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Articles 3421 - 3450 of 9380

Full-Text Articles in Finance and Financial Management

Factors Affecting Electronic Banking Adoption In Barbados, Jacqueline Delores Bend Jan 2020

Factors Affecting Electronic Banking Adoption In Barbados, Jacqueline Delores Bend

Walden Dissertations and Doctoral Studies

The low rate of customers' adoption of electronic banking services affects retail banks' profitability. The operating cost for a financial transaction performed by bank tellers averages US$1.07 compared to US$0.01 using electronic banking channels. It is paramount for retail banking leaders to understand the factors influencing customer adoption of electronic banking to sustain competitive advantage. Grounded in the technology acceptance model framework, the purpose of this quantitative correlational study was to examine the relationship between perceived usefulness (PU), perceived ease of use (PEOU), and customer adoption of electronic banking in Barbados. The validated technology acceptance model survey instrument was used …

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Financial Advisor Retention Strategies, Anthony Latere Williams Jan 2020

Financial Advisor Retention Strategies, Anthony Latere Williams

Walden Dissertations and Doctoral Studies

Ineffective retention strategies can negatively impact business productivity and profitability. Financial advisor managers who struggle to maintain productivity and profitability because of ineffective retention strategies are at a high risk of failure. Grounded in Herzberg's two-factor theory, the purpose of this qualitative multiple case study was to explore strategies successful financial advisor managers used to retain financial advisor employees and maximize productivity and profitability. The participants comprised 5 financial advisor managers from 5 different financial service firms in Houston who effectively used retention strategies to maximize productivity and profitability. Data were collected from semistructured interviews and company website documents. Yin's …

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Nonprofits’ Financial Health And Healthy People 2020 California Program Outcomes, Tammie Vanessa Johnson-Lozolla Jan 2020

Nonprofits’ Financial Health And Healthy People 2020 California Program Outcomes, Tammie Vanessa Johnson-Lozolla

Walden Dissertations and Doctoral Studies

Nonprofit organizations (NPOs) are essential for implementing U.S. health promotion policies such as the Healthy People 2020 Nutrition and Weight Status 9, 10.4, and 15.1 program goals. Obtaining and sustaining NPO funding are pervasive problems. Prior research has focused primarily on NPO financial measures without taking into consideration a conjoint assessment of program outcomes connected to their primary mission. This study examined the influence of financial, accountability, and transparency measures on a selection of California NPOs whose program goals focused on Healthy People 2020 nutritional outcomes. Using Mohr’s program theory lens, this quantitative study examined financial strategies and administrative components …

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The Relationship Between Customer Relationship Management, Employee Retention, And Revenue, Bui Thanh Van Jan 2020

The Relationship Between Customer Relationship Management, Employee Retention, And Revenue, Bui Thanh Van

Walden Dissertations and Doctoral Studies

Downsizing campaigns and employee layoffs can result in poor customer service leading to service revenue losses. Understanding lost service revenue predictors is critical for leaders and managers to maintain and increase organizational growth and financial performance. Grounded in the service-profit chain theory, the purpose of this quantitative correlational study was to examine the relationship between customer relationship management (CRM), employee retention, and service revenue. Data were analyzed for 80 leaders and managers working in Vietnam’s industrial service field. The results of the multiple regression analysis indicated the full model, containing the 2 predictor variables (CRM and employee retention), was able …

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Financial Viability Strategies For Leaders Of Small, Private, Nonprofit Universities, Elizabeth Ann Postlewaite Jan 2020

Financial Viability Strategies For Leaders Of Small, Private, Nonprofit Universities, Elizabeth Ann Postlewaite

Walden Dissertations and Doctoral Studies

The percentage of full-time college students decreased by 7% in the United Statesbetween 2010 and 2018. Modern university leaders confront difficult decisions regarding their institutions' future because of financial challenges related to reduced tuition revenue. Grounded in the theory of diffusion of innovations and the balanced scorecard, the purpose of this qualitative multiple case study was to explore strategies leaders of small, nonprofit, private universities use to remain financially viable in a highly competitive environment. The participants included 6 university leaders from 2 small, private, nonprofit universities in the Midwest and Mid-Atlantic regions of the United States who implemented successful …

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Nigerian Women Entrepreneurs’ Strategies For Financial Inclusion: A Generic Qualitative Inquiry, Oluwatoyin Madein Jan 2020

Nigerian Women Entrepreneurs’ Strategies For Financial Inclusion: A Generic Qualitative Inquiry, Oluwatoyin Madein

Walden Dissertations and Doctoral Studies

Women in Nigeria are approximately 50% of the population and operate significantly in the micro, small, and medium enterprises. Women entrepreneurs in Nigeria are experiencing business failure, early exit, stagnant growth, and low return on investment due to inadequate finance. This study’s specific management problem is that many women entrepreneurs in Nigeria lack strategies to develop financial literacy and access to external loans for business sustainability. Using the concepts of financial inclusion and financial exclusion, the purpose of this qualitative inquiry was to explore the strategies women entrepreneurs use and whether they have the required experience and knowledge of financial …

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A Test Of The Generalized Yunus Equation And Its Implications For Microcredit In The Philippines, Jasmin-Mae Santos Luy Jan 2020

A Test Of The Generalized Yunus Equation And Its Implications For Microcredit In The Philippines, Jasmin-Mae Santos Luy

DLSU Business & Economics Review

Microcredit is one of the most important financial services offered by microfinance institutions (MFIs) in the Philippines. Loan repayment by frequent installments faces the challenge of possible random delays, which leads to random interest rates. Such randomness affects both microlenders and borrowers. This research utilizes a mathematical model called the generalized Yunus equation (GYE) to study the microloan repayment process in the Philippine setting. Using this model, an explicit formula was formulated expressing the effective interest rate involved in repayment as a function of the time when the delay takes place, which closely approximates the actual values of the rate …

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Real Effects Of Search Frictions In Consumer Credit Markets, Bronson Argyle, Taylor Nadauld, Christopher Palmer Jan 2020

Real Effects Of Search Frictions In Consumer Credit Markets, Bronson Argyle, Taylor Nadauld, Christopher Palmer

Faculty Publications

We establish two underappreciated facts about costly search. First, unless demand is perfectly inelastic, search frictions can result in significant deadweight loss by decreasing consumption. Second, whenever cross-price elasticities are non-zero, costly search in one market also affects quantities in other markets. As predicted by our model of search for credit under elastic demand, we show that search frictions in credit markets contribute to price dispersion, affect loan sizes, and decrease final-goods consumption. Using microdata from millions of auto-loan applications and originations not intermediated by car dealers, we isolate plausibly exogenous variation in interest rates due to institution-specific pricing rules …

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Editor's Note, Marites Tiongco Jan 2020

Editor's Note, Marites Tiongco

DLSU Business & Economics Review

No abstract provided.

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The Impact Of The Introduction Of Fx Futures On The Volatility Of The Underlying Asian Emerging Market Currencies, Teresa Starzecki Jan 2020

The Impact Of The Introduction Of Fx Futures On The Volatility Of The Underlying Asian Emerging Market Currencies, Teresa Starzecki

Doctoral Dissertations (DBA)

This paper examines the impact of the introduction of currency futures on the volatility of four Asian emerging market currencies: Chinese yuan, Indian rupee, South Korean won, and Thai baht. A GARCH(1,1) model is implemented to measure volatility in pre- and post- futures introduction periods along with an MCMC procedure to estimate the model and test the significance in changes in volatility between the periods. We find that for three of the four currencies, the persistence and long-run mean of volatility significantly decrease after futures were introduced, while the variance of variance decreases for all four currencies. The results suggest …

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Enhancing Rescue In Chapter 11: Lessons From Reform Efforts In The United Kingdom, Robert J. Landry Iii Jan 2020

Enhancing Rescue In Chapter 11: Lessons From Reform Efforts In The United Kingdom, Robert J. Landry Iii

Research, Publications & Creative Work

This is a dynamic time for insolvency law. Many jurisdictions have or are considering reforms to their insolvency regimes. The U.K. has proposed a new standalone restructuring mechanism that incorporates many attributes of Chapter 11, including a cross-class cram down and the absolute priority rule. A distinctive feature of the U.K proposal is the infusion of judicial discretion permitting courts to deviate from the absolute priority rule. This discretion is not permitted in the U.S. This judicial discretion addresses a key problem with the application of the absolute priority rule in the U.S. – it serves as an impediment to …

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Accruals And Volatility In A Real Options-Based Investment Approach: Evidence From Thai Market, Chayaporn Chuenurajit Jan 2020

Accruals And Volatility In A Real Options-Based Investment Approach: Evidence From Thai Market, Chayaporn Chuenurajit

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study investigates the relationship between year-ahead net working capital accruals as a proxy of investment behavior and expected volatility during the period of 2009 to 2018 of listed non-financial firms in Thailand. I apply a real options-based investment framework to view accruals as a result of investment decision and investigate the impact of firm’s expected volatility. The results show that firms with higher expected volatility have lower level of year-ahead accruals which is consistent with Grenadier and Malenko (2010). Moreover, this study also indicates that high expected volatility period induces distressed firms to invest because they have opportunity to …

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Analysts’ Consensus And Predictability Of Forward P/E Ratios, Thanakorn Petkajee Jan 2020

Analysts’ Consensus And Predictability Of Forward P/E Ratios, Thanakorn Petkajee

Chulalongkorn University Theses and Dissertations (Chula ETD)

Analysts play a crucial role in providing some important investment data, such as firms’ performance analysis, target prices, the forward P/E ratios, and so on, to investors. This special project studies the impact of analysts’ consensus on predictability of the stocks listed on the Stock Exchange of Thailand. Two models of analysts’ forecast error are proposed and used as a proxy for predictability in the study. The first model of analysts’ forecast error, ln(AFE), is computed from the natural logarithm of the squared error in a median forecast of one year ahead, i.e. (Actual next 12M EPS – median forecast …

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Arbitrage Profit From Pairwise Correlation: Evidence From Thailand, Salinporn Dachasiriprapha Jan 2020

Arbitrage Profit From Pairwise Correlation: Evidence From Thailand, Salinporn Dachasiriprapha

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper aims to examine the usefulness of the Dynamic Conditional Correlation in the aspect of pair trade. Since one of the challenges in the pair trading is pair formation, this research would like to fulfill and find a new method for pair formation. Also, not only find the effective way to form pair we also examine whether this strategy can generate an abnormal return by constructs the portfolio where short one stock and long another one, by this investor can enjoy a 2-way price spread. The finding in this suggests that first by using Dynamic Conditional Correlation to form …

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Asia Reits Interdependence And The Impact Of Covid-19 Pandemic, Boonchai Asawapiched Jan 2020

Asia Reits Interdependence And The Impact Of Covid-19 Pandemic, Boonchai Asawapiched

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study investigates Asia REIT interdependence and the impact of COVID-19 pandemic. The data of six major REIT markets in Asia (Japan, Singapore, Hong Kong, Thailand, Malaysia, and Taiwan) have been applied with Johansen cointegration test, Granger causality test, impulse response functions, and variance decomposition. In addition, U.S. REIT is incorporated to emphasis the its impact on Asia markets. The results indicate market integration at long-run period as REIT performance is closely related to the direct real estate market whereas REIT is affected by shocks and noise like stock in short-run. Moreover, it is found that Asia developed markets (Japan, …

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Capital Structure Volatility And Dividend Policy: Evidence From Thai Listed Firms, Thippapha Glinlek Jan 2020

Capital Structure Volatility And Dividend Policy: Evidence From Thai Listed Firms, Thippapha Glinlek

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study attempts to identify the factors affecting capital structure volatility using firm-specific on a sample of listed Thai firms from 2001 – 2020. This study documents that firm-specific factors impact capital structure volatility. Firms with higher growth opportunities, more profitable and have greater change in their assets tend to vary their capital structure more. In the second part, after determining the factors influencing capital structure volatility. This study provides the evidence of capital structure volatility (CSV) on dividend policies. And find that a high level of CSV is negatively associated with dividend policies. This paper also examines the variation …

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Clayton Copula Value-At-Risk In Crisis And The Gold Optimal Weight: Evidence In Thailand, Pimsuda Tunyalagsanakul Jan 2020

Clayton Copula Value-At-Risk In Crisis And The Gold Optimal Weight: Evidence In Thailand, Pimsuda Tunyalagsanakul

Chulalongkorn University Theses and Dissertations (Chula ETD)

In recent days, investors are facing higher market risk due to the pandemic situation, but this is not the only time, investors also experienced similar risk during the Global Financial Crisis in 2007. We are interested in the tool to accurately estimate the market risk and ways to keep the portfolio maintaining the good performance in the extreme situation. This paper particularly investigates the Value-at-risk (VaR), which is one of the simplest and helpful tools to estimate market risk. By using data of SET50 and Thai Baht Gold, this paper demonstrates the best way to compute VaR among the various …

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Could Morningstar Sustainability Rating Be An Indicator For Downside Protection?, Purisa Ruengsrichaiya Jan 2020

Could Morningstar Sustainability Rating Be An Indicator For Downside Protection?, Purisa Ruengsrichaiya

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study investigates whether the Morningstar Sustainability Rating indicates the downside protection for the 2018 Global stock market downturn and 2020 Stock market crash by using daily time-series analysis and investigate whether fund characteristics have an effect on performance of each Morningstar Sustainability Rating by using a panel data analysis at a quarterly frequency for the active equity mutual fund in the US market. This paper finds the neutral performance in every group of ratings in any market period according to the neutral alpha or abnormal return and the fund characteristics influence the fund performance pattern which can observe that …

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Cross Hedging Currency Risk From Frontier/Emerging Markets: Thai Portfolio Investors' Perspectives, Tanatuch Kujiranuwat Jan 2020

Cross Hedging Currency Risk From Frontier/Emerging Markets: Thai Portfolio Investors' Perspectives, Tanatuch Kujiranuwat

Chulalongkorn University Theses and Dissertations (Chula ETD)

The study explored performances of cross-hedging emerging/frontier market currency risk with developed market currencies from Thai investors’ perspective. The results showed that Thai investors can use a cross-hedging strategy to reduce currency risk and improve risk adjusted return from their emerging market investment. Single cross hedging can reduce portfolio risk significantly as confirmed by the F-test. Multiple cross-hedging showed signs of improvement from single cross-hedging both in currency risk reduction and risk adjusted return improvement, but the statistical test failed to prove that the improvement is significant. While the portfolio return was penalized by the hedging cost. The risk reduction …

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Demographic, Macroeconomic And Institutional Determinants Of Life Insurance Consumption: Evidence From Countries In Asia, Pattha Yodseranee Jan 2020

Demographic, Macroeconomic And Institutional Determinants Of Life Insurance Consumption: Evidence From Countries In Asia, Pattha Yodseranee

Chulalongkorn University Theses and Dissertations (Chula ETD)

Objective of this paper is to examine the determinants of life insurance consumption in terms of demographic, macroeconomic and institutional conditions from 26 countries from Asia covering the period of 1980 to 2019. The variables including 4 demographic variables, 7 macroeconomic variables and 3 institutional variables are explored by fixed effect estimation. The study also further examines difference of impact in different countries characteristic, that divided into Muslim, High-income and High-aged dependency ratio countries. The findings show that life insurance consumption have significant positive relationship with life expectancy. For high-income country, found that the Aged dependency ratio had less impact …

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Determinants Of Power Purchase Agreements And Levelized Cost Of Electricity In Renewable Energy Projects, Krit Yodpradit Jan 2020

Determinants Of Power Purchase Agreements And Levelized Cost Of Electricity In Renewable Energy Projects, Krit Yodpradit

Chulalongkorn University Theses and Dissertations (Chula ETD)

Similar to the concept of concessions, governments worldwide encourage investment in renewable energy by providing a fixed price under the power purchase agreement (PPA) to the renewable energy developers. Depending on each renewable energy technology, the PPA usually corresponds to the levelized costs of electricity (LCOE) or the average lifetime costs of electricity produced by a power plant. Hence, these two parameters play an important role in boosting renewable energy development. Little is however known about the determinants of the PPA and LCOE. Therefore, the paper tries to shed some light on the determinants of the PPA and LCOE of …

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Do Women On Boards, Education Diversity And Corporate Governance Affect Firm Risk And Firm Performance In Thailand?, Juthamard Klomkhao Jan 2020

Do Women On Boards, Education Diversity And Corporate Governance Affect Firm Risk And Firm Performance In Thailand?, Juthamard Klomkhao

Chulalongkorn University Theses and Dissertations (Chula ETD)

The purposes of my study are to investigate the relationship among women on boards, education diversity, and corporate governance on firm risk and/or firm performance of listed companies in Thailand during 2010-2019. Surprisingly, I find an insignificant relationship between the proportion of female directors and firm risk (both total risk and idiosyncratic risk). Moreover, the findings show that women on boards strongly improve ROA, but significantly reduce Tobin’s Q. For education diversity, there is no significant relationship on any measures of firm performance. This study further discovers that an incremental effect of female education diversity on women directorship positively affects …

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Does Algorithmic Trading Improve Liquidity Around Dividend Announcement? Evidence From The Stock Exchange Of Thailand, Chotika Chatchawanwanit Jan 2020

Does Algorithmic Trading Improve Liquidity Around Dividend Announcement? Evidence From The Stock Exchange Of Thailand, Chotika Chatchawanwanit

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study investigates the impact of the entry of algorithmic trading on Thailand’s stock market liquidity around dividend announcement during 2001 – 2016. We find some evidence to support that the entry of algorithmic trading in Thai stock market and their increase activities in the market help to provide more liquidity in term of trade volume in stock market liquidity especially after the dividend announcement releases. However, the rise of algorithmic trading tend to lead the market participants to consume liquidity in term of market depth at both best bid and bet offer rather than providing the standing orders in …

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Does The Increase In Liquidity Attenuate Returns Anomalies In The Thai Stock Markets?, Supapat Sangkavadana Jan 2020

Does The Increase In Liquidity Attenuate Returns Anomalies In The Thai Stock Markets?, Supapat Sangkavadana

Chulalongkorn University Theses and Dissertations (Chula ETD)

From Chordia et al. (2014), in the recent period of increased liquidity, the majority of US stock market returns anomalies have attenuated. However, as Thailand is a retail-based stock market, the stock market returns anomalies might not attenuate in the period of increased liquidity. In this paper, I use data from SET and mai markets from 2005 to 2019 to conduct time series regression to test the hypothesis. My finding is, first, apart from momentum returns anomalies in the mai market, the size, value, and momentum returns anomalies still exist in Thai stock markets. Second, most of the returns anomaly …

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Effects Of Abnormal Trading Volume In The Stock Exchange Of Thailand, Chatchanun Kallayasiri Jan 2020

Effects Of Abnormal Trading Volume In The Stock Exchange Of Thailand, Chatchanun Kallayasiri

Chulalongkorn University Theses and Dissertations (Chula ETD)

This research aims to investigate the opportunity to exploit the abnormal returns follow the abnormal trading volume events for the stock listed in the Stock Exchange of Thailand (SET) from 2010 to 2019. The result suggested that investors could use abnormal trading volume as a signal to invest and obtain extra-profit by holding the stock for a certain period of time. The result also indicated that there was evidence of trading volume’s information content that could be used to implement the zero-investment portfolio strategy which trades based on trading volume. The strategy suggested investors to take a long position in …

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Herding Behavior ,Case Of Listed Companies In Thailand, Patipol Prawangsuk Jan 2020

Herding Behavior ,Case Of Listed Companies In Thailand, Patipol Prawangsuk

Chulalongkorn University Theses and Dissertations (Chula ETD)

We examine herding behavior in the Thailand stock market under different market conditions, industries, firm sizes, and investor types. We also study herding behavior during the Covid19 period. Lastly, we further develop a new factor that is a qualified price-risk element for stock return. The results show evidence of herding behavior in the Thailand stock market during the extreme positive and negative markets condition. And the herding behavior exists in twenty sectors out of twenty-six. The small-cap portfolio shows a greater magnitude of herding behavior compares with a large-cap portfolio. During the covid19 period, the result indicates herding behavior is …

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Impact Of Monetary Policy On Firm’S Risk-Taking Position And Investment Decision, Sakolwat Seneekosol Jan 2020

Impact Of Monetary Policy On Firm’S Risk-Taking Position And Investment Decision, Sakolwat Seneekosol

Chulalongkorn University Theses and Dissertations (Chula ETD)

The recent economic crisis drives monetary policy to boost the economic situation. However, the side effect of monetary policy also dilutes firms' behavior in both risk-taking and investment decisions. This research investigates the effect of monetary policy from the international and local level using firms in 5 Southeast Asia stock markets. The risk and investment decision measurement technique in this paper using Expected Default Frequency and the investment dummy variables. The risk-taking model is based on panel fixed effect regression and the investment decision model is using a fixed-effect logistic model. This paper also extends the analysis to cover the …

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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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