KEY POINTS
- SET and CMDF organized the “Capital Market Research Award in Equity Market,” drawing 27 research submissions, with nine shortlisted for presentation and seven receiving awards.
- A lecturer from the Faculty of Commerce and Accountancy at Chulalongkorn University won the Best Paper Award for research on the relationship between ESG performance and Thai stock returns.
- The official award ceremony will be held by CMDF on September 9, 2026.
The Stock Exchange of Thailand (SET), in partnership with the Capital Market Development Fund (CMDF), launched the “Capital Market Research Award in Equity Market,” opening the project to research submissions from the public. The initiative reflects SET’s vision “The Trusted Gateway to Inclusive Opportunities” and aims to drive high-quality capital market research toward real-world application. The project drew 27 submissions from researchers in Thailand and abroad, with nine advancing to the presentation round and seven papers receiving awards at the presentation held on July 22, 2026.
SET Executive Vice President and Head of Research Department Chatchai Thisadoldilok stated, “Quality research delivers greater value when translated into real-world practice. The project serves as a platform connecting researchers with capital market practitioners to help turn knowledge into action and contribute to the sustainable growth of Thailand’s capital market.”
CMDF President Jakchai Boonyawat said CMDF is committed to supporting high-quality capital market research that generates new insights tailored to Thailand’s capital market, while creating opportunities to be shared and further developed for broader benefit.
Kiatnakin Phatra Securities Head of Investment Solutions Jon Wongswan said the finalists’ papers are of high quality with clear potential for practical application in Thailand’s capital market, a key driver for the market’s long-term, sustainable growth.
This year’s selection was conducted by distinguished judges representing a diverse range of sectors, including listed companies, securities firms, institutional investors, and sustainability experts. The judges evaluated submissions based on criteria centered on their benefit to the capital market. A total of seven awards were presented, as follows:
- Best Paper Award (1 Award)
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- Research Title: “Are ESG Ratings Noisy for Stock Returns? Evidence from Thailand Stock Market” presented by Assistant Professor Dr. Wasin Siwasarit, Faculty of Commerce and Accountancy, Chulalongkorn University.
- Outstanding Paper Award (2 Awards)
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- Research Title: “Revisiting ESG as a Risk Factor: Evidence from ASEAN Stock Exchanges” presented by Assistant Professor Dr. Suntharee Lhaopadchan, Faculty of Liberal Arts and Management Science, Kasetsart University, Sriracha Campus.
- Research Title: “Do Executives Walk Their ESG Talk? Forward-Looking ESG Signaling from Thailand’s Opportunity Day” presented by Associate Professor Dr. Patipan Sae-Lim, Graduate School of Management and Innovation, King Mongkut’s University of Technology Thonburi.
- Runner-up Award (4 Awards)
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- Research Title: “AI-Driven ESG Disclosure Scoring for Thai Listed Firms: LLM-Based Text Extraction, Machine Learning Prediction, and Explainability for Capital Market Use” presented by Dr. Parisa Jindaluang, School of Accounting, Bangkok University.
- Research Title: “Director Remuneration and Gender Pay Gap in Family and Non-Family Listed Firms in Thailand” presented by Assistant Professor Dr. Suntharee Lhaopadchan, Faculty of Liberal Arts and Management Science, Kasetsart University, Sriracha Campus.
- Research Title: “Gender differences and managerial earnings forecast bias: Are female executives less overconfident than male executives?” presented by Associate Professor Dr. Ravi Lonkani, Chiang Mai University Business School.
- Research Title: “Not size but attributes: the relationship between board attributes and cash holdings,” presented by Associate Professor Dr. Ravi Lonkani, Chiang Mai University Business School.
The presented papers span key areas including product development, regulatory oversight, investment decision-making, and sustainability of Thailand’s capital market. Awards will be presented at the “CMDF/CMRI Capital Market Research Symposium 2026” on September 9, 2026, where the public is invited to attend the Best Paper Award presentation.
