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2019

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Articles 391 - 420 of 452

Full-Text Articles in Finance and Financial Management

Shareholder Involvement And M&A Announcement Returns : Evidence From Thailand, Chanon Thanaphumphong Jan 2019

Shareholder Involvement And M&A Announcement Returns : Evidence From Thailand, Chanon Thanaphumphong

Chulalongkorn University Theses and Dissertations (Chula ETD)

How corporate governance mechanism helps prevent underperformance of acquiring firms is controversial, especially with little evidence in Asia-Pacific literature. I examined how shareholder involvement by means of mandatory shareholder voting (class 1) and required information disclosure (class 2) under the SET’s Acquisition and Disposition Rule affected the market reaction on mergers and acquisitions. I did not find significant differences in the CARs among transaction classes with different degree of shareholder involvement. The results were consistent both in univariate and multivariate analysis which deal- and firm-level factors are controlled. I investigated further and found that concentrated ownership in Thai firms did …

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The Flow-Performance Relationship Of Etfs In International Market, Thaweeporn Krailaksanawarapar Jan 2019

The Flow-Performance Relationship Of Etfs In International Market, Thaweeporn Krailaksanawarapar

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper uses sample from 15 countries from different regions around the world to examine how past performance of exchange-traded funds (ETFs) impact on their fund flow in the following period. Piecewise-linear regression following (Sirri & Tufano, 1998) which allow past performance to be non-linear are employed in the model to examine the different sensitivity of past performance ranking to flow. The evidence confirms that past bad-performing ETFs associate with outflow and past good-performing ETFs associate with inflow in the following period. Furthermore, I also find that investors are more sensitive to bad performers than good performers suggesting that there …

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Characteristic Approach To High Risk Low Return Puzzle In Set, Putchara Poomgumarn Jan 2019

Characteristic Approach To High Risk Low Return Puzzle In Set, Putchara Poomgumarn

Chulalongkorn University Theses and Dissertations (Chula ETD)

Theoretically investing in high risk asset generates high return. However, actual payoff in market is in the opposite side. In several empirical studies documented high risk stocks paid low return even lower than the portfolio of the lowest volatile stocks. I examine whether the cause of this anomaly is the lottery stocks. Lottery stocks which are low price, high skewness and high kurtosis might be desired by many investors even institutional investors. The assumption is that this high demand of lottery stocks might push the price up and cause low average return finally. Therefore, I set up the hypothesis these …

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Costly Signal In Open Market Repurchase: Evidence In Thailand, Thanawat Anavachapongpan Jan 2019

Costly Signal In Open Market Repurchase: Evidence In Thailand, Thanawat Anavachapongpan

Chulalongkorn University Theses and Dissertations (Chula ETD)

Several studies argue that open market share repurchase has the lowest power to signal the inside information to the market. In this study I explore the market reaction to the announcement of stock repurchase plan with the firm’s characters argued in prior literature that they can increase the market confident. Referred from prior literatures, the stated motivation in the press release, insider “BUY” prior announcement, percentage of majority shareholder, and the amount of repurchasing plan are introduced to reflect the level of information signal sent by management. I find that investors have skepticism with an information sent via open market …

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Do Thai Property Fund And Reit Investors Herd?, Palat Lertphitchaphong Jan 2019

Do Thai Property Fund And Reit Investors Herd?, Palat Lertphitchaphong

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper is the first to examine herding behavior in Thai Property Fund and Real Estate Investment Trusts or REIT market for the period of 2015-2019. The empirical results suggest that those market is exhibit herding behavior significantly. The herding is present in both up and down market and also present in medium to high volume days. Besides, the herding is motivated by cross-sectional premium to NAV, however, on high dividend yield days as well. Herding on high dividend yield days also robust when controlled the dividend yield by the Government bond yield. These results are sensational as herding might …

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Is There Risk Reduction In Conglomerate Acquisition?, Paskamon Luntavanich Jan 2019

Is There Risk Reduction In Conglomerate Acquisition?, Paskamon Luntavanich

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study examines risk effect in conglomerate acquisitions through portfolio diversification framework. We find that based on asset diversification potential, acquirers’ risks are expected to decline when they engage in diversifying acquisitions. Interestingly, our result suggests that focus acquisitions are also associated with firms’ risk decrease. With this finding, it indicates that asset diversification potential is also pronounced even when the two assets, i.e., firms from similar industry are combined together. In addition, our results suggest that risks are expected to decline more when diversified firms make further diversifying acquisitions than focus acquisitions but this evidence could not be observed …

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How Many Mutual Funds Do You Need To Create A Diversified Portfolio?, Rujira Lertsawatwong Jan 2019

How Many Mutual Funds Do You Need To Create A Diversified Portfolio?, Rujira Lertsawatwong

Chulalongkorn University Theses and Dissertations (Chula ETD)

The goals of this study are to examines diversification benefit when holding multiple equity funds in the portfolio for Thai market and identify the optimal number of equity funds that enough to eliminate diversifiable risk. Moreover, this study examines whether considering adding index funds in the portfolio better reduce portfolio volatility. By creating random portfolio and measure the risks by using historical return, the empirical results suggest that holding multiple funds in the mutual fund portfolio allow investor achieve diversification benefits, but in the decreasing rate. These findings are consistent with previous study of O’Neal (1997), Potter (2001) and Lhabitant …

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Performance Of Smart Beta Etfs In Us Stocks Market, Angkawipa Kangsanarak Jan 2019

Performance Of Smart Beta Etfs In Us Stocks Market, Angkawipa Kangsanarak

Chulalongkorn University Theses and Dissertations (Chula ETD)

This project empirically analyses the performance of Smart Beta ETFs through absolute return, relative return and the risk-adjusted return basis over the last decade as well as examine the components of the risk factors exposure in Smart Beta strategy. The samples data that provide in this paper consists of Smart Beta Exchanged Traded Funds (ETFs) in US stocks market. The results show that Smart Beta strategy does not be able to keep up with its persistent performance through time as shown during 2009-2019 period. Moreover, there is no such year that Smart Beta ETFs could generate an abnormal return that …

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Does The Introduction Of Equity Etfs In The Emerging Markets Improve The Liquidity Of The Underlying Stocks?, Luxmon Teerachannarong Jan 2019

Does The Introduction Of Equity Etfs In The Emerging Markets Improve The Liquidity Of The Underlying Stocks?, Luxmon Teerachannarong

Chulalongkorn University Theses and Dissertations (Chula ETD)

No abstract provided.

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Dynamics Of The Impact Of Currency Fluctuations On Stock Exchange Of Thailand:Assessing The Pricing Of Exchange Rate Risk., Bussarakum Rukchuen Jan 2019

Dynamics Of The Impact Of Currency Fluctuations On Stock Exchange Of Thailand:Assessing The Pricing Of Exchange Rate Risk., Bussarakum Rukchuen

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper examines the exposure of eight Thai industries in Stock Exchange of Thailand to the exchange rate movement for the period February 2005 – December 2019 by using a panel regression analysis on a two-factor APT model. The empirical evidences on cross-sectional analysis reveal that relationship between stock returns and exchange rate movements existed during the periods with an appreciation in Thai Baht. However, no causal relationship between the two during the periods with sideway exchange rate movements. Moreover, the cross-sectional results divulge that investors in the Stock Exchange of Thailand expect a risk premium from the additional exchange …

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How Does The Stock Market Value Bank Diversification In Thailand?, Nawarat Boonchai Jan 2019

How Does The Stock Market Value Bank Diversification In Thailand?, Nawarat Boonchai

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper investigates the impact of bank diversification on stock market-based value and risk in Thai banking system. Particularly, this paper is focused on income diversification. More specifically, the influence of various kinds of diversification business on bank risk and value is analyzed in this paper, the effect of each components of non-interest shares on bank value and risk is examined. Additionally, alternative income diversity measure is computed and used for robustness tests. The results show that income diversification has a positive influence on a bank market value. The stock market investor anticipation is that there would be more benefits …

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Do Investors React To Purchase Price Allocation?, Nonthawan U-Thisanonth Jan 2019

Do Investors React To Purchase Price Allocation?, Nonthawan U-Thisanonth

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study examines the influence of Purchase Price Allocation (PPA) on investors’ decision making in Thailand by utilising the completed M&A deals which the acquirers listed on the Stock Exchange of Thailand and are over 50% owned after transactions during 2010 – 2019. I investigate how purchase price allocation to goodwill impacts on stock return reaction surrounding the announcement of final PPA information and inspect an association between percentage of goodwill allocated to the identifiable intangible assets and potential earnings per share (EPS) dilution. However, I do not find the supporting evidence to indicate that the investors react to the …

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Bond Market Reaction Surrounding Share Repurchase Announcement, Phasaporn Kitjakarnkoson Jan 2019

Bond Market Reaction Surrounding Share Repurchase Announcement, Phasaporn Kitjakarnkoson

Chulalongkorn University Theses and Dissertations (Chula ETD)

I reexamine the bond market reaction to share repurchase announcement. The wealth transfer hypothesis suggests that shareholders expropriate wealth from debtholders hence the debtholders should react negative to this news. I collect daily yield-to-maturity of corporate bond during 2005-2019 to calculate excess change in bond yield spread and classify bond characteristics into five subsamples which are sensitive to the wealth redistribution effect: payment rank, issuer rating, bond rating, bond maturity, and size of repurchase. However, I do not find evidence supporting wealth redistribution effect in all bond attributes. Moreover, firm ratings of repurchasing firms are less likely to be downgraded …

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Market Reaction To Ifrs 9 Adoption In The United States, Pichaya Yodruk Jan 2019

Market Reaction To Ifrs 9 Adoption In The United States, Pichaya Yodruk

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study aims to investigate the investors’ reaction to International Financial Reporting Standards 9 (IFRS 9): Financial Instruments adoption in the U.S. capital market. We examine by using companies in the S&P 500 stock market index encompassing the 22 events relating to IFRS 9 process preparation from 2009 to 2014. The findings indicate that the U.S. capital market positively react to the event which increase the probability of IFRS 9 adoption, although most listed companies in the U.S. market have applied US GAAP as accounting standard for their financial reporting. These results show the convergence benefits in accounting standards of …

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The Commitment On The Stated Use Of Ipo Proceeds And Long-Run Performance, Vitaya Tangwongpatikul Jan 2019

The Commitment On The Stated Use Of Ipo Proceeds And Long-Run Performance, Vitaya Tangwongpatikul

Chulalongkorn University Theses and Dissertations (Chula ETD)

This research paper examines the relationship between the commitment to the stated use of IPO proceed and long-run performance. This also examines the effect of hot market condition on the probability of commitment. Furthermore, this paper investigates the effect of the specificity of the disclosure in the filling document on the probability of commitment. The data comprises of the firms that went public in both the Stock Exchange of Thailand (SET) and the Market for Alternative Investment (mai) during the period of 2000 – 2018. The stated use of IPO proceed is classified into 3 groups: Investment, Debt Repayment, and …

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Impact Of Esg Ratings On The Borrowing Cost, Evidence From Asia-Pacific Region, Nattawan Tantinakom Jan 2019

Impact Of Esg Ratings On The Borrowing Cost, Evidence From Asia-Pacific Region, Nattawan Tantinakom

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper studies the impact of ESG ratings, in conjunction with the particular dimension, on the companies’ borrowing cost. Also, this is the first paper that study the impact of level of ESG disclosure, voluntary and mandatory disclosure, on the borrowing cost of the firms. The findings show that only ESG disclosure score has significantly lower the borrowing cost of the companies through the environmental and corporate governance dimensions. It can be concluded that lending institutions do take into account the ESG disclosure score, which integrated risk management framework of firm, as an additional explanation factor over the financial factors. …

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The Economic Effects Of National Marijuana Legalization, Alexander Lee Robison Jan 2019

The Economic Effects Of National Marijuana Legalization, Alexander Lee Robison

Honors Theses

In today’s political and social climate, the legalization of marijuana has been a major topic of discussion across the nation. As more states pass legislation to legalize marijuana, whether it be for medicinal or recreational purposes, a market is being created that has economically beneficial possibilities that can be harnessed on a national level. This thesis seeks to highlight the economic effect marijuana legalization could possibly have on the national economy by examining the states that have legalized marijuana. States who have already passed such legislation provide a framework for state-level economic impact of marijuana legalization that can be projected …

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Exploring Financial Management Practices Of Small And Medium-Sized Enterprises In Nigeria, Alero Theodora Obazee Jan 2019

Exploring Financial Management Practices Of Small And Medium-Sized Enterprises In Nigeria, Alero Theodora Obazee

Walden Dissertations and Doctoral Studies

Most owners of small and medium-sized enterprises (SMEs) in Nigeria are inadequately prepared to perform the financial management tasks required for business sustainability. This case study, guided by institutional theory, was conducted to explore how SME owners can be prepared to implement financial management effectively for business sustainability in Edo state, Nigeria. The research question addressed the understanding of experienced SME owners regarding how they can develop necessary financial management skills for sustaining a business in Edo state. Data were collected using semistructured interview, and field notes from 15 SME owners in Edo state who had prior knowledge of, experience …

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Strategies To Secure Sustainable Funding For The Successful Conclusion Of Infrastructure Projects, Ibrahim Adia Jan 2019

Strategies To Secure Sustainable Funding For The Successful Conclusion Of Infrastructure Projects, Ibrahim Adia

Walden Dissertations and Doctoral Studies

Construction industry leaders who neglect to implement appropriate project funding strategies harm business operations and lose profits. Inadequate funding is also a significant cause of project failures in the global construction sector. The purpose of this qualitative multiple case study was to explore strategies construction project owners use to secure sustainable funding for the successful conclusion of infrastructure projects. The population comprised 5 leaders of organizations owning construction projects in the Middle Eastern Gulf Cooperation Council states, with successful strategies to acquire adequate funding for completing infrastructure projects. Data were collected from semistructured interviews with the business leaders and reports …

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Information Content Of Revised Earnings Forecasts, Market Learning, And Analyst Behavior, Lifei Xue Jan 2019

Information Content Of Revised Earnings Forecasts, Market Learning, And Analyst Behavior, Lifei Xue

Open Access Theses & Dissertations

In my first essay, I examine how the quality of private information and the quality of public information contained in analyst revised one-year-ahead earnings forecasts issued right after a quarterly earnings announcement affect the post-earnings announcement drift (PEAD). I find that high precision of private information contained in revised forecasts reduces the level of PEAD and that the precision of public information contained in the revised one-year-ahead earnings forecasts partially offset the reduction in PEAD. Moreover, I find the effect of precision of private information on PEAD decreases after Reg FD, which required in the year 2000 that analysts could …

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Editor's Note, Marites Tiongco Jan 2019

Editor's Note, Marites Tiongco

DLSU Business & Economics Review

No abstract provided.

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A Systematic Public Capital Management And Budgeting Process, Arwiphawee Srithongrung, Juita-Elena (Wie) Yusuf, Kenneth A. Kritz Jan 2019

A Systematic Public Capital Management And Budgeting Process, Arwiphawee Srithongrung, Juita-Elena (Wie) Yusuf, Kenneth A. Kritz

School of Public Service Faculty Publications

This chapter introduces the readers to a public capital management and budgeting process and its role in generating public infrastructure networks. The main purpose of the chapter is to describe the normative public capital management and budgeting practices that are recommended by the public finance literature. These normative practices are segregated into four main components: (1) long-term capital planning, (2) capital budgeting and financial management, (3) capital project execution and project management, and (4) infrastructure maintenance. Given that the literature recommends specific practices to maximize efficiency in public capital spending, the four main components, combined, are referred to as the …

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Summary, Initial Observations, And Getting To A Tentative Theory Of Public Investment Behavior, Arwiphawee Srithongrung, Juita-Elena (Wie) Yusuf Jan 2019

Summary, Initial Observations, And Getting To A Tentative Theory Of Public Investment Behavior, Arwiphawee Srithongrung, Juita-Elena (Wie) Yusuf

School of Public Service Faculty Publications

This chapter evaluates the 12 countries' capital management practices according to the systematic public capital management and budgeting process described in Chapter 1. The chapter characterizes and classifies the management practices of the twelve countries based on the authors' evaluation using the case study descriptions. The authors offer some initial observations based on comparisons across the case study countries and analysis of relationships between capital management and budgeting practices and political, economic, and public sector variables. The chapter proposes a tentative theory of public investment behavior and offers five propositions regarding the factors driving different practices across the case study …

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Snapchat's Gift: Equity Culture In High-Tech Firms, Amy Deen Westbrook, David A. Westbrook Jan 2019

Snapchat's Gift: Equity Culture In High-Tech Firms, Amy Deen Westbrook, David A. Westbrook

Journal Articles

Snap, Inc., the company that owns the platform Snapchat, controversially offered nonvoting common shares to the public in 2017. This Article asks what it means to invest in Snap or other (mostly technology-based) companies in which common shareholders collectibely have little or no power to influence corporate policy. In particular, why do such investors expect to be compensated? This Article explores the familiar rationales for equity investing, including stock appreciation and dividends, and the logical shortcomings of those rationales in these circumstances. Adopting Henry Manne's "two systems" approach to corporate affairs through both law and economics, we show that corporation …

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Investors Attention Properties Regarding Target Prices,Pe Ratios And Their Investment Implications, Poomipong Chirabandhu Jan 2019

Investors Attention Properties Regarding Target Prices,Pe Ratios And Their Investment Implications, Poomipong Chirabandhu

Chulalongkorn University Theses and Dissertations (Chula ETD)

Several studies have studied the return and liquidity characteristics of target price and P/E ratio trading strategy. Many previous literatures found that investors tend to pay attention to stocks with high target price expected return (TPER) and low P/E stocks. This paper tries to study further from those the previous literatures so it will examine whether investors in Thailand exhibit the attention characteristics to target price more than P/E ratio. Moreover, this paper finds investment implication of creating abnormal returns from TPER trading strategy in Thailand stock market. In this study, several approaches have been applied which are Fama-French (1993) …

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Uncertainty Across The Pond: An Evaluation Of Equity Market Returns And Currency Fluctuations In Reaction To Key Brexit Events, Sean Michael Andreasson Jan 2019

Uncertainty Across The Pond: An Evaluation Of Equity Market Returns And Currency Fluctuations In Reaction To Key Brexit Events, Sean Michael Andreasson

Honors Theses and Capstones

The citizens of the United Kingdom shocked the world on June 23rd, 2016 when they voted in favor of leaving the European Union. The 3-year aftermath of the Referendum has created a large amount of uncertainty regarding the future of the United Kingdom economy and its post-Brexit relationship with the European Union. The purpose of this research is to explore how the financial markets react to Brexit news headlines, compare the returns of European and non-European exchange-traded funds (ETFs) and currencies, identify common themes, and ultimately shed light on how investors weigh-in on the interconnectedness of the UK, …

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The Market Reaction To Trump's Trade War, Michael Mccarthy Jan 2019

The Market Reaction To Trump's Trade War, Michael Mccarthy

Honors Theses and Capstones

This event study looks at the market reaction to the global trade tensions that began in the first half of 2018. The events regarding new developments around the use of tariffs are organized in chronological order, and the stocks of certain impacted companies are looked at to see if they were positively or negatively affected by the news. To summarize the market reaction to tariffs, I use a zero cost portfolio consisting of long positions in those expected to be positively impacted and short positions in those expected to be negatively impacted. If this portfolio sees a larger return on …

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Portfolio Optimization With International Diversification, Sardar Adam Saeed Khan Jan 2019

Portfolio Optimization With International Diversification, Sardar Adam Saeed Khan

Honors Theses and Capstones

No abstract provided.

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The Impact Of Firm Characteristics On Speed Of Adjustment To Target Leverage: A Uk Study, James Fitzgerald, J. Ryan Jan 2019

The Impact Of Firm Characteristics On Speed Of Adjustment To Target Leverage: A Uk Study, James Fitzgerald, J. Ryan

Articles

Responding to the need to investigate heterogeneity in the speed of adjustment (SOA) to target leverage in a manner that reflects the fractional nature of leverage, we estimate SOA across sub-samples of UK firms using the Dynamic Panel Fractional (DPF) estimator. Using firm characteristics to identify firms subject to varying costs of deviation from and adjustment to target leverage, we find significant evidence of heterogeneity in the speeds at which UK firms adjust to target leverage. Our results show that small, high growth and low dividend paying firms adjust to target leverage faster than their large, low growth and high …

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The Impact Of Brexit Debates On Irish Exports: A Causality Analysis, Rawayda Abdou, Klavs Ciprikis, Lucia Morales, Damien Cassells Jan 2019

The Impact Of Brexit Debates On Irish Exports: A Causality Analysis, Rawayda Abdou, Klavs Ciprikis, Lucia Morales, Damien Cassells

Conference papers

The UK decision to leave the EU has larger implications for Ireland due to its significant exposure to the UK economy. As such a no-deal Brexit scenario raises significant concerns regarding the impact, the magnitude and the lasting effects of the shock to the Irish economy. Leading up to the final weeks before the UK leaves the EU, this study explores the relationship between economic and political uncertainty surrounding Brexit and its potential causal effects to the Irish economy. The agriculture, manufacturing, chemical and pharmaceutical sectors are the focus of attention as they are considered to be the most exposed …

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