Woraphon Wattanatorn

• Doctor of Philosophy
• Professor (Associate) in Finance at Thammasat Business School

This research investigates the formation of business customer brand engagement and strong customer-firm relationships in a social selling environment. The study was prompted by the growing prominence of business-to-business (B2B) social selling, in which goods and services are sold to B2B customers directly on social media. The stimulus-organism-re...

Purpose This study investigates factors in consumer trust and purchase intention through omnichannel retailing. The theoretical framework is an extended theory of planned behaviour (TPB) model, with additional factors including time-saving and trust as explanatory variables. Design/methodology/approach The study drew on a sample of Thai consumers...

Purpose The main purpose of this study is to use a new broad board effectiveness index , which has been created from several internal attributes of board of directors and to investigate the association of the overall index regarding stock price crash risk. Design/methodology/approach The authors create a new board effectiveness index from a compre...

In the present study we propose a new higher-order co-moment timing ability for fund managers. Top-performing fund managers successfully time higher-order co-moments of their investment portfolios, generating significantly positive abnormal returns. However, worst-performing funds show no abilities. The zero-trading strategy works well with all tim...

The ability of mutual fund managers to time coskewness successfully can help them manage their portfolio’s exposure to potential losses and improve their fund’s performance. This study assesses whether mutual fund managers are able to manage the market exposure of their investment portfolios given a change in coskewness. We demonstrate that fund ma...

In this study, we examine the difference in mutual fund performance between the bank-related and the non-bank-related mutual funds in emerging markets. We further improve the empirical testing model to match the environment of the high-volatility and high-reward market – the emerging market. Specifically, we introduce co-skewness as an additional i...

Using mutual fund data in Thailand, this study shows that fund managers can time the market-wide liquidity in the higher moment framework. High-performing fund managers demonstrate significantly positive liquidity timing ability, while low-performing fund managers do not. Thus, high-performing fund managers increase (decrease) the funds' exposure t...

This study aims to answer to a straightforward question “Is it worth paying high fee?” Based on the mutual fund industry in Thailand between 2008 and 2018, our results show that although mutual fund charges fees differ by its investment objective, we fail to find a difference in return. Further, the results show that the relationship between bank-m...

In this study, a liquidity timing ability of mutual fund managers in emerging markets had been examined. The analysis based on three important emerging markets in ASEAN Economic Community, namely Indonesia, Malaysia, and Thailand. We found that these mutual fund managers have an ability to forecast the market wide liquidity at both aggregate level...

In this study, we inspected the market timing ability and stock selectivity of mutual fund in a high volatile market – emerging market. The high level of volatility - risk, mean and variance approach are not sufficient to estimate the portfolio risk and return. To match the model with the environment of high risk and high return, we apply the coske...

We examine risk-taking behavior of mutual funds in ASEAN Economic Community by applying parametric approach to determine whether it complies with the tournament hypothesis. The “winner” mutual funds tend to reduce their risk in the second half of the year to maintain their status or ranking, while the “loser” mutual funds adjust their portfolios to...

The aim of this study is to investigate the impact of crude oil prices on the profitability performance of sector using data on companies in the stock exchange of Thailand from 2001 to 2010. We employ the method of panel data regression. The study reveals significant fixed effects which imply that traditional least square lead to endogeneity proble...