BANGKOK, The Stock Exchange of Thailand (SET) has promoted
quality researches on the Thai capital market, encouraged quality researchers
and connected academic network to the capital market by presenting five awards
to the finalists in the 2021/2022 SET Research Scholarship Project. The
Outstanding Research Award was granted to Natthawut Wangwan, Thammasat
University, for the research on the topic of “Hidden Ownership and Corporate
Governance”. The Superior Research Award was granted to Watcharapat Masaeng,
Thammasat University, for the research on the topic of “Real-financial
Connectedness”. In addition, three honorary awards were also given to
researchers of three quality research studies.
SET Senior Executive Vice President & Head of Corporate Strategy Division
Soraphol Tulayasathien said that SET has continuously offered research grants
over the past decade to further benefit the development of the Thai capital
market, and provide opportunities for students to conduct capital market
researches with access to information while exchanging views with experts in the
capital market. In the 2021/2022 project, the record number of 36 research
proposals were submitted for the capital market research funding by students
from 16 faculties of 10 universities – the increasing number of faculties over
time. Significantly, this reflects wider interest and more emphasis on knowledge
development specifically on capital market research. Furthermore, the expertise
in other fields have also been applied to make research dimension broader and
deeper, such as innovative research, research on ESG issues, and application of
research tools in research.
The award-winning capital market research studies are as follows:
– Outstanding Capital Market Research Award: The research title “Hidden
Ownership and Corporate Governance” by Natthawut Wangwan. Professor Dr. Arnat
Leemakdej from the Faculty of Commerce and Accountancy, Thammasat University, is
the advisor. The research studied impacts from the shareholder structure on
corporate governance, presenting a new way to measure offshore hidden shares by
using Combinatorial optimization technique. The study found that hidden
ownership was positively correlated with level of listed companies’ corporate
governance, and companies with high ratio of hidden ownership are those, in
which the significant stake is held by foreign shareholders and most of them are
institutional investors who play a role in corporate governance development.
-Superior Capital Market Research Award: The research title “Real-financial
Connectedness” by Watcharapat Masaeng. The advisor is Assistant Professor Dr.
Wasin Siwasarit from the Faculty of Economics, Thammasat University. The
research studied the linkage using Vector Autoregressive (VAR) model and found
that the domestic sector of real economy has experienced net volatility from the
stock market (SET), and connection between the Thai bourse and economic
policies in foreign countries has a statistically significant increase in every
period of crisis.
– Three Honorary awards are as follows:
oResearch title: “Black-Litterman Portfolio Management Using Investor’s View
Generated by Recurrent Neural Networks and Support Vector Regression” by
Kunnachai Punyaleadtip. Dr. Pittipol Kantavat from the Faculty of Engineering,
Chulalongkorn University, is the advisor.
oResearch title: “The relationship between agricultural commodity and stock
market in case of Thailand: Safe-haven, Hedge, or Diversifier?-
Cross-quantilogram analysis” by Karjbundit Bunditsakulporn. Assistant Professor
Dr. Sicha Thubdimphun from the Faculty of Economics, Thammasat University, is
the advisor.
oResearch title: “Performance of Equity Mutual Funds during the COVID-19
Pandemic by Using Bootstrapping Method” by Chirasin Siriprachai. Associate
Professor Dr. Tatre Jantarakolica from the Faculty of Economics, Thammasat
University, is the advisor.
“Notably, these award-winning research studies are prominent, having utilized
innovative research tools, enabling scenario analyses from multiple perspectives
and making it practical when it comes to real life implementation. SET is
poised to support capital market research studies conducted to benefit
sustainable development of the Thai capital market. SET has continued to develop
the capital market database, with the recent development of a capital market
information platform for researchers to access information for research studies
more conveniently,” added Soraphol.
The SET Research Scholarship Project, initiated by SET, has been implementing
since 2012 in cooperation with educational institutions, experts in the Thai
capital market industry, and public and private sectors participating as award
judges. It is considered as a network that exchanges knowledge between the
academic sector and experts with real experience in the Thai capital market, as
such helping to enhance the quality of research work with practical benefits
truly for the Thai capital market industry.
Interested public can study research data, and the capital market database via
www.set.or.th/setresearch.
Source: The Stock Exchange of Thailand