cometadata/datacite-titles-descriptions-related-identifiers huggingface dataset:
DOI: 10.14457/cu.the.2015.99
title: Effect of free float on stock performance with divergence of opinion hypothesis

description: This research investigates the effect of free float on stock performance under an assumption that investors have divergence of opinion. The objective of this study is to provide an empirical evidence of free float effect in a different viewpoint and to answer whether effect of free float on stock performance should be considered together with the effect of opinion divergence. This research examines both Thai and U.S. markets during 2000 to 2014. The author uses multiple proxies of investors’ degree of opinion divergence, namely dispersion of analysts’ earnings forecasts and idiosyncratic volatility, to ensure the robustness of the results. The empirical results reveal that investors’ degree of opinion divergence affects the sensitivity of stock price to free float. The more opinions diverge, the larger the negative effect of free float on stock price. This evidence is consistent with the prediction of this research. The results also display a negative relationship between free float and stock future volatility, which is, again, consistent with the prediction. However, when the author conducts tests on free float and future return of stocks, the results show that free float is negatively related to stock future return, which appears to be against the research’s prediction. Nonetheless, this negative relation is in line with the view that that free float is a proxy for stock liquidity. The increase of free float implies the increase of asset’s liquidity and hence the decrease in liquidity premium. If this type of risk reflects in a stock price, such stocks should yield lower future returns. The author finds the supportive evidence to this argument and it reveals that the results of relationship between free float and stock future return might be dominated by the liquidity effect. As a result, we can reconcile the conflicting results and conclude that the predicted effect of free float holds true. The main implication is that investors should consider the free float effect to the stock price along with the opinion divergence effect. Moreover, stocks with high degree of opinion divergence should be prudently monitored by regulators because such stocks could exhibit an excessively high volatility if there is a change of free float.
DOI: 10.14457/cu.the.2015.100
title: The Buy-Write Strategy: Effect of Asset Class and Investor Sentiment

description: Existing research focuses on buy-write strategy performance when index options are used as the underlying asset, finding positive excess risk-adjusted returns which are suggestive of option overpricing. My purpose is to extend this literature by conducting a thorough analysis of strategy performance when individual stock options are used instead of index options. Moreover, I examine whether underlying asset class and investor sentiment has an effect on buy-write performance. Using US data from 2008 - 2015, I sort S&P 500 constituents to form portfolios of large, small, growth and value stocks and test for differences in buy-write performance. The returns of each portfolio are then regressed against 2 separate proxies of investor sentiment and several control variables to test the effects of investor sentiment. Contrary to aforementioned buy-write research, I find no evidence of excess risk-adjusted returns, likely due to the implied vs. realised volatility anomaly which is observed in index options but not stock options. Despite existing evidence that options on small and value stocks are expensive relative to large and growth stocks, I find no evidence that firm characteristic has an effect on buy-write performance. This is potentially explained by the relative illiquidity of small and value options resulting in increased trading costs which are not accounted for in previous studies. Consistent with the literature, my results show that in general, investor sentiment has a positive relationship with buy-write returns, especially for small and value stocks. Additional sub-sample analysis shows that during a market downturn the effect of investor sentiment is much stronger, likely due the limited ability of arbitrageurs to exploit mispriced securities. During times of low market volatility the effect of investor sentiment becomes lagged and much weaker in magnitude.
DOI: 10.14457/cu.the.2015.101
title: Role of personality traits on employees' service recovery performance

description: The purpose of this dissertation is to investigate the moderating role of personality traits (extraversion, conscientiousness, agreeableness, emotional stability, openness to experience) on the relationships between internal service quality (i.e. HR practices and perceived supervisory support) and employees’ service recovery performance. The proposed model of employees’ service recovery performance is developed from the widely recognized theoretical basis, which is the service profit chain. Service profit chain (SPC) proposed that internal service quality, which is measured by the feelings that employees have toward their job, supervisors, and working environment would ignite a chain effect leading to the enhancement of employee service performance, customer satisfaction, organization’s growth and profitability (Heskett, Sasser, & Schlesinger, 1997). Moreover, the study applied social exchange theory (Blau, 1964) to explain the exchange relationship between the support made by the organization as well as supervisors and the call center agents’ response in returning the favor to the organization by providing service recovery performance. Survey questionnaires enclosed in envelopes were sent to the call center agents in service organizations located in Bangkok, Thailand. Moderated regression analysis was employed to test the hypotheses. The follow-up analyses include graphing the interaction effect and simple slopes testing were implemented. The findings reveal that only emotional stability appears to moderate the relationships between internal service quality (HR practices and perceived supervisory support) and service recovery performance. Employees who have high emotional stability reported greater dedication in performing service recovery when they perceived support from the organization and supervisors. In doing so, the study contributed to the service profit chain theory by incorporating personality traits in to the model as a moderating mechanism that strengthen the relationship between internal service quality and employee’s service behaviors. Therefore, the results clearly suggest that emotional stability is an important influencing factor for employees’ service recovery performance. Employers should then be aware that aside from the support provided by HR offices and supervisors, they should also take into consideration the employees’ personality factor when it comes to service performance.
DOI: 10.14457/cu.the.2015.102
title: CEO ownership and stock market performance : evidence from the Stock Exchange of Thailand and Market for Alternative Investment

description: This study examines the relationship between CEO ownership and stock market performance in the Stock Exchange of Thailand and Market for Alternative Investment during 2003-2014. The study provides evidence that a strategy of going long in firms with significant CEO ownership produces positive abnormal returns. Furthermore, the study goes on to incorporate corporate governance and shows that going long in firms with a high Thai Institute of Directors (IOD) ranking also produces positive abnormal returns while the opposite holds true for firms with a low IOD ranking. Lastly, the study suggests that CEO ownership can reverse the negative impact of weak governance as going long in firms with a low IOD ranking but significant CEO ownership results in higher returns than going long in a portfolio where the only criteria is a low IOD ranking. Corporate governance matters in asset pricing and significant ownership is an added incentive for the CEO to add value to the company, which the market does not correctly price.
DOI: 10.14457/cu.the.2015.103
title: Measuring Investors’ Behavioral Bias from the Movement of Currency Forward Rate

description: This study investigates whether the forward exchange rate is an unbiased predictor of future spot exchange rate. The empirical results by regression analysis show that the forward rate cannot predict the future spot exchange rate, particularly at longer periods. Therefore, this study aims to use behavioral interpretations explaining behind the inefficient forecasts of forward rates. The result clearly shows that behavioral interpretation is effective to explain such issues, indicating that all the examined currencies have similar patterns in the forecast revisions processes. Moreover, the evidences of this research also show that the FRUH do almost hold at shorter periods, and the longer periods, the more behavioral biases occur. Also, after controlling for time-varying risk premium in the regression, the markets reflect a more balanced mood over time and approach the FRUH.
DOI: 10.14457/cu.the.2015.104
title: Creating social value : the effects of internet social capability, brand status and social visibility

description: The product’s value is what explains its adoption in a competitive economy. This value is theoretically partition into five smaller values. In information technology adoption study, some of these values have received more attention than others. Social value is one of the lesser ones. However, the invention and the expansion of Internet social capability in products have changed the momentum of the social value. The value has traditionally been studied through the lens of branding. The objective of this study is to propose a theoretical integration between Internet social capability and branding. In doing so, this study proposes a set of hypotheses elucidating sources of social value across various types of IT-oriented artifacts based on the Internet social capability and branding. An online survey with well-designed instrument was conducted to test the hypotheses. A total of 656 students from two leading universities in Thailand participated in the survey. The collected data was fed into three structural models to ascertain the validity and reliability of the hypotheses. The results indicate that Internet social capability and brand are important in explaining the social value, with brand taking the leading position. Furthermore, their importance does not vary across the types of IT-oriented artifacts. This sets a precedence for both academics and practitioners. For academics, this study broadens the study of social value in IT adoption. It provides an integration framework of Internet social capability and branding. For practitioner, these results show that branding of the product is still very much relevant in creating social value. Furthermore, organizations can effectively increase social value by incorporating Internet social capability into their products.
DOI: 10.14457/cu.the.2015.105
title: IT Governance Processes SelectionDriven by Contingency Theory

description: In today’s world, information technology (IT) becomes more ubiquitous in both life and business activities. How IT can be positioned to support organizational goals and business strategies is now a top agenda for all executives. The more alignment of IT function and business strategy can improve overall business performance and increase profitable growth. Effective IT governance helps ensure the alignment between business and IT. Many IT governance frameworks, best practices, and standards have been developed over time and utilized by organizations all over the world. However, organizations still struggle with selecting what IT governance processes they should implement. Therefore, this study explored how contingency theory and perception concept from phycology area can help answer the question. By using Delphi technique, seven variables from contingency theory which are strategy, structure, size, environment, technology, task and culture were found to influence IT governance process selection. The Delphi technique was conducted with nineteen IT governance experts from different background experiences to draw the opinions and perceptions of IT governance process selection through multistage of data collection. To increase validation, face to face interview with another three experts was conducted to present the finding and asked for comments. Furthermore, this study also provides a guideline to consolidate IT governance processes. The result of this research could help organizations to identify the most valuable IT governance processes to be implemented.
DOI: 10.14457/cu.the.2015.106
title: U.S. MONETARY POLICY SPILLOVERS ON BRICS COUNTRIES

description: This study examines the spillover effects of U.S. monetary policy on BRICS economies during the current decade starting from May 2005 to February 2016. The study uses the VAR model for data analysis and the change in Federal Reserve balance sheet as the proxy of the U.S. monetary actions. The overall results show that U.S. monetary policy has influenced on BRICS’ outputs, policy rates, real effective exchange rates, trade balances and treasury yields but it has not influenced on inflation. The extent to which BRICS macro-variable responding to U.S. monetary policy varies across countries. In addition, Trade is a significant transmission channel of U.S. monetary policy spill over to BRICS outputs while interest rate seems to play less significant role due to the transmission channel of the shock during the crisis.
DOI: 10.14457/cu.the.2015.107
title: GASTRODIPLOMACY AS COMMUNICATIONS OF INDONESIAN IDENTITY

description: “Gastrodiplomacy as Communication of Indonesian Identity” is a qualitative research that seeks to study the policy of Indonesian gastrodiplomacy and the identity of Indonesia communicating through gastrodiplomacy by means of documentary research, interviews with key informants from Indonesian official and entrepreneur, as well as face-to-face surveys with foreigners who attended Indonesian gastrodiplomacy events. The research found out that there is neither a unity nor a master plan in terms policy for Indonesian gastrodiplomacy. Different involving governmental agencies have their own versions of Indonesian gastrodiplomacy and conduct their own activities in separation. Although people in the private sector are aware of the idea initiated by the government, there is no mechanism nor a driving force that would help Indonesian entrepreneurs to translate this idea into practice. This has resulted in the incoherency of the activities and the key message conveying through Indonesian gastrodiplomacy. The research also revealed that the concept of “Bhinneka Tunggal Ika" or “Unity in Diversity” embraced by the Indonesian government may not be applicable during this early stage of Indonesian gastrodiplomacy. The concept might be important for Indonesians as a nation-state, but it does not help non-Indonesians to have a clear concept of what Indonesian food or Indonesian identity is. Accordingly, the research suggested that the Indonesian government should come up with a strong key message for gastrodiplomacy that is appealing to its target audience. Also, it should strategically set up a communication mechanism that would help translating governmental policy to private sector and creating a coherency in Indonesian gastrodiplomacy.
DOI: 10.14457/cu.the.2015.108
title: EFFECTS OF FOREIGN BRAND NAMES AND PRODUCT TYPES ON CONSUMER BEHAVIOR

description: The current research was a 2 x 2 factorial designed experimental study with the objectives that were to study the main and interaction effects of two foreign brand names (American and Japanese brand names) and two products types (hedonic and utilitarian products) on consumer behavior, that consisted of perceived quality, attitude towards the ad, attitude towards the brand, attitude towards country of origin, and purchase intention. One hundred and nineteen undergraduate students at Chulalongkorn University were served as the research participants during the second semester of 2015 academic year. The results showed that different foreign brand names had main effects on perceived quality and attitude towards country of origin. In addition, different product types had main effects on perceived quality, attitude towards the ad, and purchase intention. However, foreign brand names and product types showed no significant interaction effect on consumer behavior.
DOI: 10.14457/cu.the.2015.109
title: BEHAVIOR OF SELF-CENSORSHIP AMONG THAI FACEBOOK USERS

description: The present study aimed to investigate 1.) Thai users’ motivations to self-censor on Facebook and 2.) types of content Thai users self-censor on Facebook. Based on mix methods approaches, a total of 452 responses were collected through surveys; and 10 in-depth interviews were conducted to collect data from Thai Facebook users who visited the website at least once a day and aged at least 18 years old. The results showed that need for boundary regulation was the most significant motivation for self-censorship behavior on Facebook, followed by fear of legal and physical threats, fear of criticism and negative feedback and fear of social isolation (spiral of silence theory), respectively. In addition, the most self-censored content on Facebook was personal-related content, namely negative feelings, personal updates and negative opinions towards Friend on Facebook.
DOI: 10.14457/cu.the.2015.110
title: The relationship of emotional language on viewer shares within online news platforms

description: This research tests the hypothesis that emotional language drives viewer sharing of online content within news platforms. Text analysis software (LIWC) will be used to analyze the emotion aspects of the top 5 (weekly), most shared, online articles (N = 71) published on the New York Times website. Five emotion language markers will be used as predictors: anger, anxiety, sadness, disgust, and positive emotions. Viewer sharing will be tracked with four measures of top-five ranking: popularity, sustaining, bouncing and linearity. Popularity will be measured with three indicators of sharing: mean ranking, positive skew of ranking (upward trend), and kurtosis of ranking (surging). Sustaining is indicated by the N (number of hours the articles appear on top-five ranking) standard deviation of the ranking, and midimax (upward parabolic function shape). Bouncing is indicated by midimin (downward parabolic) and cubic function shape. Linear is indicated by linearity (rate of change) itself which is the rise and run shape of the chart. These four measures of viewer sharing will be regressed on the five emotional language markers. The result indicated that positive emotion correlate with popularity and linear measure. Anger and anxiety significantly correlate with bouncing, while disgust, with popularity. Sadness does not found to be correlated with any of the measures
DOI: 10.14457/cu.the.2015.111
title: CAMBODIAN NEWSPAPER' S REPORTING ON TERRITORIAL DISPUTESWITH THAILAND AND VIETNAM

description: This research aims to investigate the role of Cambodian newspapers in creation and maintenance of nationalistic sentiments during the territorial disputes: (1) between Cambodia and Thailand over the Preah Vihear Temple, and (2) Cambodia and Vietnam over the Cochin-china (in Khmer Kampuchea Krom). This research focuses on the newspaper articles on the territorial disputes only during and after the national election campaigns in 2008 and 2013. 243 articles were collected for content analysis of Cambodian mainstream newspapers: The Raksmey Kampuchea Daily (Cambodia Light), The Koh Santepheap Daily (Island of Peace), The Cambodia Daily, and The Phnom Penh Post during 27 June to 27 August 2008 and 28 June to 28 August 2013 periods. In addition to the content analysis, in-depth interviews were employed with 5 key informants. The results illuminate interesting patterns of new reporting of the territorial disputes: Khmer language newspapers, The Reaksmey Kampuchea, and The Koh Santhepheap Daily published 161 articles related to the Preah Vihear Temple dispute, and supported the government’s policy on the Preah Vihear Temple dispute before the 2008 and 2013 general elections, and the number faltered after the elections. However, they had only 1 article related to the Cochin-china dispute. On the other hand, English newspapers, The Cambodia Daily and The Phnom Penh Post published 71 articles related to the Preah Vihear Temple dispute while they published 11 articles related to the Cochin-china dispute only before the 2013 general election. Both English newspapers supported the opposition party over the Cochin-china dispute. Nationalism is not only about a shared sense of unity but also about an urge to protect national territory. If it is threatened by other nations or states, national unity is called for despite internal conflicts. For this reason, Cambodian political actors may have strategically utilized nationalist ideology around Cambodia’s unsettled border in order to gain support from the voters during the national elections as the research results indicate. Cambodian newspapers offered the political leaders platforms to strategically highlight the historical animosity with Vietnam and Thailand during the election campaigns to discredit the political opponent, and create a temporary sense of unity.
DOI: 10.14457/cu.the.2015.112
title: NON-DENTIST DENTURE SERVICES UTILIZATION IN THAILAND: RELATED FACTORS AND OUTCOMES

description: Background: Unmet denture demand from dentists led denture wearers to seek denture service from non-dentist (ND). Reported complaints about obtained denture service from ND are inflammation, swelling, pain on chewing, and bad odor. Objective: To assess differences in population characteristics and outcomes between ND and dentist denture service users. Materials and methods: 165 cases obtained denture from ND and 688 controls from dentist were matched with sex, educational level attainment, work status, and health insurance. All had been using dentures for not more than 2 years. Participants were recruited from four provinces. Controls were from hospitals or private practices, while cases were from community areas. Data were collected by one interviewer and one examiner. Participants were asked of socio-eco-demographic characteristics, reasons to obtain recent denture and reasons for choosing this denture provider, denture service characteristics, and rated their denture service and denture satisfactions. Dentures were assessed and oral cavity was examined. Results: Population characteristics : the following factors are more likely to be associated with obtaining denture from ND than from dentist: living in non-municipal area, utilizing mobile-service, knowing information directly from provider, perceiving that served nearby accommodation, accepting out-of–pocket payments for denture, and choosing ND provider because short denture –fabricating period. For outcomes: Denture wearers satisfied on denture and denture service from dentist more than ND. Partial denture fabricated by dentist has more acceptable aspects than ND. Conclusion: Even dentures fabricated by ND are worse than dentist and not free of charge though denture wearers still utilized ND denture service because of inconvenience of public facilities. To solve this problem, Thailand has to reallocate dental resources, shortening denture queue and denture fabricating procedure, and provide more easy-to-access public facilities.