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An Analysis Of The Export Performance Of Asean-10 Countries And Its Impact On Real Gdp Growth: A Panel Data Analysis (2008–2022), Tussaya Hemtanon Jan 2024

An Analysis Of The Export Performance Of Asean-10 Countries And Its Impact On Real Gdp Growth: A Panel Data Analysis (2008–2022), Tussaya Hemtanon

Chulalongkorn University Theses and Dissertations (Chula ETD)

This research investigates the export performance of 10 ASEAN countries and examines its impact on real GDP growth of 10 ASEAN countries from 2008 to 2022, which is a period of 15 years. The investigation is motivated by the rising importance of international trade and regional economic integration to encourage sustainable growth in the economy. This research employed static and dynamic panel data analysis to investigate the relationships between export performance and real GDP growth of 10 ASEAN countries and consider the external macroeconomic factors including foreign direct investment (FDI), inflation and official exchange rates. The main findings of this …

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The Impact Of China-Us Trade War On China's Outward Fdi, Bing Wang Jan 2024

The Impact Of China-Us Trade War On China's Outward Fdi, Bing Wang

Chulalongkorn University Theses and Dissertations (Chula ETD)

No abstract provided.

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Comparative Financial Analysis Of Automation Adoption In Thailand’S Food Industry: A Case Study Of Betagro And Gfpt, Porramat Waigasikarn Jan 2024

Comparative Financial Analysis Of Automation Adoption In Thailand’S Food Industry: A Case Study Of Betagro And Gfpt, Porramat Waigasikarn

Chulalongkorn University Theses and Dissertations (Chula ETD)

This independent study examines the financial and strategic implications of the adoption of automation in the Thailand food processing sector, comparing two publicly listed companies, Betagro and GFPT, with remarkably different approaches. Although Betagro has made a comprehensive digital transformation in its value chain, GFPT sought a more focused and cost-conscious strategy centered on export-oriented automation. Based on financial indicators such as ROI, ROE, Tobin, and fixed asset turnover, analysis reveals not only differences in scale and investment results but also in long-term positioning and market perception. The study notes that, although Betagro's expansive automation does not yet translate into …

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Global Macroeconomic Uncertainty Spillover Effects On Individual Hard Commodity Prices: A Connectedness Approach, Sai San Hlaing Jan 2024

Global Macroeconomic Uncertainty Spillover Effects On Individual Hard Commodity Prices: A Connectedness Approach, Sai San Hlaing

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study investigates the dynamic spillover effects of global macroeconomic uncertainty on hard commodity prices using the refined Time-Varying Parameter Vector Autoregressive (TVP-VAR) connectedness framework. Leveraging monthly data on macroeconomic and financial uncertainty indices, alongside eleven major hard commodities including energy, industrial metals, and precious metals. This research provides new evidence on how systemic risk is transmitted across markets. The analysis reveals that periods of heightened global uncertainty, such as the Global Financial Crisis and COVID-19 pandemic, are associated with significant increases in the Total Connectedness Index (TCI), indicating a rise in systemic interdependence among commodities. The analysis reveals heightened …

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Exploring The Drivers Of International Tourism Demand And Expenditure In Thailand, Natadej Pusoonthornthum Jan 2024

Exploring The Drivers Of International Tourism Demand And Expenditure In Thailand, Natadej Pusoonthornthum

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study investigates the key economic determinants influencing international tourism demand and tourist expenditure in Thailand, with a specific focus on macroeconomic variables from tourists' countries of origin. Using a panel dataset comprising 44 countries from 2008 to 2023, the analysis employs fixed-effects regression models to examine the impact of income (GDP per capita), prices (exchange rate, crude oil price, CPI), and demographic factor such population of origin’s countries on four tourism indicators: number of tourists, length of stay, expenditure per capita, and tourist growth. The sub-sample analysis is also included by comparing between low and upper-income countries and high-income …

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Challenges And Opportunities For Cofco International Under The Circular Economy Development Strategy, Xin Zhou Jan 2024

Challenges And Opportunities For Cofco International Under The Circular Economy Development Strategy, Xin Zhou

Chulalongkorn University Theses and Dissertations (Chula ETD)

As the world moves towards sustainable development and carbon neutrality, the circular economy (CE) is becoming an important way for businesses to grow with less wasted resources or longer resource life. COFCO International, which is the global part of the Chinese agribusiness giant COFCO Corporation, is using more and more CE principles in its work around the world. The company is trying to reach global climate goals by using biomass again, getting resources in a way that doesn't hurt the environment, and using transportation that doesn't add carbon to the air. But it is very hard to make CE a …

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The Impact Of The China-U.S. Trade War On Net Short-Term Capital Flows In Emerging Markets, Xinru Shen Jan 2024

The Impact Of The China-U.S. Trade War On Net Short-Term Capital Flows In Emerging Markets, Xinru Shen

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper explores the impact of the China–U.S. trade war on net short-term capital flows in emerging markets. Despite rising global financial uncertainty, this topic has received limited attention in empirical research. Using quarterly panel data from 20 emerging economies spanning from the third quarter of 2011 to the fourth quarter of 2024, the study applies Random Effects (RE) regression, System GMM estimation, and Rolling VAR models to compare capital flow dynamics before and during the trade war. Based on the push–pull theoretical framework, the analysis distinguishes between external (push) and domestic (pull) driving forces, including the Federal Reserve interest …

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Relationship Between Mobile Payment Development And Consumption In China, Jiawen Zhang Jan 2024

Relationship Between Mobile Payment Development And Consumption In China, Jiawen Zhang

Chulalongkorn University Theses and Dissertations (Chula ETD)

With the rapid development of financial technology, mobile payment has significantly transformed the consumption patterns and structures of Chinese residents. Based on panel data from ten representative Chinese cities spanning 2006 to 2024, this paper employs a fixed-effects model to systematically evaluate the impact of mobile payment on household consumption expenditure, exploring its mechanisms and regional disparities.Integrating behavioral economics and the theory of digital financial inclusion, the study constructs an analytical framework to examine how payment methods influence consumption behavior. The empirical analysis includes control variables such as the Mobile payment ,GDP per ，Gross saving ,number of working people and …

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Maternal Education And Children's Educational Attainment: The Mediating Role Of Housing And Financial Assets In China, Qingchun Dou Jan 2024

Maternal Education And Children's Educational Attainment: The Mediating Role Of Housing And Financial Assets In China, Qingchun Dou

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study investigates the mediating roles of housing and financial assets in the intergenerational transmission of education in China, with a particular focus on how maternal education affects children's educational outcomes. Using data from the 2022 China Family Panel Studies (CFPS) and applying a parametric causal mediation analysis, the study estimates both the direct and indirect effects of maternal education through household assets. The findings reveal that housing assets serve as a significant mediator, especially among non-agricultural households, where access to liquid and mortgageable real estate enhances children's educational opportunities. In contrast, the mediating role of financial assets is relatively …

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What Drives China’S Battery Electric Vehicle Exports? A Panel Data Analysis Of Global Destination Factors, Sheng Li Jan 2024

What Drives China’S Battery Electric Vehicle Exports? A Panel Data Analysis Of Global Destination Factors, Sheng Li

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study investigates the determinants of China’s battery electric vehicle (BEV) exports by employing an extended gravity model framework and panel data analysis covering 15 destination countries from 2017 to 2023. Focusing on two green-related explanatory variables—BEV stock and carbon emissions per capita in destination markets—the research explores how market maturity and environmental pressures influence China’s BEV trade flows. Empirical results reveal that BEV stock has a significant and positive effect on China’s BEV exports, underscoring the importance of infrastructure readiness, consumer acceptance, and policy support in destination markets. On the contrary, carbon emissions per person has a very strong …

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The Challenge Of Feed-In-Tariff (Fit) Policies Applied To The Development Of Electricity From Sustainable Resources—Lessons For Thailand, Phaephan Mohjoh Jan 2024

The Challenge Of Feed-In-Tariff (Fit) Policies Applied To The Development Of Electricity From Sustainable Resources—Lessons For Thailand, Phaephan Mohjoh

Chulalongkorn University Theses and Dissertations (Chula ETD)

No abstract provided.

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Technological Advancements In China's Automation Industry: Economic Opportunities And Challenges, Jichen Tan Jan 2024

Technological Advancements In China's Automation Industry: Economic Opportunities And Challenges, Jichen Tan

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study investigates the transformative impact of automation technology on China's manufacturing sector within the framework of the Fourth Industrial Revolution. It systematically examines the dual forces of opportunity and challenge through a SWOT (Strengths, Weaknesses, Opportunities, Threats) analytical lens. The findings indicate that automation has significantly accelerated China's industrial upgrading, enhanced productivity, and positioned the country as a global leader in sectors such as new energy vehicles and photovoltaics. However, the study also identifies persistent dependencies on foreign core technologies, fragmented industrial ecosystems, and social disruptions due to skill mismatches and labor displacement. To address these issues, the paper …

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Competitiveness Analysis Of Chinese Electric Vehicle Brands In The Thai Market, Canyang Li Jan 2024

Competitiveness Analysis Of Chinese Electric Vehicle Brands In The Thai Market, Canyang Li

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study examines the competitiveness of Chinese electric vehicle (EV) brands in the Thai market by analyzing key factors influencing consumer purchase decisions. Using a quantitative research approach, the study employs descriptive statistics, correlation analysis, and multiple regression analysis based on survey data. Findings indicate that battery performance, charging infrastructure, and environmental awareness positively impact purchase willingness, while high purchase costs remain a significant barrier. A PESTEL analysis further explores political incentives, economic affordability, social trends, technological advancements, environmental concerns, and regulatory frameworks affecting EV adoption. Despite government subsidies, policy uncertainty and infrastructure gaps present challenges. To enhance market penetration, …

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Comparative Analysis Of Thailand's Aedp And India's National Solar Mission, Jiranan Jirapaisankul Jan 2024

Comparative Analysis Of Thailand's Aedp And India's National Solar Mission, Jiranan Jirapaisankul

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study compares Thailand’s Alternative Energy Development Plan (AEDP) and India’s National Solar Mission (NSM) in terms of effectiveness, efficiency, and energy equity. Findings indicate that India's reverse auction model has significantly reduced solar prices, fostering rapid deployment, while Thailand’s Feed-in Tariff (FiT) model ensures investment security but results in higher costs and slower cost reductions. India’s approach has enhanced affordability and large-scale infrastructure investment, whereas Thailand’s decentralized, community-driven model promotes local energy security. However, despite the decline in FiT rates in both countries, end-consumer electricity prices continue to rise, highlighting structural inefficiencies such as high transmission and distribution (T&D) …

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Promoting Wind Energy Development In Vietnam: A Policy Analysis For A Sustainable Energy Transition, Piraphan Suwanampa Jan 2024

Promoting Wind Energy Development In Vietnam: A Policy Analysis For A Sustainable Energy Transition, Piraphan Suwanampa

Chulalongkorn University Theses and Dissertations (Chula ETD)

Vietnam possesses abundant wind energy potential, offering a strategic pathway towards achieving its ambitious renewable energy targets and mitigating climate change. However, realizing this potential necessitates a supportive policy environment to overcome existing challenges, including high technology costs, complex administrative procedures, policy uncertainty, grid constraints, and public acceptance concerns. This paper analyzes these barriers and proposes a comprehensive set of policy recommendations to accelerate wind energy development in Vietnam. Key recommendations include transitioning to competitive bidding mechanisms, streamlining administrative processes, establishing a stable long-term policy framework, expanding grid capacity, and fostering public awareness and community engagement. This study provides a …

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Abnormal Stock Return Predictability: Evidence From Excess Trading Volume In The Stock Exchange Of Thailand, Siriphum Bunnamma Jan 2024

Abnormal Stock Return Predictability: Evidence From Excess Trading Volume In The Stock Exchange Of Thailand, Siriphum Bunnamma

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study investigates the predictive power of excess trading volume on abnormal stock returns in the Stock Exchange of Thailand, examining 11,575 stock-month observations from SET100 constituents over 2014-2023. Drawing on behavioral finance theories including attention effect, disposition effect, and investor overconfidence, the research develops a novel technical indicator called "Excess Trading Volume" (ExV), defined as the deviation between short-term (21-day) and long-term (200-day) moving averages of trading volume.Using cross-sectional regression analysis with CAPM-adjusted abnormal returns, the study tests two hypotheses: (1) high excess volume during positive return months predicts negative future abnormal returns, and (2) high excess volume during …

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The Impact Of Underwriters On Ipo Underpricing: The Moderating Role Of Auditor, Nontapat Poonsinwiwat Jan 2024

The Impact Of Underwriters On Ipo Underpricing: The Moderating Role Of Auditor, Nontapat Poonsinwiwat

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study examines the impact of underwriter reputation on IPO underpricing and the moderating role of Big-4 auditors in Thailand's capital markets. Using a comprehensive dataset of IPO firms listed on both the Stock Exchange of Thailand (SET) and the Market for Alternative Investment (mai) from 2018 to 2024, this research investigates whether certification mechanisms operate differently across market segments with varying information asymmetry levels. The analysis employs multiple linear regression with robust standard errors and fixed effects models to test two main hypotheses examining underwriter reputation effects and Big-4 auditor moderation. The findings reveal dramatically different certification dynamics across …

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The Evolution Of Monetary Policy Transmission In Defi Market, Lynn Ko Maung Jan 2024

The Evolution Of Monetary Policy Transmission In Defi Market, Lynn Ko Maung

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study investigates how U.S. monetary policy affects decentralized finance (DeFi), focusing on capital flows and interest rate sensitivity across over 500 DeFi pools from 2022 to 2024. Using three models: (1) static TVL regression, (2) rolling DeFi deposit beta, and (3) rolling DeFi interest beta, the analysis captures both cross-sectional and time-varying monetary transmission effects. Model 1 shows that DeFi deposits decline in response to rising interest rates. Model 2 confirms that DeFi deposit betas are weakly negative overall, with stablecoin pools exhibiting stronger sensitivity. Model 3 finds limited responsiveness in DeFi lending rates, suggesting that APYs are primarily …

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Performance Of Lottery Stocks Held By Thai Mutual Funds, Suparerk Saardeiam Jan 2024

Performance Of Lottery Stocks Held By Thai Mutual Funds, Suparerk Saardeiam

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper evaluates the performance of lottery stocks held by Thai mutual funds using stock price data of all stocks (both SET and MAI) and actively managed Thai open-ended domestic equity fund holdings from 2014 to 2023. The first objective is to examine whether any Thai mutual funds hold lottery stocks, and if such holdings generate positive raw returns or alphas based on the Fama-French 4-factor model. The second objective is to test the predictive power of lottery stocks held by Thai mutual funds using simplified version of cross-sectional Fama-Macbeth regression. The last objective is to examine whether long-short portfolios—long …

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The Impact Of Corporate Strategic Aggression On Esg Scores: The Moderating Role Of Institutional Investors, Kittiphat Petchpradub Jan 2024

The Impact Of Corporate Strategic Aggression On Esg Scores: The Moderating Role Of Institutional Investors, Kittiphat Petchpradub

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study examines the relationship between corporate strategic aggression and Environmental, Social, and Governance (ESG) scores, with particular focus on the moderating role of institutional investors. Using a comprehensive dataset of NASDAQ-listed companies from 2018 to 2023, this research investigates whether firms pursuing more aggressive strategies demonstrate superior ESG outcomes and how institutional ownership influences this relationship.The analysis employs a panel regression model with firm and year fixed effects to test three main hypotheses. First, I examine whether corporate strategic aggression positively affects ESG scores. Second, I investigate potential non-linear relationships where excessive strategic aggression may lead to diminishing returns …

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Can Thai Mutual Fund Investors Benefit From Volatility Managed? Evident From Thailand, Nattapong Shutimayotingul Jan 2024

Can Thai Mutual Fund Investors Benefit From Volatility Managed? Evident From Thailand, Nattapong Shutimayotingul

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper examines whether Thai mutual fund investors can benefit from volatility-managed strategies using Thai open-ended domestic equity funds from January 2005 to December 2024. The study investigates whether volatility-managed strategies improve risk-adjusted returns across both active and passive funds, examines the performance drivers through volatility timing and return timing analysis, and analyzes whether investors implement these strategies in practice through fund flow behavior.The results show that volatility-managed strategies improve risk-adjusted performance and survive transaction costs but only work effectively during specific market conditions. Thai mutual fund investors demonstrate awareness of volatility timing benefits, as evidenced by reducing fund positions …

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The Impact Of Environmental Performance On The Green Bond Premium In U.S.: Moderating Roles Of Social And Governance Performance, Teerapat Thuwanuti Jan 2024

The Impact Of Environmental Performance On The Green Bond Premium In U.S.: Moderating Roles Of Social And Governance Performance, Teerapat Thuwanuti

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study examines the existence of the Green Bond Premium in the U.S. secondary corporate bond market and investigates the impact of a firm’s environmental performance on the green premium. It further analyzes the moderating effects of social and governance performance on the relationship between environmental performance and the green bond premium.The analysis uses a sample of 66 matched pairs of green and conventional corporate bonds, matched through Propensity Score Matching (PSM) to ensure comparability across key bond characteristics. Key variables are obtained from Bloomberg for the period 2019 to 2024.The results confirm the existence of a modest green bond …

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Performance Comparison Of Modern And Traditional Machine Learning Approaches For Unsecured Retail Credit Risk Prediction, Anupong Guersanor Jan 2024

Performance Comparison Of Modern And Traditional Machine Learning Approaches For Unsecured Retail Credit Risk Prediction, Anupong Guersanor

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study investigates performance comparison between modern and traditional machine learning approaches for unsecured retail credit risk prediction. Performance is compared by assessing the ability of a model to rank probability of default of modern approaches which are random forest and gradient boosting, versus traditional approach which is logistic regression. The findings indicate that modern machine learning models significantly outperform the traditional logistic regression model in both the overall unsecured retail market and the subprime market. This superior performance is likely due to modern models' ability to capture various customer profile, non-linear relationships and interactions among variables, which are more …

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Are Healthcare Stocks A Safe Haven During Covid-19? : An Analysis Of Stock Return And Sector Segmentation Across Developed And Emerging Markets, Attani Tuwatchai Jan 2024

Are Healthcare Stocks A Safe Haven During Covid-19? : An Analysis Of Stock Return And Sector Segmentation Across Developed And Emerging Markets, Attani Tuwatchai

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study examines whether the healthcare sector functioned as a safe haven during the COVID-19 pandemic by analyzing its time-varying correlation with major market indices across developed and emerging economies. Utilizing a multi-method approach—centered on the DCC-GARCH model and supported by OLS regression—the research investigates how health crises and public policy responses influenced sector-level market dynamics. The analysis focuses on three main areas: the evolution of correlation structures before and during the pandemic, the influence of pandemic-related factors on correlation strength, and differences between developed and emerging markets. Although a Probit model was initially applied to estimate the likelihood of …

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The Effect Of Financial Flexibility On The Leverage-Performance Relationship In The Set Market For The Pre-To-Post Covid-19 Situation, Akesuwat Sanjaingamworapat Jan 2024

The Effect Of Financial Flexibility On The Leverage-Performance Relationship In The Set Market For The Pre-To-Post Covid-19 Situation, Akesuwat Sanjaingamworapat

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study investigates the effect of financial flexibility on the relationship between leverage and firm performance across three distinct economic phases—pre-COVID-19, pandemic, and post-pandemic recovery—in the Thai stock market (SET). Using panel data from SET-listed firms between Q1’2018 and Q4’2023, The analysis employs the fixed-effects and random-effects regression models with interaction terms to capture the dynamic role of financial flexibility and economic context. The findings confirm that leverage exerts a significantly negative effect on firm performance, particularly during the pandemic period, as measured by return on equity (ROE) and return on assets (ROA). However, this adverse impact is found to …

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Arbitrage Opportunity On Set Index Futures With Multi-Regime Machine Learning Approaches, Supakrit Nititsopon Jan 2024

Arbitrage Opportunity On Set Index Futures With Multi-Regime Machine Learning Approaches, Supakrit Nititsopon

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study investigates mispricing between SET50 Index Futures and the spot market through a multi-regime framework that integrates traditional asset pricing theory with machine learning. Using data from 2010-2023, K-means clustering identifies distinct market regimes, while XGBoost models regime behavior based on micro- and macroeconomic features. OLS regression shows that mispricing is primarily driven by microstructural factors, with macroeconomic variables contributing marginally in specific regimes. A regime-specific pairs trading strategy between SET50 futures and the TDEX ETF reveals persistent, regime-dependent arbitrage opportunities. Notably, one regime generates consistent net returns after transaction costs, although limited trade frequency raises robustness concerns. The …

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The Magnet Effect Of Circuit Breakers And Its Interaction With Price Limit On Thai Stock Market, Arthinsha Shinvoranont Jan 2024

The Magnet Effect Of Circuit Breakers And Its Interaction With Price Limit On Thai Stock Market, Arthinsha Shinvoranont

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study investigates the magnet effect of circuit breakers and their interaction with daily price limits in the Thai stock market during the COVID-19 crisis. Using high-frequency intraday data from March 2020 and an AR(2)-GARCH(1,1) framework, the analysis examines whether returns and trading activity accelerate near circuit breaker thresholds and how firm characteristics influence this effect. Results reveal significant magnet effects at the individual stock level, especially among smaller firms, while evidence at the index level is weak. The study also finds that circuit breakers and price limits reinforce each other, amplifying price movements when both thresholds are approached. These …

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Impact Of The Gold-To-Platinum Price Ratio On Mutual Fund Flows In Thailand, Luxamee Choktarm Jan 2024

Impact Of The Gold-To-Platinum Price Ratio On Mutual Fund Flows In Thailand, Luxamee Choktarm

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study explores whether the gold-to-platinum price ratio can explain mutual fund flows in Thailand by focusing on two key indicators: the abnormal GP ratio (AGP) and the fund sensitivity to monthly changes in GP (β∆GP). These measures are used to assess whether investors perceive the GP ratio as a proxy for economic uncertainty. The analysis uses monthly data from January 2017 to December 2023, covering both active equity funds and corporate bond funds. The models include fund level characteristics such as size, expense ratio, age, past flows, and return volatility, along with macroeconomic variables including inflation, exchange rates, interest …

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The Impact Of Esg Performance On Equity Mispricing: Evidence From Asia-Pacific Markets, Visut Poochum Jan 2024

The Impact Of Esg Performance On Equity Mispricing: Evidence From Asia-Pacific Markets, Visut Poochum

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study examines the relationship between ESG performance and equity mispricing in Asia-Pacific markets from 2010 to 2023, using the Rhodes-Kropf et al. (2005) decomposition method. The results show that stronger ESG performance is significantly associated with lower mispricing, particularly among undervalued firms, suggesting that ESG improves pricing efficiency by reducing information asymmetry. ESG performance has limited influence on overvalued firms, indicating its impact is more pronounced when valuations are suppressed. Further analysis reveals that the environmental, social, and governance pillars each independently contribute to mitigating mispricing, highlighting their distinct roles in enhancing pricing accuracy. ESG controversy does not significantly …

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The Impact Of Morningstar Rating On Mutual Fund Performance, Risk, And Flows Evidence In Thailand Equity Mutual Funds, Maythavee Leeruangsakul Jan 2024

The Impact Of Morningstar Rating On Mutual Fund Performance, Risk, And Flows Evidence In Thailand Equity Mutual Funds, Maythavee Leeruangsakul

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study investigates the role of Morningstar ratings in predicting mutual fund performance, persistence, and fund flows in the Thai mutual fund market. The research focuses on three main objectives. First, it examines the relationship between Morningstar ratings and performance metrics including net return, 1-factor alpha, 4-factor alpha, Sharpe ratio, and Sortino ratio and risk metrics, including maximum drawdown, standard deviation, and Value-at-Risk, using both matched-pair analysis and regression methods. Second, it explores the persistence of fund performance through quintile transition matrices, regression analysis of lagged 4-factor alpha, and the cross-product ratio. Third, it analyzes the relationship between Morningstar ratings …

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