Recent Submissions

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    Analytical integration and data-driven decision making in complementary and alternative medicine 

    Kessara Kanchanapoom; Jongsawas Chongwatpol (National Institute of Development Administration, 2019)

    Customer Lifetime Value (CLV) measures the success of an organization by estimating the net value its customers contribute to the business over the lifetime of the relationship. How can organizations assess their customers’ lifetime value and offer strategies to retain those prospects and profitable customers? The first part of this dissertation offers an integrated view of methods to calculate CLV considering scenarios ranging from finite-and-infinite customer lifetimes to customer migration and Monte Carlo simulation models. In additio...
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    Capital structure and market power 

    Prajya Ngamjan; Aekkachai Nittayagasetwat (National Institute of Development Administration, 2016)

    Employing a sample set of 289 Thai listed firms during 2005-2014, the research found that leverage leads to increasing market power as measured by Tobin’s Q and sales growth. The explanation is given by the limited liability theory; that is, a firm employs debt as a commitment tool to compete aggressively in product markets. The main finding remained robust through different leveraged firms/groups, different market concentration groups, different time periods, and in different industrial sectors. Additionally, leverage had stronger effect...
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    Accrual accounting and ways forward for financial reporting in the government of Thailand 

    Oraphan Nakmahachalasint; Kanogporn Narktabtee (National Institute of Development Administration, 2017)

    The adoption and implementation of accrual accounting in Thailand was influenced by the 1997 financial crisis in Asia and was endorsed by international organizations such as the International Monetary Fund and the World Bank. As argued by most researchers in public sector accounting that accrual accounting is superior to cash basis of accounting, accrual accounting information and financial statements would enhance the transparency and accountability of the government.
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    The bargaining power in mergersand and acquisitions and its linkage to premiums 

    Puvanard Hemvichitr; Aekkachai Nittayagasetwat (National Institute of Development Administration, 2017)

    Bidders with high premiums will face a ‘winner’s curse’ dilemma, as a result reducing the subsequent synergy created through acquisition, while bidders with low premiums paid may result in a more profitable way after acquisition. Bargaining is an important aspect in negotiating beneficial terms and conditions. The bargaining power contributes to target’s and acquirer’s characteristics to bargain each other on the premium paid in acquisitions. Therefore, bargaining power in mergers and acquisitions provides some useful implications on how ...
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    Investigation of credit rating agency payment scheme to improve profit abilityand rating quality 

    Kittiphod Charoontham; Thunyarat Amornpetchkul (National Institute of Development, 2017)

    This dissertation aims to examine the impact of incentive compensation mechanism on encouraging credit rating agencies (CRAs) to exert effort in the rating evaluation process and report ratings truthfully. Two analytical studies: one focusing on the CRA’s effort and rating decisions, and the other focusing on the investor’s information acquisition decision and the resulting CRA’s behavior, are conducted.
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    A firm's performance and its dividend policy 

    Prates do Amaral, Adriano; Aekkachai Nittayagasetwat (National Institute of Development Administration, 2016)

    Dividend smoothing is a well-known empirical phenomenon which is extensively described and analyzed in the financial literature. However, the motivation behind this widespread firm's policy is not totally understood. The signaling approach is one model employed to explain dividend smoothing: managers reduce information asymmetry between firm insiders and other stakeholders by maintaining dividends stable, thus signaling their confidence in the firm's future performance. Nevertheless, results from empirical studies are incomplete and cont...
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    Time-varying relation between corporate governance and expected stock return 

    Kakinuma, Yosuke; Kridsda Nimmanunta (National Institute of Development Administration, 2018)

    This paper provides the following three novel findings to the literature. First, the effects of the corporate governance ratings on stock returns are inconstant, non-liner, and time-varying over the long-run. Second, by taking advantage of the time-varying characteristics of expected returns from the quality of corporate governance, an optimal investment strategy with adaptation of Markov switching model is developed. Third, incorporation of style switching strategy with value premium in recessions and momentum premium in expansions improves ex...
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    Asset pricing on Thailand & Malaysia stock exchange: on the use of macroeconomic and behavioral factors 

    French, Jordan Alexander; Tatchawan Kanitpong (National Institute of Development Administration, 2017)

    This thesis tests five macroeconomic variables that have been both theorized to affect stock returns and been proven to do so in past empirical research. Those variables are risk premium, industrial production, term structure, expected inflation, and unexpected inflation. The variables are retested for their statistical significance using four years of monthly contemporary data using Thailand and Malaysia as two of the five ASEAN markets (Singapore, Thailand, Philippines, Malaysia, and Indonesia). Contrary to previous studies, this study finds ...
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    Corporate governance and the linkage 

    Jannipa Ruangviset; Viput Orgsakul (National Institute of Development Administration, 2014)

    This paper provides and event study evidence on whether the announcement of the corporate governance (CG) scoring affects firms' market value in the Thai capital market. To find out the results, this paper conducts an event study and employs the 3 methodology ...
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    Managerial ability and dividend policy : evidence from U.S. market 

    Veeranuch Leelalai; Kamphol Panyagometh (National Institute of Development Administration, 2015)

    Dividends have long been acknowledged as profit-distributing mechanisms in classical corporate policy and are important in key investment and financial decision-making. Dividends have continued to be famously debated by scholars for almost a century. On various perspectives, many scholars have debated back and forth on their relevancy to firm performance and value.
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    Performance of Islamic indices : The opportunity for non-muslim countries 

    Sarina Preechalert; Anukul Chiralaksanakul (National Institute of Development Administration, 2015)

    Hitherto, comparative study of Islamic finance in both non-Muslim and Muslim countries is scarce. This is including the area of investment in Islamic equity portfolio in non-Muslim countries. Consequently, it is interesting to study performance comparison of investment in Islamic financial products such as Islamic indices created by Muslim and non-Muslim countries. Results obtained from this research will be useful for investors as investment information and for Islamic and non-Islamic countries alike to create investment alternatives suc...
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    Capital structures of listed firms in ASEAN 

    Pornpen Thippayana; Aekkachai Nittayagasetwat (National Institute of Development Administration, 2014)

    The objective of this dissertation is to study the firm-, industry-, and countrylevel factors influencing the capital structures of the listed firms in ASEAN. The 3,750 samples are collected annually for 12 years from 2000 to 2011, resulting in 45,000 firm-year observations. The pooled ordinary least squared regression is used in the analysis for all combined three-level features. The leverage measures cover various proxies of capital structures. The evidence shows that firm size and tangibility are significantly and positively related to...
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    Stock market fund flows and return volatility 

    Chollaya Chotivetthamrong; Aekkachai Nittayagasetwat (สถาบันบัณฑิตพัฒนบริหารศาสตร์, 2014)

    Market fund flows analysis is one of the topics in financial structure in part of investment decision making. Market fund flows has been known as a term of market returns and/ or volatility, as indicator of market movement. Both of them explain not only the market movement but also evaluate the market performance. As a result, the investors would know the investment techniques on the volatility of stock prices. There are several empirical studies that have studied about the returns and volatility effect to market movement since 1987 due t...
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    Management and financial distress : the case of Thai listed companies 

    Surang Mainkamnurd; Ackkachai Nittayagasetwat, advisor (National Institute of Development Administration, 1999)
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    Long-Horizon stock returns predictability : evidence from the Stock Exchange of Thailand 

    Suthawan Prukumpai; Kamphol Panyagometh, advisor (National Institute of Development Administration, 2012)

    The primary purpose of this dissertation is to investigate the behavior of the stock returns over long horizons using the data from the Stock Exchange of Thailand. In Chapter 2, the long-run relationship between stock prices and dividends is investigated. The null hypothesis of no cointegration using both the Engle-Granger and Johansen cointegration tests cannot be rejected; however, when the structural break is addressed, the Gregory-Hansen cointegration test reports the significant evidence of the long-run relationship between stock prices an...
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    Performance of real estate investment in capital market 

    Jiroj Buranasiri; Aekkachai Nittayagasetwat advisor (National Institute of Development Administration, 2012)

    The real estate investment is growing and become more important investment for many reasons. Institutional and individual investors demand assets with low correlation to diversify their risk and improve their investment performance. The accelerating trend of aging population in many countries demands a safer and more stable income producing investment vehicles. In practice, real estate investment could be done directly through the purchase of real properties or indirectly through the investment of real estate securities in capital market such a...
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    Evaluating credit scoring models 

    Vesarach Aumeboonsuke; Dryver, Arthur L, advisor (National Institute of Development Administration, 2011)

    Evaluating the credit worthiness of credit seekers is a crucial process for financial institutions simply because their existence largely depends on how such a process is conducted. Financial institutions use a variety of credit scoring methods and a variety of criteria to select the best credit scoring methods. The primary purpose of this research is to evaluate the performance of some of the existing popular credit scoring methods that are widely used by financial institutions. The credit scoring methods to be considered for comparison purpos...
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    Determinants of market quality : a case of the stock exchange of Thailand 

    Pradit Withisuphakorn; Aekkachai Nittayagasetwat, advisor (National Institute of Development Administration, 1998)
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    Financial performance reporting : the effect of proposed financial statements on investors' operating performance evaluation judgments 

    Orapan Yolrabil; Somchai Supattarakul, advisor (National Institute of Development Administration, 2009)
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