Browsing by Author "Phassawan Suntraruk"
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ItemThe effect of bundle frame on purchase intention and customer's reservation price(Assumption University, 2008) Issara Titheesawad ; Phassawan Suntraruk ; Assumption University. Martin de Tours School of Management and EconomicsThis paper examined the influence of bundle frame, the presentation format of products within the bundle, on customers purchase intention and reservation price. The results from a laboratory experiment indicated that purchase intention was higher when the bundle price was presented in segre- gated form than an integrated one. However, presenting discounted price in segregated form posed negative impact on customers reservation price. In a segregated price framing, the discount prices of individual products are unambiguous resulting in customers inference that the product is cheap, thus, they will decrease the price that they are willing to pay (or reservation price) for the products in the future. On the other hand, in the integrated price framing, there is an ambiguity about the cost of each individual product , the inference that the price of individual product is low will not occur. Thus, the reservation price of customers who are presented with the segregated price framing is lower than those with integraled price framing.
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ItemA simple test of the CAPM model under bull and bear market conditions : the case of Thailand(Assumption University, 2008) Phassawan Suntraruk ; Assumption University. Martin de Tours School of Management and EconomicsThe current study is aimed at examining the explanatory power of the CAPM model in Bull and Bear markets for Thailand from 2000 to 2006. Using the varying risk model suggested by Fabozzi and Francis (1977), the study evidences that the systematic risks or betas do not differ between Bull and Bear periods. The substantial forces of Bull and Bear markets have no impact on the CAPM model. The CAPM is still robust. Moreover. the study observes size effect in which small stocks are found to outper- form large stocks, regardless of market conditions. However, the reversal of size effect persists in the Bull periods. The results of this study suggest two important implications for the Thai market. First, investors could employ the traditional CAPM model. Second, it is not necessary to predict future Bull and Bear market conditions when estimating the risk premium.
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ItemThe valuation of warrants in Thailand : using the black-scholes model(Assumption University, 2007) Phassawan Suntraruk ; Assumption University. Martin de Tours School of Management and EconomicsThe study aims to examine the appropriate pricing model for valuating wa"ants traded on the Stock Exchange of Thailand. The Black-Scholes model and its extensions are examined with historical and GARCH volatilities by using the out-of-sample data. The relationships between pricing errors and model variables are also analyzed. Findings suggest that the dilution adjusted Black--Scholes model with historical volatility is the most suitable model to predict the wa"ant prices and most pricing models tend to overprice in-the-money wa"ants and overprice wammts when high volatility or high interest rate is anticipated. In addition, the dividend and dilution somewhat create pricing biases.