Journal of Asia Pacific Business Innovation and Technology Management

Volume 3, No. 3, September 2013


Title
The Risk-Return Relationship in Asean-5 Stock Markets: An Empirical Study Using Capital Asset Pricing Model

ABSTRACT

By using all assets, the top 100 assets, and 30 ASEAN Stars assets as the regressors, the negative risk premium is explicitly shown in 1997 (financial crisis), 2000 to 2002 (NASDAQ and World Trade Center crises), and 2008 (Hamburger crisis). The average risk premium of the SET is the highest, which is approximately 4.9% annually. SGX, KLSE, and PSE are 3.2% to 4.7%, 1.2% to 3.4%, and 0.1% to 1.3% annually, respectively. However, IDX is equal to -0.8% to -7.5% annually. The higher value of the risk premium attracts risk-loving investors but the high volatility of the market is also a cause for concern. PSE has a risk premium close to zero, which is suitable for risk-averse investors. For IDX, the risk premium over the periods indicates a negative value, which is not a feasibly interesting investment. All stock markets are not correlated with Malaysia because the majority shareholder is government funds.

Keywords: Risk-return relationship, ASEAN-5, CAPM, Negative risk premium, Correlation

Authors
Maraporn Kiwiriyakun
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Title
Possibility Analysis of the Innovation Profit Share of Chinese Enterprises Embedded in the Global Value Chain

ABSTRACT

Innovating firms often fail to obtain significant economic returns from an innovation. This study uses the method to perform reverse analysis of the innovation profit share of Chinese enterprises embedded in the global value chain (GVC). Analysis shows that if Chinese enterprises are embedded in market or modular and captive value chains, and they must have complementary resources, allowing them to share innovation.

Keywords: Innovation profit; Global value chain; global value chain governance

Authors
Ji He
Tantan Zhong
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Title
An analysis of the economic value of mobile phone in Taiwan

Abstract

This paper uses a hedonic price analysis of mobile telephones for the Taiwan market, based on data of 336 different handsets from 12 manufacturers over the period from 2010 to 2013(These manufacturers have 95% market share in Taiwan). By measuring shadow prices for different product characteristics, the authors find that volume, for example, has a negative effect on the price of a mobile handset, while the number of ringtones and the talk time battery life relative to the handset’s weight positively affect mobile phone prices. Perhaps somewhat surprisingly, radiation is statistically in significant. Also handsets have become cheaper over time, and handsets with additional features, such as MMS, MP3 or Bluetooth, command a higher price. In addition, there are positive brand name effects for some brands. According to the estimations presented in this paper the brand name premiums may range from 2,600 to 20,000 NTD.

Keywords: Hedonic price model; Mobile phones; Telecommunications

Authors
Zheng-Sheng Lin
Chih-Cheng Chen
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