CV

I teach Finance at Chulalongkorn Business School in Thailand. Sample classes are available on my YouTube channel, ajarnpai.

My research combines the empirical methods of corporate finance and asset pricing literature to investigate contemporary issues from new angles. The research portfolio includes decentralized finance (financial services built on blockchain infrastructure), factor investing, asset pricing, and investment management (security design, performance, frictions, and conflicts of interest).

My current research projects include corporate debt, factor investing, spatial analytics, and FinTech.

LinkedIn: https://www.linkedin.com/in/ksaengchote/

Work Experience

Chulalongkorn Business School

Associate Dean for Research Affairs September 2024 – present
Director, MBA Program (Regular and English) July 2019 – September 2024
Director, Office of International Affairs May 2023 – September 2024
Associate Professor June 2019 – present
Assistant Professor February 2017 – June 2019
Lecturer August 2014 – February 2017

Bank of Thailand

Member of Payment Systems Committee July 2024 – present
Research Fellow at Puey Ungphakorn Institute for Economic Research October 2018 – present

Stock Exchange of Thailand

Advisor January 2021 – present

Federal Reserve Bank of Chicago (USA)

Graduate Research Intern August 2012 – December 2013

Fiscal Policy Research Institute (Thailand)

Economist February 2005 – June 2006

Education

Kellogg School of Management, Northwestern University (USA)

PhD in Finance, 2014
Dissertation: Essays in Real Estate Finance
Supervisor: Prof. Mitchell Petersen

Sasin School of Management, Chulalongkorn University (TH)

MBA in Finance and Marketing, 2008
GPA 4.0, Director’s Award

London School of Economics and Political Sciences (UK)

BSc in Economics, 2004
First Class Honours, CS McTaggart Prize and Economics Department Prize

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Publications

Digital Assets and DeFi

• Saengchote, K. and Samphantharak, K. (2024). Digital Money Creation and Algorithmic Stablecoin Run. Finance Research Letters, 64, June 2024, 105435. (SSCI, Scopus Q1 2023).
• Nakavachara, V., Ratanabanchuen, R., Saengchote, K., Amonthumniyom, T., Parinyavuttichai, P. and Vinaibodee, P. (2024). Do people gamble or invest in the cryptocurrency market? Transactional-level evidence from Thailand. Volume 41, March 2024, 100895. (SSCI, Scopus Q1 2023).
• Saengchote, K., Putniņš, T. and Samphantharak, K. (2023). Does DeFi Remove the Need for Trust? Evidence From a Natural Experiment in Stablecoin Lending. Journal of Behavioral and Experimental Finance, Volume 40, December 2023, 100858. (SSCI, Scopus Q1 2022).
• Saengchote, K. (2023). Decentralized lending and its users: Insights from Compound. Journal of International Financial Markets, Institutions and Money, Volume 87, September 2023, 101807. (SSCI, Scopus Q1 2022).
  Presented at the 4th UWA Blockchain and Cryptocurrency (2021) and the 2022 NYU FinTech Conference.
• Nakavarachara, V. & Saengchote, K. (2022). Does unit of account affect willingness to pay? Evidence from metaverse LAND transactions. Finance Research Letters, 49, 103089. (SSCI, Scopus Q1 2021).

Factor Investing

• Charoenwong, B., Nettayanun, S., & Saengchote, K. (2021). Digesting anomalies: A q-factor approach for the Thai market. Pacific-Basin Finance Journal, 69, 101647. (SSCI, Scopus Q2 2020)
• Amatachaya, S., & Saengchote, K. (2020). Organization Capital and Expected Returns in Service and Non‐Service Firms: Evidence from Thailand. International Review of Finance, 20(2), 505-513. (SSCI, Scopus Q2 2018)
• Saengchote, K., & Wongkaew, W. S. (2017). Analysis of Relationship between Lean Inventory and Firm Performance: Evidence from the Stock Exchange of Thailand. Chulalongkorn Business Review, 39(2), 122-156. (TCI Q1)
• Saengchote, K. (2017). The low-risk anomaly: Evidence from the Thai stock market. Asian Academy of Management Journal of Accounting & Finance, 13(1). (ESCI, Scopus Q4 2017)
• Saengchote, K. (2016). Empirical asset pricing: Applications in academic research. Chulalongkorn Business Review, 38(2), 149-171. (TCI Q1)

Investment Management

• Ratanabanchuen, R., & Saengchote, K. (2021). Chasing Returns with High-Beta Stocks: Evidence from Tax-Privileged Mutual Funds in Thailand. Economics and Business Letters, 10(1), 37-44. (ESCI, Scopus Q3 2019)
• Saengchote, K., & Sthienchoak, J. (2020). Strategic participation in IPOs by affiliated mutual funds: Thai evidence. Pacific-Basin Finance Journal, 63, 101427. (SSCI, Scopus Q2 2019)
• Ratanabanchuen, R., & Saengchote, K. (2020). Institutional capital allocation and equity returns: Evidence from Thai mutual funds’ holdings. Finance Research Letters, 32, 101085. (SSCI, Scopus Q2 2018)

Household and Real Estate Finance

• Saengchote, K. (2024). Developers’ leverage, capital market financing, and fire sale externalities. Finance Research Letters, 49, 105335. (SSCI, Scopus Q1 2023).
• Saengchote, K. & Samphantharak, K. (2022). Banking Relationship and Default Priority in Consumer Credit: Evidence from Thai Microdata, Emerging Markets Review, Volume 52, September 2022, 100904. (SSCI, Scopus Q1 2021) Recipient of NRCT Research Award 2024.
• Sthienchaok, J. & Saengchote, K. The Role of Institutional Investors in Thai REITs, with Jananya Sthienchoak, Chulalongkorn Business Review, 43(1) Issue 167, January – March 2021, Pages 38-58. (TCI Q1)
• Saengchote, K., & Charoenpanich, C. (2021). Cash flow uncertainty and IPO underpricing: Evidence from Thai REITs. Journal of Property Investment & Finance, Vol. 39 No. 6, pp. 590-608. (ESCI, Scopus Q1 2019)
• Saengchote, K. (2020). Quantifying Real Estate Externalities: Evidence on the Whole Foods Effect. Nakhara: Journal of Environmental Design and Planning, 18, 37-46. (Scopus Q2 2021)
• Saengchote, K., & Tirapat, S. (2017). What happens when we forget? The effect of removing adverse information on access to credit. Economics Letters, 151, 96-99. (SSCI, Scopus Q2 2017)

Applied Microeconomics

• Sathaworawong, P., Thawesaengskulthai, N., & Saengchote, K. (2018). Determinant of Startups’ Fund-raising Value: Entrepreneur and Firm Characteristic. In 2018 IEEE International Conference on Industrial Engineering and Engineering Management (IEEM) (pp. 1309-1314). IEEE.
• Saengchote, K., & Nakavachara, V. (2018). Are consumers forward looking? Evidence from used iPhones. Applied Economics Letters, 25(13), 905-909. (SSCI, Scopus Q3 2018)
• Noparumpa, T., & Saengchote, K. (2017). The impact of tax rebate on used car market: Evidence from Thailand. International Review of Finance, 17(1), 147-154. (SSCI, Scopus Q3 2017)

Working Papers

Digital Assets and DeFi

• Saengchote, K. (2023). Blockchain Banks and the Global Systematically Important Protocol (G-SIP) Framework. With funding support from the PIER Research Grant (2022). Presented at The International Society for the Advancement of Financial Economics Conference 2024 and the 6th UWA Blockchain and Cryptocurrency (2024).
• Saengchote, K., Voraprapa, M. and Xu, Y. (2023). Capitalising the Network Externalities of New Land Supply in the Metaverse.
• Saengchote, K. (2022). Money, Contract, and Stablecoin. Presented at the Bank of Thailand Symposium 2022.
• Saengchote, K. (2022). Cryptocurrency Bubbles, the Wealth Effect, and Non-fungible Token Prices: Evidence From Metaverse LAND. Best paper award, presented at SEC Capital Market Symposium 2022.
• Nakavarachara, V. and Saengchote, K. Is Metaverse LAND a good investment? It depends on your unit of account!
• Saengchote, K. (2021). Where do DeFi Stablecoins Go? A Closer Look at What DeFi Composability Really Means. Presented at Vietnam Symposium in Banking and Finance, 2021.
• Saengchote, K. (2021). A DeFi Bank Run: Iron Finance, IRON Stablecoin, and the Fall of TITAN. Featured in Smart Contract Research Forum (SCRF) Research Pulse Issue #3 07/26/21.

Investment Management and Financial Markets

• Limwattananukul, T. and Saengchote, K. (2024). Does observability of downgrade risk matter for corporate investment? Best paper award, presented at SEC Capital Market Symposium 2024.
• Kedvarin, S. and Saengchote, K. (2023). Social media influencers: Evidence from YouTube and cryptocurrencies. Outstanding paper award, presented at SEC Capital Market Symposium 2024.
• Saengchote, K. (2021). The Tesla Effect and the Mispricing of Special Purpose Acquisition Companies (SPACs).

Factor Investing

• Saengchote, K., Chuthanondha, S. and Nettayanun, S. (2024). Share pledging and asset prices: Evidence from the Thai stock market. Best paper award, presented at SEC Capital Market Symposium 2024.
• Voratavornviwat I. and Saengchote, K. (2023). A study of potential factor investing strategy from ESG and intangible capital in Thailand. Best paper award, presented at SEC Capital Market Symposium 2023.
• Saengchote, K. and Nettayanun, S. (2024). Are value premiums driven by behavioral factors? Best paper award, presented at SEC Capital Market Symposium 2022.
• Saengchote, K. (2021). New Evidence on the Value Premium in Thailand.
• Saengchote, K. (2020). Profitability, Investment and Asset Pricing: Reconciling the Valuation and the q-Theory Approaches in the Thai Stock Market (No. 124). Puey Ungphakorn Institute for Economic Research.

Household and Real Estate Finance

• Saengchote, K., & Samphantharak, K. (2020). Delinquency Priority in Consumer Credit: Evidence from Thai Microdata (No. 135). Puey Ungphakorn Institute for Economic Research. With funding support from the PIER Research Grant (2018)
• Saengchote, K. (2014). Recourse to Non-Housing Assets and Mortgage Credit Supply. Available at SSRN 2424043. part of doctoral dissertation
• Saengchote, K. (2013, October). Soft information in the subprime mortgage market. In 26th Australasian Finance and Banking Conference. Part of doctoral dissertation

Classes and Trainings

Public Seminar

• Sustainable investing in Thailand: Patterns and preferences. Joint research between SEC, SET, and CBS. Presented at SEC Capital Market Symposium 2024.
• Keynote: Blockchain and Finance. CBS-NBS Research Day 2024.
• Environmental debt and climate adaptation. Research at the Bank of Thailand Symposium 2024.
• SEC Thailand’s Data Analysis for CDA Supervision. A joint presentation with Thailand SEC at the 26^th IOSCO Seminar Training Program (2024): Regular and Supervision of Crypto and Digital Asset Markets.
• Money, Contract, and Stablecoin. Research presentation and discussion at the Bank of Thailand Symposium 2022.
• ประเด็นสำคัญของเทคโนโลยีบล็อกเชนเพื่อบริษัทจดทะเบียน Digital Asset กับโอกาสเติบโตทางธุรกิจ (New S-Curve) ของบริษัทจดทะเบียน ห้องเรียนบริษัทจดทะเบียน ตลาดหลักทรัพย์แห่งประเทศไทย. June 2022.
• Future of Money. Keynote talk at 15th National Conference of Economists, Khon Kaen University. June 2022.
• DeFi พร้อมเป็นระบบการเงินเต็มรูปแบบแล้วหรือยัง? PIER Research Brief ครั้งที่ 3/2565. June 2022.
• Factor Investing at SEC Symposium 2020 (1:24:30)
• Digital assets in Thailand: Insights from transaction-level exchange data at SEC Symposium 2021 (with Roongkiat Ratanabancheun, Voraprapa Nakavachara, Polpatt Vinaibodee, Pongsathon Parinyavuttichai, Thitiphong Amonthumniyom)

Online Classes

• Decentralized Finance (DeFi)
• MSF: Seminar in Finance
• BBA: Business Finance
• BBA: Real Estate Finance
• Essential Finance for SMEs by SPACE
• MBA pre-course: Time Value of Money
• MBA: Private Equity and Venture Capital
• MSF: Guide to Empirical Research in Finance
• Corporate Finance Series
• Econometrics Series
• เรื่องนั่นเรื่องหนี้

Executive Education

Selected clients: Securities and Exchange Commission, PTT, Airports of Thailand, Thai Airways International, Central Group, Minor International, Gulf Energy Development, PTG Energy, HomePro, Millcon Steel, Sumitomo Mitsui Banking Corporation, United Overseas Bank, Bank of Ayudhya, Kiatnakin Bank, Government Savings Bank, Association of Provident Funds (AOP), XSpring Asset Management

Graduate Level

• 2604505 Financial Strategy (MBA)
• 2604649 Venture Capital (MBA)
• 2604696 Practical Corporate Financial Modeling (MS Finance)
• 2604863 Empirical Methods in Finance (PhD Finance)

NIDA Business School

• BA8002 Fixed Income Securities and Alternative Investment (MS Financial Investment and Risk Management)
• BA8009 Seminar in Finance (MS Financial Investment and Risk Management)
• BA8448 Empirical Research in Finance (PhD Business Administration)

Undergraduate Level

• 2604361 Business Finance
• 2604433 Real Estate Finance
• 2604420 Current Issues in Finance

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Consulting projects

• Faculty of Dentistry, Chulalongkorn University (2023)
• Industry Research on Non-Bank Financial Institutions and Title Loan Companies, a Thai bank (2020)
• Development of Industry Rating Model, a Thai bank (2019)
• Real Estate Data Analytics, Baania (2018 – 2021)
• Finance Expert, Urban Design and Development Center (2017 – present)
• Business Consultation, a Thai telecom company (2015)
• Consultation on Commercial Land Development Master Plan, PMCU (2014)

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Skills

Proficiency in statistical and BI software

Stata, R, SAS, SQL, PowerBI, Google Data Studio

Experience with financial databases

Ethereum-based Blockchains, Refinitiv Datastream, SDC Platinum, Morningstar, Bloomberg, Setsmart, CRSP, Compustat, CoreLogic Dataquick, DealScan, Mergent, TRACE

Financial modeling

Corporate valuation, private equity (LBO, growth, venture capital), real estate valuation

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