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LIAMMUKDA, Asama,KHAMKONG, Manad,SAENCHAN, Lampang,HONGSAKULVASU, Napon Korea Distribution Science Association 2020 The Journal of Asian Finance, Economics and Busine Vol.7 No.10
In this paper, we have developed a Fama - French five factor model (FF5 model) from Fama & French (2015) by using concept of time-varying coefficient. For a data set, we have used monthly data form Kenneth R. French home page, it include Japan portfolios (classified by using size and book-to-market) and 5 factors from July 1990 to April 2020. The first analysis, we used Augmented Dickey-Fuller test (ADF test) for the stationary test, from the result, all Japan portfolios and 5 factors are stationary. Next analysis, we estimated a coefficient of Fama - French five factor model by using a generalized additive model with a thin-plate spline to create the time-varying coefficient Fama - French five factor model (TV-FF5 model). The benefit of this study is TV-FF5 model which can capture a different effect at different times of 5 factors but the traditional FF5 model can't do it. From the result, we can show a time-varying coefficient in all factors and in all portfolios, for time-varying coefficients of Rm-Rf, SMB, and HML are significant for all Japan portfolios, time-varying coefficients of RMW are positively significant for SM, and SH portfolio and time-varying coefficients of CMA are significant for SM, SH, and BM portfolio.
Suchada Tipmontree,Asama Tasanameelarp 아시아영어교육학회 2018 The Journal of Asia TEFL Vol.15 No.3
The current study investigated the effects of role-playing simulation activities in the improvement of 45 Thai EFL university students’ business English oral communication. Firstly, a pre-speaking test was administered in order to get data on the students’ business oral communication skills. After the completion of each unit, the participants were asked to perform role-playing simulations according to the given scenarios in the course. A post-speaking test was used at the end of the 15-week instructional period as well as a questionnaire that investigated the students’ attitudes towards activities. The results showed that the teaching method had positive effects on the improvement of students’ oral communication skills. Furthermore, there were statistically significant differences between the mean scores of the pre- and post-tests. The students improved most in acting confident, whereas problem solving appeared to be less successfully improved through these activities. The data gained from the questionnaire revealed the students’ positive attitudes towards learning through role-playing simulation activities. It is suggested that for more sustainably effective oral communication in business English contexts, teachers should give more sufficient practice with problem solving and fluency buildingnbuilding.
HONGSAKULVASU, Napon,LIAMMUKDA, Asama Korea Distribution Science Association 2020 The Journal of Asian Finance, Economics and Busine Vol.7 No.10
In this paper, we propose the new time-varying coefficient GARCH-in-Mean model. The benefit of our model is to allow the risk-return parameter in the mean equation to vary over time. At the end of 2019 to the beginning of 2020, the world witnessed two shocking events: COVID-19 pandemic and 2020 oil price war. So, we decide to use the daily data from December 2, 2019 to May 29, 2020, which cover these two major events. The purpose of this study is to find the dynamic movement between risk and return in four major oil markets: Brent, West Texas Intermediate, Dubai, and Singapore Exchange, during COVID-19 pandemic and 2020 oil price war. For the European oil market, our model found a significant and positive risk-return relationship in Brent during March 26-April 21, 2020. For the North America oil market, our model found a significant positive risk return relationship in West Texas Intermediate (WTI) during March 12-May 8, 2020. For the Middle East oil market, we found a significant and positive risk-return relationship in Dubai during March 12-April 14, 2020. Lastly, for the South East Asia oil market, we found a significant positive risk return relationship in Singapore Exchange (SGX) from March 9-May 29, 2020.