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Asean market integration: the impact on capital flow and cost of capital

by Yeamyut Sangkittipaiboon

Title:

Asean market integration: the impact on capital flow and cost of capital

Author(s):

Yeamyut Sangkittipaiboon

Advisor:

Montree Socatiyanurak

Degree name:

Doctor of Public Administration

Degree level:

Doctoral

Degree department:

Graduate School of Public Administration

Degree grantor:

National Institute of Development Administration

Issued date:

2016

Digital Object Identifier (DOI):

10.14457/NIDA.the.2016.175

Publisher:

National Institute of Development Administration

Abstract:

The objectives of this research were as follows: 1) To analyze and compare the impacts of the SET Index on capital flow and cost of capital before and after the ASEAN market integration; 2) To identify the relationship between the SET Index and the indices of the ASEAN stock exchanges before and after ASEAN Market Integration; and 3) To find out the relationship between the SET Index and the index of the MSCI World and that of the Tokyo Stock Exchange before and after the ASEAN market integration. The data for the correlation study were the indices of the period before the SET entering the ASEAN market integration ( October 15, 2007 until October 14, 2012) and the period after the SET joining the ASEAN market integration (October 15, 2012 until August 31, 2016) . The data for the study of the effects on capital flow and cost of capital came from the SET Index, the MSCI daily return Index, and the foreign portfolio investment of the periods prior to the SET entering the ASEAN market integration (from October 15, 2007 through October 14, 2012) and after the SET joining the ASEAN market integration ( from October 15, 2012 through August 31, 2016). The results of the data analysis by Vector Auto Regression and Vector Error Correction Model showed that the SET Index could significantly explain the change in capital flow and cost of capital In contrast, the integration of the ASEAN stock exchanges was not found to affect the ability to explain the change of capital flow or the cost of capital. The finding concerning the relationship between the SET Index and the other ASEAN indices ( including the MSCI World Index and the Tokyo Stock Index) showed that after the ASEAN market integration, the SET Index was able to explain the change of every index in the region when compared to the change in the period before the ASEAN market integration. The recommendations on policy implementations are 1) the net capital flow transactions in the stock exchange should be inspected and controlled to bring about the stabilization of the baht currency exchange rates and 2) The private enterprises sector should be encouraged to seeking market expansion within the ASEAN by raising funds in those exchange markets and, 3) Cooperation among ASEAN stock exchanges should be enhanced to achieve stability and to increase incentives for investment on regional and international investors.

Description:

Thesis (D.P.A.)--National Institute of Development Administration, 2016

Subject(s):

Capital

Resource type:

Dissertation

Extent:

101 leaves

Type:

Text

File type:

application/pdf

Language:

eng

Rights:

ผลงานนี้เผยแพร่ภายใต้ สัญญาอนุญาตครีเอทีฟคอมมอนส์แบบ แสดงที่มา-ไม่ใช้เพื่อการค้า-ไม่ดัดแปลง 4.0 (CC BY-NC-ND 4.0)

Rights holder(s):

National Institute of Development Administration

URI:

https://repository.nida.ac.th/handle/662723737/6267
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ทรัพยากรสารสนเทศทั้งหมดในคลังปัญญา ใช้เพื่อประโยชน์ทางการเรียนการสอนและการค้นคว้าเท่านั้น และต้องมีการอ้างอิงแหล่งที่มาทุกครั้งที่นำไปใช้ ห้ามดัดแปลงเนื้อหา และทำสำเนาต่อ รวมถึงไม่ให้อนุญาตนำไปใช้ประโยชน์เพื่อการค้า ไม่ว่ากรณีใด ๆ ทั้งสิ้น



This item appears in the following Collection(s)

  • GSPA: Dissertations [410]

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Except where otherwise noted, content on this site is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International license.

Copyright © National Institute of Development Administration | สถาบันบัณฑิตพัฒนบริหารศาสตร์
Library and Information Center | สำนักบรรณสารการพัฒนา
Email: NIDAWR@nida.ac.th    Chat: Facebook Messenger    Facebook: NIDAWisdomRepository
 

 

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