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2021

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The Impact Of Public Debt On Economic Growth: Evidence From Thailand, Kanpimon Chaisaard Jan 2021

The Impact Of Public Debt On Economic Growth: Evidence From Thailand, Kanpimon Chaisaard

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study investigates how public debt affects Thailand’s economic growth, covering 2005 to 2019. The model runs through 3 macroeconomic indicators; namely, Public debt, Personal Income Tax, and Real Gross Domestic Product, which represent economic growth. All of them are examined by Vector Error Correction Model and Granger Causality approach. The evidence shows that public debt and income tax are related to Thailand’s growth in different directions; the former is favorable while the latter is negative at a 5% significance level. Likewise, the speed of adjustment is at 15%. The paper suggests that the government can run up the national …

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Can Japan's Horse Racing Industry Sustainably Improve Its Competitiveness? -An Analysis Focusing On Economic Factors-, Katsuya Imanishi Jan 2021

Can Japan's Horse Racing Industry Sustainably Improve Its Competitiveness? -An Analysis Focusing On Economic Factors-, Katsuya Imanishi

Chulalongkorn University Theses and Dissertations (Chula ETD)

We have seen successes of Japanese horses running in overseas races. Behind their success, there were some factors to support the industry, such as Japanese economic scale, technological development, cultural mix. I will examine whether it can remain competitive in the future. Internationalization would be the key factor.

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The Representation Of Animal And “Non-Human” Characters In Indra Sinha’S Animal’S People, Sirawit Sriphuthorn Jan 2021

The Representation Of Animal And “Non-Human” Characters In Indra Sinha’S Animal’S People, Sirawit Sriphuthorn

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper aims at examining the representation of Animal, the protagonist, and “non-human” characters in Indra Sinha’s Animal’s People (2007). It discusses various ways in which the socially constructed concepts of “humanity” and “animality” are called into question and strategically deployed in the portrayal of these characters. It argues that Sinha attempts to dismantle binary thinking which not only constitutes the distinction between the human and the animal but also underpins the West’s domination of the East. More specifically, the paper argues that Animal whose deformity is caused by exposure to the toxic gas suffers from alienation—both from himself and …

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Site Selection For Feasibility Study Of Pump-Storage Hydropower Project In The Philippines, Sornsawan Utthakrue Jan 2021

Site Selection For Feasibility Study Of Pump-Storage Hydropower Project In The Philippines, Sornsawan Utthakrue

Chulalongkorn University Theses and Dissertations (Chula ETD)

Pumped-storage hydropower projects (PSP) are a technology for hydroelectric energy storage. It is a design of two water reservoirs at different elevations that can create electricity as water flows from one to the other via a turbine. The PSP system is similar to a huge battery in that it can store and then release energy as needed. The Philippines is a country with a wide range of elevations due to its island composition. Natural disasters occur frequently, making it challenging to establish any structure. But the PSP is a large building that is also capable of generating a great amount …

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A Study Of Reading Strategies Of Emi In Science Program Thai Learners, Namfar Boonkor Jan 2021

A Study Of Reading Strategies Of Emi In Science Program Thai Learners, Namfar Boonkor

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study aims to 1) explore the reading strategies of EMI in science program Thai learners 2) explore students’ opinions towards the use of reading strategies in EMI context. Participants include 71 students studying at Kamnoetvidya Science Academy, the science high school located in Rayong, Thailand. The research instruments consisted of the Reading Strategies Questionnaire and the semi-structure interview. The data were analyzed through descriptive statistics and content analysis. The results from the questionnaire showed that the students reported overall medium frequency of reading strategy use. The most used reading strategies were cognitive strategies, followed by metacognitive strategies, while the …

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Factors Associated With European Citizen’S Political Participation: From European Youth’S Perspectives, Huiting Chen Jan 2021

Factors Associated With European Citizen’S Political Participation: From European Youth’S Perspectives, Huiting Chen

Chulalongkorn University Theses and Dissertations (Chula ETD)

The political participation of young people can undoubtedly have a positive impact on a country. Especially in the EU as a democratic country, the political participation of citizens is also very important for the EU. However, it can be seen in the previous literature that the youth population is not very enthusiastic in terms of political participation. Therefore, the main purpose of this paper is to explore the factors that influence the political participation of European youth. And the main gap of this paper is to elaborate on the mismatch between the definition of political participation and the perception of …

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The Adjustment And Influence Of The Italian Government’S Policy Towards China Under The Background Of Bri, Zekun Liang Jan 2021

The Adjustment And Influence Of The Italian Government’S Policy Towards China Under The Background Of Bri, Zekun Liang

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper makes a brief review of the Italy's policy towards China before the BRI was proposed, and the characteristics of Italy's policy towards China through the methods of literature analysis and comparative study. This paper holds that based on the BRI, the adjustment of Italy's policy towards China is mainly reflected in three aspects: politics, economy and culture. The adjustment of the policy towards China has also had an important impact on Sino-Italian relations and Sino EU relations. 2020 marks the 50th anniversary of the establishment of diplomatic relations between China and Italy. Since the establishment of diplomatic relations, …

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The European Union Policies On Climate Change Toward Animal Welfare, Kitjaphat Sasombat Jan 2021

The European Union Policies On Climate Change Toward Animal Welfare, Kitjaphat Sasombat

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study aims to explore and investigate the European Union climate and animal welfare protection regime on how the European Union protects animals from climate change using quantitative data on climate change, cooperation of governments, and animal welfare protection. Using regime theory, I analyze the method and identify the cooperation European Union has developed in animal welfare protection from climate change. My analysis shows a weak correlation between the two areas and numerous obstacles preventing the European Union from completely cooperating and providing the full protection animals deserve. The study concluded that the climate regime of the European Union might …

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Exploring Impacts Of The Syrian Refugee Crisis On German And Turkish Political Relations Between 2015 And 2021: From The German Perspective, Siyu Pan Jan 2021

Exploring Impacts Of The Syrian Refugee Crisis On German And Turkish Political Relations Between 2015 And 2021: From The German Perspective, Siyu Pan

Chulalongkorn University Theses and Dissertations (Chula ETD)

Due to the fluctuating interests of states, the international environment has a complex and ever-changing structure. In these circumstances, governments work in their best interests to adapt to the shifting world order. Türkiye and Germany have historically had cordial ties, which have deepened on an economic, political, and cultural basis, testifying to a more profound interdependence between Türkiye and Germany. The Syrian conflict has become one of the most important crises in international affairs. This crisis has significantly impacted the political parties and cultural influence of several nations, including Germany and Türkiye. When the issue of Syrian refugees became a …

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Author Film, New Wave And Feminism: The Film Research Of Agnès Varda, Xinxin Liu Jan 2021

Author Film, New Wave And Feminism: The Film Research Of Agnès Varda, Xinxin Liu

Chulalongkorn University Theses and Dissertations (Chula ETD)

Agnès Varda, a famous French female director，is honoured as the mother of the French new wave movie. As a pioneer director, she created a lot of Documentaries and Feature Movies. Her movies have their unique style and research value, particularly in the areas of feminist research. In her films, she presents women's real-life situations and difficulties in social life，their performance of self-seeking, and their process of growth of them. She not only gives women deep、objective humane care but also constantly thinks about how women get freedom and happiness in themselves、society、marriage and love through her unique Feminist thought. This paper intends …

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Thai's Perceptions Of Europe And The European Union, Bhornbhejraneevarn Vajiradevabhibhakti Jan 2021

Thai's Perceptions Of Europe And The European Union, Bhornbhejraneevarn Vajiradevabhibhakti

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study aims to examine Thai’s perceptions of Europe, the European Union, and the Europeans and to identify sources of Europe and the European Union news that Thai ordinarily access. The study is collected by using quantitative data as a method to find answers. The target respondents are a group of Thai who have wide range of backgrounds. It can be concluded that the current Thai’s perceptions of Europe, the European Union and sources of Europe and the European Union news are both positive and negative which depend on topic, scope and factor.

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Factors Of Investment Decision Making Affecting The Market Share Expansion Of Gem And Jewelry: The Case Of Belgium, Ratthanin Phongphornworachai Jan 2021

Factors Of Investment Decision Making Affecting The Market Share Expansion Of Gem And Jewelry: The Case Of Belgium, Ratthanin Phongphornworachai

Chulalongkorn University Theses and Dissertations (Chula ETD)

Thai investment abroad has continued to grow and will play an increasingly important role in the economy as new engines that will help propel the country in the next phase. Foreign investment is another important tool for Thai businesses to expand their business, including an engine in uplift the country's economy. The research study focuses on Gems or Jewelry as a product for overseas investment in overseas. The problems may stem from two reasons: difficulty of increasing market share in Thailand, and insufficiency of investment budget to seek new foreign customers elsewhere. The research on the factors of investment decision …

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Is Cryptocurrency A Hedge, Safe Haven, Diversifier Against Thailand, Indonesia, Philippine Stock Market On Pre-Covid-19 And During Covid-19?, Suphawit Keakultanes Jan 2021

Is Cryptocurrency A Hedge, Safe Haven, Diversifier Against Thailand, Indonesia, Philippine Stock Market On Pre-Covid-19 And During Covid-19?, Suphawit Keakultanes

Chulalongkorn University Theses and Dissertations (Chula ETD)

This research study whether cryptocurrencies act as a hedge, safe haven or diversifier against Thailand, Philippines, and Indonesia stock exchange market. Using DCC-GARCH model and hypothesis test, we examine the hedge ratio and the conditional correlation between cryptocurrencies and TIP’s stock exchange market. The sample cover data on the return of the TIP’s index, Bitcoin, Ethereum, Tether and Litecoin from 1st January 2016 to 31st December 2021. The empirical results show that traditional cryptocurrencies, such as Bitcoin and Litecoin can act as diversifier, Ethereum can act as hedge instrument in PSEI index. Tether can act as the hedge and safe …

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The Impact Of Derivative Warrant Introduction : Evidence From Stock Exchange Of Thailand, Phuket Kumhangphon Jan 2021

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 …

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The Monetary Policy Transmission During The Crisis: Evidence From Thailand, Duangporn Lertsomphol Jan 2021

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. …

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Effect Of Dividend On Derivative Warrants : Evidence From Stock Exchange Of Thailand, Nakarin Chanachaivorakorn Jan 2021

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 …

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The Link Between Esg And Firm Performance In Healthcare Industry: The Moderating Role Of Firm Age And People Awareness, Thongpattra Nanna Jan 2021

The Link Between Esg And Firm Performance In Healthcare Industry: The Moderating Role Of Firm Age And People Awareness, Thongpattra Nanna

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper examines the link between ESG and firm performance in healthcare industry moderated by firm age and advertising expenses from 2011 to 2020. Firm performance is measured by Tobin’s Q, ROA, ROE and asset turnover. This study finds the evidence that environmental pillar is the most important metric to improve firm value in healthcare equipment & supplies and advertisement helps social and governance pillars to add more value. Biotechnology looks alike, but firm age can moderate environment pillar to increase the value. Moreover, social pillar is the most influential to add firm value for healthcare provider & services and …

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Market Reactions Towards Changes In Analysts’ Ratings And Target Prices, Evidence From Thailand, Talatarn Kromadit Jan 2021

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 …

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Are Short Sellers Equally Informed? Evidence From The Us. Credit Rating Announcements, Omtong Kasemsant Jan 2021

Are Short Sellers Equally Informed? Evidence From The Us. Credit Rating Announcements, Omtong Kasemsant

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study uses credit rating and daily short sale data of firms listed in NYSE from January 2015 to December 2021 to examine whether there is informed trading. Although post-announcement abnormal return is negatively correlated with abnormal short volume, no evidence of informed short selling is found. Higher level of pre-announcement abnormal short selling is positively correlated to default risk and also explained by the incentives of short sellers to short more when past returns are negative. Furthermore, increase in short selling that is preceded by credit watch placement is more pronounced before credit rating downgrades. Moreover, the evidence shows …

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International Evidence On Corporate Rating Changes, Torfun Kantatasiri Jan 2021

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 …

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Spac Sponsors And Their Effects On Spac Prices, Kanda Karnjanonun Jan 2021

Spac Sponsors And Their Effects On Spac Prices, Kanda Karnjanonun

Chulalongkorn University Theses and Dissertations (Chula ETD)

The purpose of this paper is to find the effect from SPAC sponsor after the merger announcement. I study SPAC IPOs which had acquiror and target nation in the United States and were public between January 2020 and December 2021. The final sample has 186 SPACs. I select The Forbes 400 in 2021 as a proxy for sponsor reputation. I use event study methodology to test for SPAC sponsors and their effects on SPAC prices. I find that there is no statistical evidence that sponsor reputation has impact on SPACs price on the announcement date of combination. There are two …

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The Effect Of Female Board On Firm Value Evidence From The Asia Pacific, Tanyatorn Kulalert Jan 2021

The Effect Of Female Board On Firm Value Evidence From The Asia Pacific, Tanyatorn Kulalert

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper examines the relationship between board gender diversity and firm value of companies in the Asia-Pacific from 2011 to 2020. Fixed effects and two-stage least squares are employed to deal with endogeneity. We find that increasing female directors to the board has a positive and significant effect on firm value as measured by Tobin’s Q. The result suggests that independent directors have a positive and significant impact on firm value. However, when the board is composed of independent directors, appointing female directors decreases the firm's value owing to over monitoring. Furthermore, the positive effect of female directors appears to …

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The Impacts Of Credit Rating Changes On Firm’S Dividend Payout And Investment Policies – Evidence In Thailand, Jakkrapob Choojan Jan 2021

The Impacts Of Credit Rating Changes On Firm’S Dividend Payout And Investment Policies – Evidence In Thailand, Jakkrapob Choojan

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper studies relationship between impacts of change in credit rating on firm's dividend payout and investment policies. We use data from listed companies in Stock Exchange of Thailand during 2000 - 2021. This paper applies fixed effect ordinary least squares to evaluate impacts of change in credit rating. From this paper, downgraded firms will decrease dividend payout and investment. However, upgraded firms will increase dividend payout and investment. Moreover, this paper studies relationship between impacts of change in credit rating on firm's investment efficiency. From this paper, downgraded firms will overinvest and upgraded firms will underinvest. This paper provides …

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The Impact Of Government Response’S Policy To Covid-19 On Stock Market Volatility, Chaiwat Ratchawat Jan 2021

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 …

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Examination Of Facebook's Announcement Effect On Metaverse Tokens, Chalakorn Sathiwas Jan 2021

Examination Of Facebook's Announcement Effect On Metaverse Tokens, Chalakorn Sathiwas

Chulalongkorn University Theses and Dissertations (Chula ETD)

In this research, we study an announcement effect of Facebook Inc.’s rebranding to Meta Platform Inc. in October 2021, as a flagship event that sheds spotlight to the metaverse business, on 50 metaverse-related cryptographic tokens. Using Google’s CausalImpact package in R with historical daily returns within -30,7 windows, the model expects a 11.80% counterfactual CAR but the actual CAR is 69.20%, indicating a 57.40% absolute effect of this announcement on aggregate metaverse tokens at 99% significant level. We also further regress five factors, namely game-fi, marketplace, holders, illiquidity, and VC factor on the post-announcement CAR. However, the result is sparse. …

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The Co-Movement Between Equity Markets Of Thailand And China : A Wavelet-Based Approach, Shilei Sun Jan 2021

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 …

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The Evidence Of The Beta Anomaly In The European Reit Market, Nutpapol Tantratananuwat Jan 2021

The Evidence Of The Beta Anomaly In The European Reit Market, Nutpapol Tantratananuwat

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper finds empirical evidence of the beta anomaly in the European REIT market in the period 2012 – 2021. The alpha of a low minus high beta strategy is positive and statistically significant which can interpret that the low beta REITs have a higher risk-adjusted return than high beta REITs. To examine the explanation behind the beta anomaly, the controlling variables which may cause the beta anomaly including the lottery-like stock return factor, the skewness factor, and the institutional ownership factor are added into the Fama-French 3-factor model. For the result, only the institutional ownership factor which refers to …

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Do Domestic Institutional Investors Always Win? (Evidence From The Stock Exchange Of Thailand), Preeyada Kanakupt Jan 2021

Do Domestic Institutional Investors Always Win? (Evidence From The Stock Exchange Of Thailand), Preeyada Kanakupt

Chulalongkorn University Theses and Dissertations (Chula ETD)

No abstract provided.

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How Does Thai Stock Market React To The Environmental Policy Announcements?, Veerapat Virochpoka Jan 2021

How Does Thai Stock Market React To The Environmental Policy Announcements?, Veerapat Virochpoka

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper investigated the impact of environmental policy announcements to the stocks in the Stock Exchange of Thailand. The announcements are related to climate change in the world forum (Paris Agreement) and plastic waste management. Investors are aware of the environmental policy which could have an impact to firms. We found that 7 out of 8 announcements experienced significant cumulative abnormal returns (both positive and negative). In terms of industry, the only industry which reacted to all announcements is industrials. The majority of firms in the industrials industry are operators related to chemicals, automotive and general manufacturing which are more …

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The Hedging Effectiveness Of Disruptive Technology Etfs To Asia Emerging Markets, Theerapong Theerahsapphawittaya Jan 2021

The Hedging Effectiveness Of Disruptive Technology Etfs To Asia Emerging Markets, Theerapong Theerahsapphawittaya

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study examines the role of hedge and safe haven of four disruptive technology ETFs to six Asia emerging markets and assess whether if COVID-19 pandemic has altered the dynamic conditional correlations and hedge effectiveness between these assets. Using daily return data from February 23, 2018 to January 28, 2022, first, the results indicate that despite the outperformance of disruptive technology ETF’s returns during COVID-19 pandemic, these ETFs do not have a hedge or safe haven property against Asia emerging market downturns as their returns were still positively correlated. They can only be used as diversifier tools to the Asia …

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