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The Over-Reaction Effect in the Stock Exchange of Thailand: An Empirical Study
No full text One of the main cornerstones of traditional financial theory is the Efficient Market Hypothesis (EMH). However, several violations of EMH have been discovered to the contrary of explanation provided by traditional financial theory. One of the key discoveries was the over-reaction effect of investors to recent information over base-rate data by De Bondt and Thaler (1985), which has been further studied in many different markets. Inspired by the work of De Bondt and Thaler (1985), this study investigated the over-reaction effect in the Stock Exchange of Thailand during 2012–2017 and the total return to investors based on the contrarian trading strategy by tracking performance of past losers and winners portfolio. In terms of method of analysis, this study tracked the total return index of stocks listed in the Stock Exchange of Thailand tracked during 2012–2014 to identify top 20% winners and bottom 20% losers. Equal weighted portfolios of winners and loser portfolios were formed with Cumulative Average Returns (CARs) tracked during 2015-2017 for comparison of performance. Mean difference and t-test were performed to test statistical significance. The results show that loser portfolios outperformed winner portfolios by 35.48%, 31.77%, and 55.87% at 1 year, 2 years, and 3 years after ranking, respectively. The differences between the returns generated by loser and winner portfolio were statistically significant from the 27th month onward. This study provides supporting evidence for the over-reaction effect in the Stock Exchange of Thailand during the study period. Results of portfolio tracking suggest that over-reaction of investors in the Stock Exchange of Thailand may present an opportunity for “contrarian trading strategies” over a medium term holding period. In other words, contrarian investors could benefit from tracking performance of underpriced stocks, for which the market has underestimated earning potential and business prospects and avoiding position in overpriced “hot” stocks, for which the market has overreacted to positive news, resulting in overpricing.
Keywords: Behavioral Finance, Over-Reaction Effect, Contrarian Trading Strategies, Efficient Market Hypothesis (EMH)  
Performance and Kinetics of the Treating Slaughterhouses Wastewater Using Sequencing Batch Reactor
Get PDF This research investigated the processes of simultaneous biological removal of organic carbon, nitrogen, and phosphorus from slaughterhouse wastewater and determined the bio-kinetics of the organic carbon and nutrient removal process under long sludge age (solids retention time 60 days) using a sequencing batch reactor (SBR). The reactor processed the wastewater by varying the solids retention times (SRTs) (10, 20, 30 and 60 days) under a 12 h cycle, which included a 0.5 h anaerobic static fill period and a 0.5 h settle period, while the remaining reaction time consisted of Anoxic I/Oxic I/Anoxic II/Oxic II (1.5/2.5/2.5/1.5 h). The result of the cyclic study revealed that the majority of the chemical oxygen demand (COD) removal occurred in the first anoxic period with the reaction of the denitrification process and the anaerobic phosphorus release process. The concentration of total kjeldahl nitrogen (TKN) in the reactors decreased, and the percentage of oxidation was greater than 80%, at the end of oxic I period. The resulting biomass composition was that the VSS/SS ratio, at 60 days SRT, was lower than at the 30 days SRT. The fraction of PHA (fPHA) at the 60 days SRT was lower than at 30 days SRT. Prior to the study of the kinetics parameters, sensitivity analysis was conducted to evaluate the most important parameters. The results of the sensitivity analysis showed that the µH,S, ηNO2, ηNO3, kSTO, YH,S, and YH,STO had an influence on the denitrification process, and the µAOB, µNOB, YAOB and YNOB had an influence on the nitrification process. Also, the qPO4, qPP, YPHA, Kmax,PAO had an influence on the biological phosphorus removal. The result of kinetic parameter estimation of qPHA, YPO4, qPP, and YPHA were 1.33 day-1, 0.18 mgP/mg COD, 0.13 day-1, and 0.19, mgP/mg COD, respectively. The results of the kinetics studies and evaluation of the systems performance can be used to justify the operational and design for the effectiveness of SBR.
Keywords: Slaughterhouses Wastewater, Sequencing Batch Reactor, Solids Retention Time (SRTs), Biological Nutrient Remova
Plant Diversity and Utilization of Medicinal Plants by Traditional Healers
Get PDF The research was a survey of the diversity of medicinal plants in the Polsongkram Community Forest, Nonsung District, Nakhon Ratchasima, in tandem with a qualitative research program to assess of these medicinal plants and products, conducted by interviewing local medicinal healers. The diversity survey was carried out in 2015 and 2016, resulting in the identification of 18 species and 21 families of medicinal plants in the Polsongkram Community Forest, with 23 different medicinal plants identified, mostly in the family Caesalpiniaceae and Dipterocarpaceae. A diversity index of 0.91, with an evenness index of the plants of 0.29, were calculated. Sindora (Sindora siamensis Teijsm. ex Miq.) is the most important contribution to these indices, and has been long considered to be an important medicinal plant for the ecological system and a very influential plant for the community forest, having been traditionally used for producing medicinal products for health care by the local healers, who have created and are producing 20 medicinal products. This study is an important contribution to the raising of the local people’s self-awareness in conserving and increasing the sustainability of the medicinal plants in their community.
Keywords: variety of herb biodiversity, local intelligence, medicinal plant
The An Influential Role of Luxury Fashion Store Environment
No full text This empirical research aims to examine the effect of offline store environment on consumer emotion and purchase intention in the context of luxury retailing. The quantitative research was conducted to test a hypothesized relationship among offline store environments related to consumer emotion and purchase intention. To collect information, an online questionnaire was used as a research instrument and distributed to fans who subscribed in online luxury communities. The total number of valid returned questionnaires was 193 (44.67 percent response rate). The results showed that all ambient, design and social cues within luxury store had a positive influence on consumers’ pleasure and arousal. While ambient cues only influenced their pleasure, design cues influenced their arousal. In addition, social cues exhibited the impact on both pleasure and arousal. The layout of luxury fashion store should examine the attributes of its physical facilities including navigability, store and product display, decorations, and visual complexity. Regarding the social cues, the policies towards a number and quality of salesperson and the existence of other customer in the luxury store should be launced. To consolidate the knowledge gained in this area, the research became beneficial in shaping marketing strategy for retailers and even more useful for Thailand in terms of economic analysis.
Keywords: Luxury Fashion, S-O-R Model, Store Environment, Purchase Intentio
The Impact on Working Memory of the 4-D Multiple Resource Model as Embedded in Interpretation Training
No full text Working memory, the mental ability to temporality store and process information, is essential in both daily and academic life. This study aimed to compare the effect of an interpretation training program, based on the 4-D Multiple Resource Model, on working memory in the experimental group according to pre- and post-training scores, and to compare the effect on working memory in the active control group versus the experimental group according to post-training scores. Sixty undergraduate students enrolled in English II at Khon Kaen University were randomly assigned into either an experimental group or an active control group. The experimental group completed sixteen sessions of interpretation training, 30-45 minutes each, via a website, while the active control group practiced using metacognitive strategies. A listening span task for L2 learners and a dual n-back task were employed as pre-post measures for assessing working memory capacity. Compared with the active control group, the experimental group’s working memory capacity after the training improved markedly (p < .05). Thus, it is concluded that interpretation training that exploits a variety of attentional resources and taps various working memory components could be applied toward enhancing working memory.
Keywords: Cognitive Training, Attentional Resource
Efficiency of Using Trichoderma, Mucor and Aspergillus Antimicrobial Pellets to Rhizophora mucronata Poir. Planting at Abandoned Shrimp Farm in Khanom District, Nakhon Si Thammarat Province, Thailand
No full text Rhizophora mucronata Poir planting was non using antimicrobial pellets in spreading pathogens of genus Fusarium, Polyporus at abandoned shrimp farm area, Khanom District, Nakhon Si Thammarat Province, Thailand. The plants were short with 33% survival rate, low macronutrient, micronutrients and supplemented nutrients. Only 9 isolates of fungal biodiversity were found. When Trichoderma antimicrobial pellets were used to induce 2-3-folds of growth, 95 % of R. mucronata plants survived. This aimed to compare the height growth, survival rate, physical and biological properties before and after using the Trichoderma, Mucor and Aspergillus multi-antimicrobial pellets. However, using the Trichoderma, Mucor and Aspergillus multi-antimicrobial pellets for R. mucronata planting in spreading pathogens of Fusarium, Polyporus area, the highest growth was 4.30 folds and 99% of the plants survived. Furthermore, using these pellets in non pathogens, the growth was 4.02 folds and 99% of the plants survived, while the growth was 2.64 folds and 88% of the plants survived in the spreading area of these pellets. On the other hand, in the controlled area the growth was 0.42 folds and 88% of the plants survived. When the Trichoderma, Mucor and Aspergillus multi-antimicrobial secreted 1-aminocyclopropane-1-carboxylate (ACC) extraenzymes, ethylene synthesis decreased. When this ethylene in the plant reduced, the antimicrobial secreted. This induced IAA hormone to speed up the plants growth, dissolved phosphorus and fixed nitrogen. Macronutrients, micronutrients and supplemented nutrients increased in sediment soil between 45 to 2000%, while heavy metals reduced between 80 to 100%. The coefficients were more accurate than 95.5. So government should develop R. mucronata or other mangrove plants in spread or non spread pathogens area by using Trichoderma, Mucor and Aspergillus multi-antimicrobial pellets in abandoned shrimp farm. Consequently, the area will be restored and returned to natural balance within 5 years.
Keywords: Trichoderma, multi-Antimicrobial Pellets, Rhizophora mucronata, Survival, Growth, Mangrove fores