Determinants of gold futures trading volume: a study of Thailand futures exchange
Woradee Jongadsayakul
Afro-Asian J. of Finance and Accounting, Vol. 12, No. 6 (2022) pp. 679 - 690
This research shows a positive impact of one day lagged volume of 50 Baht gold futures on current volumes of gold futures. There is an evidence of bi-directional causality between 50 Baht and 10 Baht gold futures trading volumes. The 50 Baht and 10 Baht gold futures trading volumes are useful in forecasting gold online futures trading volume. The response of gold futures trading volume to its own shock and 50 Baht gold futures trading volume shock vanishes within 5 days. The variability of gold futures volume is caused not only by its own innovations but also by 50 Baht gold futures trading volume shock. Therefore, it is significant to promote trading activity in 50 Baht gold futures market. Moreover, special care should be taken when there is a negative exogeneous shock to 50 Baht gold futures trading volume due to its contribution to the variability in trading volume of each gold derivatives contract.
Tag: Thailand
Macro determinants of stock market volatility: evidence from Middle East region
Macro determinants of stock market volatility: evidence from Middle East region
Mahmoud Abdelaziz Touny; Mostafa Ahmed Radwan; Mahmoud M. Hussein Alayis
Afro-Asian J. of Finance and Accounting, Vol. 11, No. 3 (2021) pp. 376 - 391
Stock market volatility (SMV) and investor decisions are influenced greatly by macroeconomic and political variables at the global, regional and local levels. By using unbalanced panel data from some Middle East countries over the period from 1996 to 2016, this study aims to provide empirical evidence about the macro determinants of SMV. The results of the feasible generalised least squares (FGLS) model indicate that, on the one hand, inflation, corruption and the stock market capitalisation and turnover ratios have a positive and significant impact on SMV. On the other hand, economic growth, financial freedom and stock market returns seem to have a negative and significant effect on SMV. The outcomes of this study provide some policy implications for Middle East countries' policy makers in managing and relieving volatility in their countries' stock market prices.
Firm attributes, earnings management, and anti-corruption activities in Thai-listed firms
Firm attributes, earnings management, and anti-corruption activities in Thai-listed firms
Prawat Benyasrisawat
Afro-Asian J. of Finance and Accounting, Vol. 9, No. 4 (2019) pp. 439 - 458
The Thailand Stock Exchange Commission now requires listed firms to disclose their anti-corruption activities to the public. We explore the unique Thai approach to corruption in three steps. First we study the relationship between anti-corruption activities and firm attributes. Second, we examine the relationship between anti-corruption activities and the quality of earnings. Lastly, we investigate whether the reporting of anti-corruption activity conveys new information to the Thai stock market. The results indicate that firms with superior performance attributes and good corporate governance have higher levels of anti-corruption progress. Earnings management is greater for firms with low levels of anti-corruption progress. We also find evidence that anti-corruption announcements are associated with significant market reactions. This suggests that anti-corruption announcements contain new information that investors consider relevant for firm values.
Alignment or entrenchment? Evidence from cash holdings in Thailand
Alignment or entrenchment? Evidence from cash holdings in Thailand
Yordying Thanatawee
Afro-Asian J. of Finance and Accounting, Vol. 9, No. 3 (2019) pp. 291 - 308
This paper examines the relationship between managerial ownership and the cash holdings of non-financial firms in Thailand from 2011 to 2015. The results indicate that higher managerial ownership is associated with lower cash holdings, suggesting that managers of Thai firms do not hoard cash for private benefits. Therefore, the findings support the incentive-alignment hypothesis. In addition, the evidence indicates that board size has a negative impact on cash holdings, while board independence does not play a significant role. Furthermore, it is found that profitability, firm size, growth opportunities and cash flow have positive effects on cash holdings, whereas leverage has a nonlinear impact on cash reserves.