AU Journal of Management: Vol. 5, No. 2 (2007)
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ItemWarrant pricing model : an empirical study on the valuation models for warrants listed in Thailand(Assumption University, 2007)This empirical study focwes on examining the relative performance between four wa"ant pric- ing models; Black-Scholes-Merton Model (BS), Galai and Schneller Model (GS), a Dilution Adjusted- BlacJc -Scholes Model (DA.BS), and Square-Root Constant Elasticity of Variance (SRCEV) of Beclrers. Over 8,000 daily wa"ant prices on 14 most actively traded wa"ants in Thailand are employed. We.find that among models, BS model provides the best accuracy. In terms of moneyness and maturity, BS model calculates accurately for out-of-the-money and short-term maturity, while the SRCEV model outperforms for in-the-money and long-term maturity. In terms of volatility, DABS, GS and SRCEV models are better than the BS model.
ItemA predictive model of satisfaction of Bangladeshi patients in two selected private hospitals in Thailand(Assumption University, 2007)The rese~h was conducted on 390 Bangladeshi patients of Bum nm grad Hospital and Bangkok Hospital, who traveled from Bangladesh to Thailand for treatmenJ purpose. The objective of this research was to identiJY key service quality factors of Thai private hospitals and assess how Bangladeshi patients' rate them. The service quality dimensions are: reliability, responsiveness, assurance, tangibles, communication, empathy, proce.u feamres., cost, access, billing services and treatment outcomes. A self administered survey method was used to conduct the research with the help of a questionnaire. A non- probability judgment sampling plan was used to collect data. The analysis was done by using SPSS programs. Multiple-regression was used. Descriptive analysis indicates that Bangladeshi patients w~ generally satisfied with the overall service quality of the two Thai Private Hospitals.
ItemA comparison of perception, overall satisfaction and consumer behavior among Western, Asian, and Thai MRT passengers(Assumption University, 2007)This study aims to compare the differences in perceived service quality. satisfaction, and con- sumer behavior of Western, Asian, and Thai Bangkok subway customers. The data was collected from 606 respondents using the SERYPERF, overall satisfaction, and consumer behavior research survey instruments. The results revealed that perceived service quality, and overall satisfaction between three groups of MRT customen ~ significantly different buJ there was no significant difference in con- sumer behavior between three groups of MR.. T CU3tomers.
ItemInvestment in gold : an alternative for Thai investors(Assumption University, 2007)This paper investigates the movement of gold prices from 1981 to 2007 in the developing mar- ket of Thailand. h adopu summary statistics, · price index and exponential smoothing average tech- niques to explore the short and long-term investment strategies in gold. The .findings suggest that Thai investors should buy during the first six months of the year and sell in December to obtain maximum return. It is also suggested that the longer the investment horizon, the more apparent iJ the associated return and risk.
ItemThe valuation of warrants in Thailand : using the black-scholes model(Assumption University, 2007)The 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.