TANAKORN MAKAEW
Ph.D. Candidate in Finance
Robert H. Smith School of Business, University of Maryland at College Park
Mailing Address: 3330G Van Munching Hall University of Maryland College Park MD 20742
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Email Address: tmakaew[at]rhsmith[dot]umd[dot]edu
Research Interests: International Finance, Corporate Finance, and Macroeconomics
Working Papers:
1. Do Small Firms Benefit More from Foreign Portfolio Investment? Evidence from a Natural Experiment (Paper Available on SSRN)
Abstract
We analyze the stock market impact of Thailand's unique restriction on portfolio capital inflows. The Thai government imposed a very stringent capital control on December 19, 2006 and then quickly abandoned it on December 20, 2006. This experiment helps us separate the impact of foreign capital from the impact of other concurrent events and hence alleviates the time-series identification problem. Our results suggest that foreign portfolio investment helps large firms more contrary to existing evidence which finds a benefit of foreign portfolio investment for small firms. We also investigate the importance of other firm characteristics correlated with size including a firm's exchange rate exposure, foreign ownership fraction, and political connection.2. Financial Reform and Corporate Investment (joint with J. M. Contreras; Paper Available upon Request)