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Papers by Anchada Charoenrook

Research paper thumbnail of A fault diagnosis technique for flash ADC's

IEEE Transactions on Circuits and Systems II: Analog and Digital Signal Processing, 1996

This paper addresses the problem of diagnosis of flash ADC's and proposes a fault diagnosis techn... more This paper addresses the problem of diagnosis of flash ADC's and proposes a fault diagnosis technique which employs the Differential NonLinearity (DNL) test data for fault location and identification of the analog components in the converter. In the flash ADC, a fault causes deviation of DNL data from the ideal one. Hence, DNL data can be considered as a functional signature of the ADC. This property is employed for fault diagnosis. DNL patterns are used for fault location, and DNL data are used to calculate the fault values. Both single fault cases and multiple fault cases are considered. The technique proposed here relies only on DNL test data and not on the test method, thus the diagnosis can he carried out using at-operatingspeed test data. This paper describes the concept and the detailed diagnosis algorithm. Experiments have been carried out to verify the practicality of the technique. They are presented and discussed in detail. The limitations and practical implementation issues relating to the technique are also addressed.

Research paper thumbnail of Conditional Skewness of Aggregate Market Returns

SSRN Electronic Journal, 2000

The skewness of the conditional return distribution plays a significant role in financial theory ... more The skewness of the conditional return distribution plays a significant role in financial theory and practice. This paper examines whether conditional skewness of daily aggregate market returns is predictable and investigates the economic mechanisms underlying this predictability. In both developed and emerging markets, there is strong evidence that lagged returns predict skewness; returns are more negatively skewed following an increase in stock prices and returns are more positively skewed following a decrease in stock prices. The empirical evidence shows that the traditional explanations such as the leverage effect, the volatility feedback effect, the stock bubble model (Blanchard and Watson, 1982), and the fluctuating uncertainty theory (Veronesi, 1999) are not driving the predictability of conditional skewness at the market level. The relation between skewness and lagged returns is more consistent with the Cao, Coval, and Hirshleifer (2002) model. Our findings have implications for future theoretical and empirical models of time-varying market return distributions, optimal asset allocation, and risk management.

Research paper thumbnail of A Theory of Conspicuous Consumption

This paper explains why some goods are purchased for conspicuous consumption at prices significan... more This paper explains why some goods are purchased for conspicuous consumption at prices significantly above producers' marginal costs. Moreover, it also explains the choice of goods that qualify for "conspicuous consumption" status. These results are obtained by modeling conspicuous consumption as a signaling game in which wealthy individuals signal their wealth to society in order to obtain higher social status. Conspicuous consumption is constrained by a discrete cost of display. This cost can be interpreted as arising from limited physical space, limited time for display, or both. We show that signaling by consuming a high-priced good can arise under general single-crossing property assumptions. We also derive the conditions under which consumers signal using price rather than quantity. Results show that the higher the cost of display, the more likely is the consumer to signal by purchasing high-price conspicuous goods. Moreover, the lower the free display space and time available, the higher the equilibrium price of the conspicuous-consumption good. Finally, it is shown that goods with higher variability of innate consumption utility in the cross-section of consumers are accepted as conspicuous goods at higher prices that those with lower variability.

Research paper thumbnail of A Study of Market-Wide Short-Selling Restrictions

SSRN Electronic Journal, 2000

This paper contributes empirical evidence to the ongoing debate on short sales. Our examination o... more This paper contributes empirical evidence to the ongoing debate on short sales. Our examination of how market-wide short-sale restrictions affect aggregate market returns focuses on two main questions: What is the effect of short-sale restrictions on skewness, volatility, the probability of market crashes, and liquidity? What is the effect on the market expected return or cost of capital? We report new data on the history of short-selling and put option trading regulations and practices from 111 countries, and create a short-selling feasibility indicator for the analysis of stock market indices around the world. We find that when short-selling is possible, aggregate stock returns are less volatile and there is greater liquidity. When countries start to permit short-selling, aggregate stock price increases, implying lower a cost of capital. There is no evidence that short-sale restrictions affect either the level of skewness of returns or the probability of a market crash. Collectively, our empirical evidence suggests that allowing short-selling enhances market quality.

Research paper thumbnail of Analyst Behavior

This paper examines whether the prohibition of selective disclosures to equity research analysts ... more This paper examines whether the prohibition of selective disclosures to equity research analysts mandated by Regulation FD alters the amount of information and the manner in which it is revealed to the market. We demonstrate that equity research analysts are more responsive to information contained in company- initiated disclosures after Reg. FD, suggesting that regulation has affected the importance of various channels of communication. We also present evidence consistent with the notion that managers use earnings guidance as a substitute for selective disclosure following the passage of Reg FD.

Research paper thumbnail of A Window into Thai Mutual Fund Managers’ Perception and Decision-Making Process

Review of Pacific Basin Financial Markets and Policies

This paper identifies key features of the Thai mutual fund industry and analyzes determinants of ... more This paper identifies key features of the Thai mutual fund industry and analyzes determinants of those characteristics using unique survey data from 45% of fund managers registered in Thailand in 2012. The Thai mutual fund industry has some unique characteristics. It has experienced rapid growth and is dominated by bank-related funds that are mostly fixed income funds. Equity allocation of the fund industry and our sample funds are below optimal allocation benchmarks. However, country-level allocation is close to optimal, suggesting that Thai investors who invest in equity prefer to do so directly rather than through equity mutual funds. Fund managers perceive that too much regulation, investors’ preference for deposits and insufficient liquidity limit growth in their equity investments. Managers in our survey indicate that investors do not consider expense ratio and management fee important in determining mutual fund investments. This is contrary to general investment recommendatio...

Research paper thumbnail of Fault diagnosis of flash ADC using DNL test

Test Conference, 1993. …, 1993

... DNL is defined as the difference between successive code edges and the mean code width.DNL is... more ... DNL is defined as the difference between successive code edges and the mean code width.DNL is usually expressed in units of Least Significant Bit (LSB). It is illustrated in Fig. 1. ... DNL at code k I 'k-1 'v, - Vin Figure 1: Transfer function of the 3-bit flash ADC show-ing DNL,. I I ...

Research paper thumbnail of A fault diagnosis technique for flash ADC's

IEEE Transactions on Circuits and Systems II: Analog and Digital Signal Processing, 1996

This paper addresses the problem of diagnosis of flash ADC's and proposes a fault diagnosis techn... more This paper addresses the problem of diagnosis of flash ADC's and proposes a fault diagnosis technique which employs the Differential NonLinearity (DNL) test data for fault location and identification of the analog components in the converter. In the flash ADC, a fault causes deviation of DNL data from the ideal one. Hence, DNL data can be considered as a functional signature of the ADC. This property is employed for fault diagnosis. DNL patterns are used for fault location, and DNL data are used to calculate the fault values. Both single fault cases and multiple fault cases are considered. The technique proposed here relies only on DNL test data and not on the test method, thus the diagnosis can he carried out using at-operatingspeed test data. This paper describes the concept and the detailed diagnosis algorithm. Experiments have been carried out to verify the practicality of the technique. They are presented and discussed in detail. The limitations and practical implementation issues relating to the technique are also addressed.

Research paper thumbnail of Conditional Skewness of Aggregate Market Returns

SSRN Electronic Journal, 2000

The skewness of the conditional return distribution plays a significant role in financial theory ... more The skewness of the conditional return distribution plays a significant role in financial theory and practice. This paper examines whether conditional skewness of daily aggregate market returns is predictable and investigates the economic mechanisms underlying this predictability. In both developed and emerging markets, there is strong evidence that lagged returns predict skewness; returns are more negatively skewed following an increase in stock prices and returns are more positively skewed following a decrease in stock prices. The empirical evidence shows that the traditional explanations such as the leverage effect, the volatility feedback effect, the stock bubble model (Blanchard and Watson, 1982), and the fluctuating uncertainty theory (Veronesi, 1999) are not driving the predictability of conditional skewness at the market level. The relation between skewness and lagged returns is more consistent with the Cao, Coval, and Hirshleifer (2002) model. Our findings have implications for future theoretical and empirical models of time-varying market return distributions, optimal asset allocation, and risk management.

Research paper thumbnail of A Theory of Conspicuous Consumption

This paper explains why some goods are purchased for conspicuous consumption at prices significan... more This paper explains why some goods are purchased for conspicuous consumption at prices significantly above producers' marginal costs. Moreover, it also explains the choice of goods that qualify for "conspicuous consumption" status. These results are obtained by modeling conspicuous consumption as a signaling game in which wealthy individuals signal their wealth to society in order to obtain higher social status. Conspicuous consumption is constrained by a discrete cost of display. This cost can be interpreted as arising from limited physical space, limited time for display, or both. We show that signaling by consuming a high-priced good can arise under general single-crossing property assumptions. We also derive the conditions under which consumers signal using price rather than quantity. Results show that the higher the cost of display, the more likely is the consumer to signal by purchasing high-price conspicuous goods. Moreover, the lower the free display space and time available, the higher the equilibrium price of the conspicuous-consumption good. Finally, it is shown that goods with higher variability of innate consumption utility in the cross-section of consumers are accepted as conspicuous goods at higher prices that those with lower variability.

Research paper thumbnail of A Study of Market-Wide Short-Selling Restrictions

SSRN Electronic Journal, 2000

This paper contributes empirical evidence to the ongoing debate on short sales. Our examination o... more This paper contributes empirical evidence to the ongoing debate on short sales. Our examination of how market-wide short-sale restrictions affect aggregate market returns focuses on two main questions: What is the effect of short-sale restrictions on skewness, volatility, the probability of market crashes, and liquidity? What is the effect on the market expected return or cost of capital? We report new data on the history of short-selling and put option trading regulations and practices from 111 countries, and create a short-selling feasibility indicator for the analysis of stock market indices around the world. We find that when short-selling is possible, aggregate stock returns are less volatile and there is greater liquidity. When countries start to permit short-selling, aggregate stock price increases, implying lower a cost of capital. There is no evidence that short-sale restrictions affect either the level of skewness of returns or the probability of a market crash. Collectively, our empirical evidence suggests that allowing short-selling enhances market quality.

Research paper thumbnail of Analyst Behavior

This paper examines whether the prohibition of selective disclosures to equity research analysts ... more This paper examines whether the prohibition of selective disclosures to equity research analysts mandated by Regulation FD alters the amount of information and the manner in which it is revealed to the market. We demonstrate that equity research analysts are more responsive to information contained in company- initiated disclosures after Reg. FD, suggesting that regulation has affected the importance of various channels of communication. We also present evidence consistent with the notion that managers use earnings guidance as a substitute for selective disclosure following the passage of Reg FD.

Research paper thumbnail of A Window into Thai Mutual Fund Managers’ Perception and Decision-Making Process

Review of Pacific Basin Financial Markets and Policies

This paper identifies key features of the Thai mutual fund industry and analyzes determinants of ... more This paper identifies key features of the Thai mutual fund industry and analyzes determinants of those characteristics using unique survey data from 45% of fund managers registered in Thailand in 2012. The Thai mutual fund industry has some unique characteristics. It has experienced rapid growth and is dominated by bank-related funds that are mostly fixed income funds. Equity allocation of the fund industry and our sample funds are below optimal allocation benchmarks. However, country-level allocation is close to optimal, suggesting that Thai investors who invest in equity prefer to do so directly rather than through equity mutual funds. Fund managers perceive that too much regulation, investors’ preference for deposits and insufficient liquidity limit growth in their equity investments. Managers in our survey indicate that investors do not consider expense ratio and management fee important in determining mutual fund investments. This is contrary to general investment recommendatio...

Research paper thumbnail of Fault diagnosis of flash ADC using DNL test

Test Conference, 1993. …, 1993

... DNL is defined as the difference between successive code edges and the mean code width.DNL is... more ... DNL is defined as the difference between successive code edges and the mean code width.DNL is usually expressed in units of Least Significant Bit (LSB). It is illustrated in Fig. 1. ... DNL at code k I 'k-1 'v, - Vin Figure 1: Transfer function of the 3-bit flash ADC show-ing DNL,. I I ...