddles constructing before earning announcements are positive in U.S. equity option market, we further investigate and find that returns on straddle constructing before earning announcement are positive in London Stock Exchange either. The logic behind this positive return while return on straddles are generally negative is option traders underestimate volatility of upcoming earning announcement period due to recency bias.

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Premium, Ownership And Operating Performance In Rto, Chawalit Rungpiboonsopit Jan 2020

Premium, Ownership And Operating Performance In Rto, Chawalit Rungpiboonsopit

Chulalongkorn University Theses and Dissertations (Chula ETD)

A reverse takeover is an alternative method of listing instead of IPO. Compared to IPO, firms using RTO can avoid the stringent requirement of IPO and disclose less information. Hence, these transactions were viewed as suspicious transactions. The U.S-SEC also issued the warning that investors should be careful when considering investing in the RTO firm. However, it is unlikely that investors in the market can separate between the good RTO firm and the bad RTO firm because of the loose requirement of RTO which led to the arising of asymmetric information between investors and RTO firm. As a result, in …

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The Impact Of Etf Mechanics And The Bank Of Japan Intervention On The Intraday Volatility Of The Underlying Stocks, Tharita Jumroonwat Jan 2020

The Impact Of Etf Mechanics And The Bank Of Japan Intervention On The Intraday Volatility Of The Underlying Stocks, Tharita Jumroonwat

Chulalongkorn University Theses and Dissertations (Chula ETD)

Due to their low trading costs and superior liquidity, exchange-traded funds (ETFs) attract short-term liquidity traders. The liquidity shocks can pass to the underlying securities through the ETF mechanism. ETF may therefore increase the non-fundamental volatility of the underlying stocks. I carry out the test daily which allows me to timely measure the high-frequency variable of arbitrage activity between Nikkei 225 ETFs and their components. I find the consistent result with Ben-David et al. (2018) that stocks with higher ETF holding display significantly higher volatility and the intensity of arbitrage activity, proxied by stock-level mispricing, magnifies the impact of ETFs …

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The Lead-Lag Relationship Of Block Trade Single Stock Futures And The Underlying Stocks: Evidence From Thailand, Pimnapa Wongvisavakorn Jan 2020

The Lead-Lag Relationship Of Block Trade Single Stock Futures And The Underlying Stocks: Evidence From Thailand, Pimnapa Wongvisavakorn

Chulalongkorn University Theses and Dissertations (Chula ETD)

According to the efficient market hypothesis, there should not be any lead-lag relationship of the spot and futures price of the financial assets; however, many empirical studies have suggested otherwise. This study uses the Vector Error Correction Model (VECM) and Granger causality test with the daily trading data of Thailand’s block trade single stock futures and its underlying securities of 42 companies from 2016 to 2020. It reveals both unidirectional and bidirectional relationships of spot and futures markets with a less dominant role of the futures market in the price discovery function. None of the sample companies have both long-run …

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The Market And Specific Sector Stock Prices Reaction Around Corporate Bond’S Credit Rating And Outlook Changes – Evidence In Thailand, Kittika Sansanavanee Jan 2020

The Market And Specific Sector Stock Prices Reaction Around Corporate Bond’S Credit Rating And Outlook Changes – Evidence In Thailand, Kittika Sansanavanee

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study examines stock price reaction around credit rating and outlook changes in Thailand. We collect data from stocks listed in SET (The Stock Exchange of Thailand) which issued corporate bonds. These bonds must be listed in TBMA (The Thai Bond Market Association) and were rated by either Tris or Fitch rating Thailand between 2002-2020 (corporate bond credit rating and outlook change). We also study further about the effect of these credit rating events in 3 sectors of stock - Banking, Finance and Property Development. The empirical result shows that good credit events provide significant positive abnormal stock return after …

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The Presence Of Style Drift And Its Effects In Thailand’S Equity Mutual Funds, Nuttha Lertwattanakiat Jan 2020

The Presence Of Style Drift And Its Effects In Thailand’S Equity Mutual Funds, Nuttha Lertwattanakiat

Chulalongkorn University Theses and Dissertations (Chula ETD)

Active equity mutual funds have become a widely popular investment for investors with high risk tolerance due to potentially getting a higher return with the benefit of diversification and professional management. Investors can make decision on selecting funds by looking at “style”. Style is viewed in two dimensions; size and value-growth orientation at stock level. It helps investors to see how fund manager select stocks and the overall style of stock holding for a whole portfolio. Investors can take this factor into considerations to build portfolio to align with their strategy. But what will happen if the style is changed …

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The Relationship Between Fees And Performance Of Domestic Equity Funds In Thailand, Thapanee Suphapitakpaiboon Jan 2020

The Relationship Between Fees And Performance Of Domestic Equity Funds In Thailand, Thapanee Suphapitakpaiboon

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study inclusively examines the relationship between fund fees and performance of open-end domestic equity funds in Thailand from 2010 to 2019 to analyze the domestic-equity fund market in 2 main dimensions: the market competitive and conflict-of-interest between the duties of asset management companies (AMCs) to their parent bank and to unitholders through fund fee channel. The study investigates the relationship of (1) fund fees, (2) fund fees set by bank subsidiaries, and (3) fund fees set by large-bank subsidiaries with its performance in term of both returns over benchmark and Jensen’s alpha. Based on the results, investors paid higher …

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Unexpected Movement In Monetary Aggregates And Its Effect On Asset Price In Thailand, Paripon Sriboon Jan 2020

Unexpected Movement In Monetary Aggregates And Its Effect On Asset Price In Thailand, Paripon Sriboon

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper aims to develop a structural vector autoregressive (SVAR) model to study the dynamic relationships between broad money and other macroeconomics variables in Thailand. The structural restrictions on SVAR model are based on economics intuition and novel finding that money does not react contemporaneously to transitory component of the short-term interest rate. The model also features stock price and house price as the different response of asset price and goods price will be monitored. There are total of seven monthly endogenous variables included in the model covering the period of 2010 - 2020. The result based on forecast error …

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Does The Acquisition Increase Shareholder Wealth?: Evidence From The Case Of Bjc Acquiring Big C, In Thailand, Saraphan Choowattanapakorn Jan 2020

Does The Acquisition Increase Shareholder Wealth?: Evidence From The Case Of Bjc Acquiring Big C, In Thailand, Saraphan Choowattanapakorn

Chulalongkorn University Theses and Dissertations (Chula ETD)

The study aims to investigate whether BJC taking over BigC transactions creates any wealth to shareholders in the short run and long run reflecting in two measures, stock measures and accounting measures. The stock returns are evaluated by using an event study approach to answer three questions in the short time. The first question is the length of time the market absorbs information reflects in the movement of stock price trading surroundings the event date. The finding suggests that there is the possibility of rumors spreading before the announced date for CPALL, Big C and Makro. Secondly, for the short-term …

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Determining The Tracking Error And Value-At-Risk Of An Active Portfolio When Combined With A Passive Portfolio With Value-At-Risk Constraint, Nuttawoot Ladee Jan 2020

Determining The Tracking Error And Value-At-Risk Of An Active Portfolio When Combined With A Passive Portfolio With Value-At-Risk Constraint, Nuttawoot Ladee

Chulalongkorn University Theses and Dissertations (Chula ETD)

When an asset manager manages a portfolio, he usually imposes a TE or a VaR limit on his portfolio to control portfolio risks. However, a portfolio may be divided into different portions. In our research, we consider a portfolio that consists of an active portion and a passive portion. Having a VaR budget of an entire portfolio, we propose methods to determine TE and VaR limit on the active portfolio and illustrate them by using real data. In the empirical part, some problems can occur when we relax certain theoretical assumptions such as (1) stocks in an investment universe can …

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Double Bottom Pattern Recognition For Trading Strategy, Chusana Nuntanart Jan 2020

Double Bottom Pattern Recognition For Trading Strategy, Chusana Nuntanart

Chulalongkorn University Theses and Dissertations (Chula ETD)

We utilize the Double bottom pattern, which is a common and the most easily recognized reversal pattern in the technical analysis approach, to seek the existence of abnormal returns from 1 Jan 2009 to 31 Dec 2019. The general event study methodology was used to statistically test for the existence of abnormal returns from 611 stocks in SET. We concluded that there was an existence of abnormal return from trading with the Double bottom pattern strategy. This led to the conclusion that the Thai stock market might be not as informationally efficient as academics have conjectured.

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Option Pricing Using Local Volatility Function: How To Specify Its Knots?, Wisuth Raweerojthanatt Jan 2020

Option Pricing Using Local Volatility Function: How To Specify Its Knots?, Wisuth Raweerojthanatt

Chulalongkorn University Theses and Dissertations (Chula ETD)

European options of an asset are priced following a continuous 1-factor diffusion model and the generalized Black-Scholes equation. Volatility knots are determined by many specifications that are the number and the location of knots at any stock price and time to expiration. Considering the volatility knots as a set of decision variables, we can approximate the local volatility function with a bicubic spline function to compute option values fitted to a finite set of market data by solving a constrained nonlinear optimization problem. With the real market data of SET50 Index options, pricing accuracy of different knots’ specifications are demonstrated. …

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Reverse Stress Testing On Non-Elliptical Jointly Distributed Multivariate Data, Chevincee Werawanich Jan 2020

Reverse Stress Testing On Non-Elliptical Jointly Distributed Multivariate Data, Chevincee Werawanich

Chulalongkorn University Theses and Dissertations (Chula ETD)

No abstract provided.

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The Hybrid Pareto Distribution, Implied Risk-Neutral Density And Option Pricing, Purin Luanloy Jan 2020

The Hybrid Pareto Distribution, Implied Risk-Neutral Density And Option Pricing, Purin Luanloy

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper aims to develop a new European option pricing model based on the Extreme Value Theory (EVT). We assume that, in the risk-neutral probability measure, simple negative returns of the S&P500 index follow the Hybrid Pareto (HP) distribution. Then, we derive closed-form pricing formulas for call and put options according to the risk-neutral pricing method. Additionally, we assume that the distribution has a fat tail. Our study’s benchmark model is the Generalized Extreme Value (GEV) model proposed by Markose and Alenton (2011). We estimate model parameters by minimizing the root-mean-square error. The results show that the HP model provides …

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A Study Of The Benefits And Barriers Of Thai Smes With Bot Policy Supporting Smes, Laksika Junyakhajorn Jan 2020

A Study Of The Benefits And Barriers Of Thai Smes With Bot Policy Supporting Smes, Laksika Junyakhajorn

Chulalongkorn University Theses and Dissertations (Chula ETD)

This qualitative and descriptive study aims to determine from the perspective of SMEs owner towards the policies in order to see the benefits and obstacles of Thai SMEs with BOT policies on supporting SMEs. The in-depth interviews were conducted with 10 SMEs owners in Thailand and some interview questions generating to deeper discussion. The thematic analysis was used to analyze the interviews. The study showed that some company characteristics data i.e., company age, company size, and business sectors had a significant effect on perspectives towards the policies supporting SMEs. However, the demographic characteristics of owner did not relatively affect the …

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Does The Policy Rate Have A Significant Effect On The Npl Level Of Smes During The Past 17 Years (2002-2019) In Thailand?, Anekphong Tupan Jan 2020

Does The Policy Rate Have A Significant Effect On The Npl Level Of Smes During The Past 17 Years (2002-2019) In Thailand?, Anekphong Tupan

Chulalongkorn University Theses and Dissertations (Chula ETD)

During the post “Tom Yum Kung Crisis”, the bank of Thailand used monetary policy interest rate as a financial instrument. To keep economic growth and stability by raising, maintaining, or lowering the policy interest rate, under a flexible inflation targeting framework to achieve inflation. The determination of monetary policy interest rate is influencing the cost of SMEs operating through the credit channel. Consequently, the purpose of this research is to explore the relationship between the determination of monetary policy interest rate and Non-performing Loans (NPLs) in the SME sector. The OLS regression is used to analyze the cause and effect …

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Marketing And Strategy Analysis: A Case Study Of Pana Coffee Company, Sulida Intarawichien Jan 2020

Marketing And Strategy Analysis: A Case Study Of Pana Coffee Company, Sulida Intarawichien

Chulalongkorn University Theses and Dissertations (Chula ETD)

Coffee business is extremely growth in last few years. Pana coffee company is a brand-new coffee business company. The company has been established for 4 years. There are lots of organization management that company needed to solid and make the strength on to go further in several years. One of the important managements in organization is marketing management which effect on brand and positioning of brand in market. So, the marketing strategies of company needed the improvement to compete and survive in the global growth business. This study aims to analyze organization resources by using SWOT analysis and 5P’s Marketing …

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The Service Quality Affecting Customer Loyalty Toward Food Delivery Service In Thailand, Panuwan Chartchawalitsakul Jan 2020

The Service Quality Affecting Customer Loyalty Toward Food Delivery Service In Thailand, Panuwan Chartchawalitsakul

Chulalongkorn University Theses and Dissertations (Chula ETD)

Over the past five years, the market value of food delivery services business has grown by an average of 10 percent annually. The key player for this market growth is service providers through application. Moreover, the entry of new players has made the market more competitive. Therefore, service providers keep their customers by increasing loyalty with a higher service quality to make customers satisfied and continue to use the service. In consequence, the objective of this study is to examine the impact of service quality on customer loyalty toward food delivery service in Thailand. The study method is quantitative, using …

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ระบบระบุตำแหน่งภายในอาคารสำหรับสมาร์ตโฟนด้วยการใช้เทคนิคลายนิ้วมือของสัญญาณวายฟายเชิงกำหนด, ธีรภัทร์ วงศ์สุธีรา Jan 2020

ระบบระบุตำแหน่งภายในอาคารสำหรับสมาร์ตโฟนด้วยการใช้เทคนิคลายนิ้วมือของสัญญาณวายฟายเชิงกำหนด, ธีรภัทร์ วงศ์สุธีรา

Chulalongkorn University Theses and Dissertations (Chula ETD)

การระบุตำแหน่งภายในอาคารด้วยการใช้เทคนิคลายนิ้วมือของสัญญาณวายฟายมักจะทำงานอย่างไม่มีประสิทธิภาพเมื่อนำไปใช้งานในพื้นที่ขนาดใหญ่ นอกจากนี้ การระบุตำแหน่งดังกล่าวมักพบกับปัญหาตำแหน่งที่ไม่ตรงกัน ซึ่งทำให้เกิดความไม่แม่นยำในการระบุตำแหน่ง ยิ่งกว่านั้นการเปลี่ยนแปลงของสภาพแวดล้อมก็สามารถลดประสิทธิภาพโดยรวมของระบบได้เช่นกัน เพื่อที่จะแก้ปัญหาเหล่านี้ งานวิจัยชิ้นนี้ได้นำเสนอ ระบบระบุตำแหน่งภายในอาคารสำหรับสมาร์ตโฟนด้วยการใช้เทคนิคลายนิ้วมือของสัญญาณวายฟายเชิงกำหนด ระบบนี้ประกอบด้วยกันทั้งหมด 3 ส่วน ส่วนที่หนึ่งคืออัลกอริทึมสำหรับจัดหมวดหมู่พื้นที่ โดยส่วนนี้จะจำแนกคำร้องขอจากผู้ใช้งาน ว่าถูกส่งมาจากภายนอกอาคารหรือภายในอาคารใด เพื่อกรองคำร้องขอที่ถูกส่งมาจากพื้นที่ภายนอกอาคารหรือพื้นที่ที่ระบบไม่ได้ครอบคลุมออกไป ส่วนที่สองคืออัลกอริทึมระบุตำแหน่งภายในอาคาร ส่วนนี้จะใช้ข้อมูลจากส่วนแรก ในการลดขอบเขตการค้นหาลายนิ้วมือของสัญญาณลง ทำให้สามารถลดระยะเวลาในการประมวลผลเพื่อหาตำแหน่งที่แน่นอนได้อย่างมหาศาล นอกจากนี้อัลกอริทึมในส่วนนี้จะคำนึงถึงปัญหาตำแหน่งที่ไม่ตรงกัน เพื่อลดผลกระทบจากปัญหาดังกล่าว ส่วนที่สามคืออัลกอริทึมตรวจจับบีเอสเอสไอดีที่หายไปจากคำร้องขอจากผู้ใช้งานและปรับปรุงฐานข้อมูล เพื่อให้ระบบสามารถปรับตัวกับสภาวะแวดล้อมที่เปลี่ยนไปได้ จากผลการทดลอง ระบบที่นำเสนอสามารถจัดหมวดหมู่พื้นที่ ระบุตำแหน่งภายในอาคารและตรวจจับบีเอสเอสไอดีที่หายไปได้อย่างแม่นยำ โดยอัลกอริทึมสำหรับจัดหมวดหมู่พื้นที่สามารถลดระยะเวลาในการประมวลผลอย่างเห็นได้ชัดเมื่อเปรียบเทียบกับงานวิจัยที่ผ่านมา นอกจากนี้อัลกอริทึมตรวจจับบีเอสเอสไอดีที่หายไปสามารถเพิ่มประสิทธิภาพให้กับทั้งระบบที่นำเสนอและงานวิจัยที่ผ่านมาได้อย่างมาก

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Surface-Enhanced Raman Scattering For Enantiomeric Discrimination, Thanyada Sukmanee Jan 2020

Surface-Enhanced Raman Scattering For Enantiomeric Discrimination, Thanyada Sukmanee

Chulalongkorn University Theses and Dissertations (Chula ETD)

Surface-enhanced Raman scattering (SERS) substrates with intended surface modification were developed for enantiomeric analysis by taking the consideration of asymmetric electric field and molecular interaction between a probe molecule and enantiomeric analyte. In the first study, discrimination between enantiomers is achieved by performing tip-enhanced Raman scattering using a silver tip which is chemically modified by an achiral para-mercaptopyridine (pMPY) probe molecule. The different relative intensities of the pMPY spectra were obtained when three pairs of enantiomers containing hydroxy and/or amino groups were used as analytes. Enantiomeric discrimination can be attained by the asymmetric electric field of the tip apex co-existed …

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Electrospun Polyacrylonitrile/Graphene Oxide Nanofibers As Sorbent For Solid Phase Extraction Of Epichlorohydrin In Water, Chotitas Sribun Jan 2020

Electrospun Polyacrylonitrile/Graphene Oxide Nanofibers As Sorbent For Solid Phase Extraction Of Epichlorohydrin In Water, Chotitas Sribun

Chulalongkorn University Theses and Dissertations (Chula ETD)

In this study, electrospun nanofibers of polyacrylonitrile functionalized with graphene oxide (PAN/GO) were fabricated and applied as a sorbent in solid phase extraction in a disk format (SPE disk). Graphene oxide were synthesized by chemical oxidation of graphite powder via Hummers and Tour methods and were characterized by X-ray diffraction (XRD), fourier transform infrared spectroscopy (FT-IR) and X-ray photoelectron spectroscopy (XPS). For electrospun PAN/GO nanofibers, the average diameters of fibers ranged from 117-147 nm and the surface area of PAN and PAN/GO nanofibers were ranged from 7.77-13.40 m2/g. Then, the PAN/GO nanofibers were assembled in a SPE disk format and …

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Poisson Approximation For Locally Dependent Collateralized Debt Obligation, Nat Yonghint Jan 2020

Poisson Approximation For Locally Dependent Collateralized Debt Obligation, Nat Yonghint

Chulalongkorn University Theses and Dissertations (Chula ETD)

A collateralized debt obligation (CDO) is a type of structured asset-backed security. The assets are pooled together and divided into tranches to be sold to investors. Each tranche has a substantially different credit quality and risk level. Jaio and Kaouri (2009), Neammanee and Yonghint (2020) used Poisson approximation to approximate a percentage loss for each tranche in CDO where all reference assets are independent. However, in the real world, each asset may not have the independent structure. In this thesis, we consider reference assets without assuming independence. If a default of reference asset may affect to some asset then we …

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Improvement Of Error Bounds Of Local Limit Theorems For Sums Of Independent Integer-Valued Random Variables, Tatpon Siripraparat Jan 2020

Improvement Of Error Bounds Of Local Limit Theorems For Sums Of Independent Integer-Valued Random Variables, Tatpon Siripraparat

Chulalongkorn University Theses and Dissertations (Chula ETD)

No abstract provided.

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Smooth Approximations Of Continuous Functions Definable In D-Minimal Structures, Phaphontee Yamchote Jan 2020

Smooth Approximations Of Continuous Functions Definable In D-Minimal Structures, Phaphontee Yamchote

Chulalongkorn University Theses and Dissertations (Chula ETD)

No abstract provided.

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Molecular And Functional Analyses Of Serine Protease Genes In Halophilic Cyanobacterium Halothece Sp. Pcc 7418, Tanutcha Patipong Jan 2020

Molecular And Functional Analyses Of Serine Protease Genes In Halophilic Cyanobacterium Halothece Sp. Pcc 7418, Tanutcha Patipong

Chulalongkorn University Theses and Dissertations (Chula ETD)

Serine proteases are a class of important proteolytic enzymes that contain a common serine residue, which functions as a nucleophile in the catalytic triad at the active site. They are ubiquitous and abundant proteins found in all living organisms with a wide array of molecular, cellular and physiological functions. In cyanobacteria, the information on serine protease functions is very limited, especially in halotolerant species. This study focuses on comparative analyses of serine proteases in a halotolerant cyanobacterium Halothece sp. PCC 7418 (Halothece 7418) and the model freshwater cyanobacterium Synechococcus elongatus PCC 7942, regulation under salt-stress condition and functional characterization of …

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Development Of Polymeric Niosomes Containing Oxyresveratrol For Skin Care Products, Jirawut Jaimun Jan 2020

Development Of Polymeric Niosomes Containing Oxyresveratrol For Skin Care Products, Jirawut Jaimun

Chulalongkorn University Theses and Dissertations (Chula ETD)

Designing delivery systems to improve active ingredient (AI) efficiencies have increased incredible interests in recent years. In this study, a vesicular system has been developed using thin film hydration method with modifications. Niosomes formed from sorbitan monoesters (SpanTM) with cholesterol molar ratios of 0, 0.5, 1 and 1.5 were prepared with varying AI amount 10-50 mg and was hydrated by hyaluronan solution. Oxyresveratrol was separated from the heartwoods of Artocarpus lacucha. This AI has been broadly utilized to restrain enzyme tyrosinase; however, it possesses low stability against heat and light. Encapsulation utilizing niosome or polymeric niosome as a delivery system …

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