Browsing GSBA: Dissertations by Issue Date
Now showing items 21-33 of 33
Performance of Islamic indices : The opportunity for non-muslim countries (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 such ...
Managerial ability and dividend policy : evidence from U.S. market (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.
Capital structure and market power (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 effects ...
A firm's performance and its dividend policy (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 ...
Accrual accounting and ways forward for financial reporting in the government of Thailand (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.
The bargaining power in mergersand and acquisitions and its linkage to premiums (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 ...
Investigation of credit rating agency payment scheme to improve profit abilityand rating quality (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.
Asset pricing on Thailand & Malaysia stock exchange: on the use of macroeconomic and behavioral factors (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 ...
Time-varying relation between corporate governance and expected stock return (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 ...
Mobile commerce adoption of micro retailers in emercing economies (National Institute of Development Administration, 2018);
In this dissertation, the original Technology Acceptance Model (TAM) has been employed as the core theory across three studies in an attempt to establish a theoretical framework for determining the intention of street vendors to adopt a mobile commerce (m-commerce) application. The model has two tenets: perceived usefulness and perceived ease of use. Although the classical TAM is well known and well respected as a robust predictive framework, it seems to be situation specific and must be modified to accommodate other factors affecting the ...
The role of customer voice in customer evaluation of service recovery (National Institute of Development Administration, 2018);
This dissertation builds upon a service recovery framework to establish new perspectives on customer voice in a service recovery context. Specifically, four studies were conducted to determine how to turn customer voice to opportunity in recovering from service failure. The first study provides an integrative review of the literature associated with service failure situations. This study combines two major research streams and proposes the “service failure management process model” to explain the end-to-end process of service failure in six ...
Analytical integration and data-driven decision making in complementary and alternative medicine (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 addition ...
The impact of algorithmic trading on the market quality in the stock exchange of Thailand (National Institute of Development Administration, 2019);
This dissertation aims to study how the rising algorithmic trading activities in the Stock Exchange of Thailand affects the market quality. I conducted three researches to investigate the impact of algorithmic trading. One is on the impact of algorithmic trading on volatility. Second is on the effect of algorithmic trading on liquidity and third is on the relationship between algorithmic trading and price efficiency. Furthermore, I introduced two new algorithmic trading proxies, namely, algorithmic trading initiated by institutional and ...