Associate Professor of Finance

Department of Finance

Faculty of Business Administration

Chiang Mai University

Chiang Mai, 50200, Thailand

Tel: 66-53-942126-7

Fax: 66-53-892201

Email: ravi.l@cmu.ac.th

AREAS OF INTEREST

Research: IPOs, Analysts’ Recommendation, Behavioral Finance, Dividend, Asset Pricing Model, Insurance, Corporate Governance, Insurance and Risk Management, Sustainability Development, Gender Diversity, Internet Banking

Teaching: Investments, Corporate Finance, Fixed Income, Derivatives. Financial Research (Undergraduate/graduate)

EDUCATION

Chulalongkorn University      Finance                       1995-2000       DBA

(JDBA)

Chiang Mai University           MBA                           1990-1992       MBA

Chulalongkorn Universtiy      Chemical Engineer     1981-1985       B.Sc

CURRENT POSITION

Finance Lecturer, Department Head of Finance, and Master Degree Program Director (Master of Science in Finance), Department of Finance, Faculty of Business Administration, Chiang Mai University, Chiang Mai, Thailand

HONORS AND ACADEMIC AWARDS

Best Independent Advisor Award, Graduate School Chiang Mai University 2021.

Best Independent Advisor Award, Graduate School Chiang Mai University 2019.

Best Ph.D. Research Advisor Award, Graduate School Chiang Mai University 2018

SET Research Award 2018

SET Research Award 2016

Best Paper Award. BMRCI, conference, Chiang Mai, 2008

SET-UNET Fellowship, 2006

            ‘Gold’ Level Instructor, Stock Exchange of Thailand, 2005

            Best Independent Study Advisor, Chiang Mai University.2005

            AJF Award, Team prize, Equity Management Competition, 2004

AJF Award, First prize Fixed Income Management Competition, 2003

DISSERTATION

            Information Acquisition and Dissemination of the Initial Public Offerings: The case of the Thai Stock Market

WORK EXPERIENCE

Business Advisor

            Project Coordinator, Loxley Shoe Industries, Bankok Thailand.1989 – 1990.

            Chemical Engineer, Thanakorn Vegetable oil Co, Ltd. Samutprakarn, Thailand.1985 – 1988.

CONSULTING EXPERIANCE

            2013 – Present

Risk Management Committee of Pinkanakorn Public Company.  Chiang Mai Night Safari, Chiang Mai Auditorium.

2002

Consulting Team for the Project to revitalize SME in the northern part of Thailand.

ADEMIC EXPERIENCE

2016 – present Department Head of Finance, Faculty of Business Administration , Chiang Mai University, Chiang Mai 

2016 – present, Program Director (Master of Science in Finance), Chiang Mai University

2019    Committee of the International Conference on Banking and Finance (ICBF, 2019) March 29, 2019- April 1, 2019. Chiang Mai University, Chiang Mai, Thailand

2016    Director, Committee on the project for Chiang Mai University to co-hosting International Conference: – Cross Country Pacific Finance Conference, December 15-17, 2016. Chiang Mai University, Chiang Mai, Thailand

2015   Editor-in-chief, CMU Journal of Business: Academic business journal of the Business Administration Chiang Mai University

2015- Three weeks program as Exchange Researchers under the ATPAC (Associate of Thai Professor in America and Canada) Program in Texas A&M at Corpus Christi (TAMUCC)

2010- Fulbright Visiting Scholar- (research) in Washington State University. (During September 2010- February 2011)

2006-SET-UNET Fellowships, working with Thailand Securities Institute (TSI), the Stock Exchange of Thailand to develop a program to enhance financial literacy of Thai people

2010 – Present Associated Professor of Finance, Department of Finance and Banking, Faculty of Business Administration, Chiang Mai University, Chiang Mai, Thailand

2002 – 2010Assistant Professor of Finance, Department of Finance and Banking, Faculty of Business Administration, Chiang Mai University, Chiang Mai, Thailand.

1991 Lecture of Finance, Department of Finance and Banking, Payap University.  Chiang Mai, Thailand. 1991 – 2002

Part-time Lecturer, Thammasat University, Bangkok, Thailand, 2006.

Part-time Lecturer, Mae FahLuang University, Chiang Rai, 2005.

CISA licenses Instructor, Thailand Securities Institute. The Stock Exchange of Thailand. 2005, 2006.

2001 Visiting Scholar, United States Information Agency University Affiliates Project, Oregon’s Center for Asian and Pacific Studies and the Charles H. Lundquist College of Business, University of Oregon..

BOOKS/BOOK CHAPTER

            Fixed Income Investment Analysis. 2021. Accredited Investment and Securities Analyst (AISA). The Stock Exchange of Thailand

Financial Feasibility Study of Project. 2020. Chulalongkorn Publisher.

Sampet, J., Changchit, C. and Lonkani, R. 2020. A Comparative Study of Mobile Banking Adoption: An Analysis of Banking Customer in U.S. and Thailand. 2020. A book Chapter in “Novel Theories and Applications of Global Information Resource Management”. IGI Global Publisher. pp 109- 153.

Sampet, J., Changchit, C., & Lonkani, R. (2021). A Comparative Study of Mobile Banking Adoption: An Analysis of Banking Customers in U.S. and Thailand. In Management Association, I. (Ed.), Research Anthology on Concepts, Applications, and Challenges of FinTech (pp. 559-593). IGI Global. http://doi:10.4018/978-1-7998-8546-7.ch030

Firm Value: Theory and Empirical Evidence.2018, Chapter Firm Value, IntechOpen Publisher (Open access peer-reviewed chapter). Funding from Thailand Research Fund (TRF) book website:  http://mts.intechopen.com/articles/show/title/firm-value

Financial Derivatives: Theory and Application, 2018. The Stock Exchange of Thailand. (Forth Coming).

Learning about Financial Crisis, 2009. Se-ed Publishing.

Investment Analysis: Theory and Concept, 2007. (A translation text book from Investment by Bodie-Kane-Marcus). McGraw-Hill Publishing

CISA II, Equity Analysis, 2007, SET Publishing

CISA1 Part 2 Equity Analysis, 2005, SET Publishing

WORKING PAPERS

Thukphan, C., Lonkani R., and Treerotchananono, A.2018. Effect of MediaCoverage on the First-day Returns of Initial Public Offerings. Working Paper, Chiang Mai University.

Lonkani, R. 2017. Gender Diversity and Managerial Earning Forecasts Bias: Is Female Less Overconfidence than Male? Working Paper. Chiang Mai University.

Lonkani, R., Chaiprasit, Disakulnetivitya, P. 2015.Female in the Board and Firms’ Performance in Thailand. Working paper, BA-Chiang Mai University.

Lonkani R, 2012. IPOs: Two Markets, One Country. Working Paper Chiang Mai University

Changchit, C., Lonkani, R., and, Satjawathee, T. 2012. Announcement Effects of Winning Business Contract for Listed Companies in The Stock Exchange of Thailand. (Payap University Granted)

Bangmek, R., Lonkani,R., and Tungakejit, M. 2011. Corporate Social Responsibility Disclosure and Cost of Equity Capital: A Case of Security Exchange of Thailand. Chiang Mai, University

Limpaphayom, P. and Lonkani R. 2010. Does Corporate Governance matter for Consumers?-Working Paper, Chiang Mai University and Sasin University.

Lonkani R. and S. Ratchusanti. 2006. Complete Dividend Signal.

Lonkani, R. and Suwannapan, S. 2003. Stock Return Surrounding the  Silent Period Ending: The Case of Stock Exchange of Thailand. (CMU-granted)

Lonkani, R. and Hirunsri, P. 2002. Return Anomaly following the Recommendation of Finacial Analysts (PRDI granted, on-going)

Lonkani, R. and Firth, M. 2001. Accuracy of Profit forecast published in the offering prospectuses and return anomaly of initial public offerings: The case of the Thai stock market (Thailand Research Fund Granted, already published, ABR)

Lonkani R. and Tirapat, S. 2000. Foreign Behavior and and IPOs in Thailand.  The Eight Conference on Pacific Basin Finance, Economics and Accounting and The Second International Conference June 1.

PRESENTATION AT PROFESSIONAL MEETINGS

2017

The 2017 Cross Country Perspective in finance, June 23 – 25, 2017. Southwestern University of Finance and Economics. Chengdu, Sichuan, China. Oral Presentation for the paper Title “Gender Diversity and Managerial Earning Forecasts Bias: Is Female Less Overconfidence than Male?”

5th International Conference on Applied Business and Economic Research 20- 21 May 2017: Intercontinental Bali Resort. Indonesia. Oral Presentation for paper: Does Board Gender Diversity Affect Firm Performance?

2016

First World Congress and 2016 Asia Pacific DSI Conference. July 24 – 27, 2016. Beijing, China an Examination of Factors Influencing Mobile Banking Adoption in Thailand

2015

9^th Asia-Pacific Business Research Conference. 5-6 November, 2015 at Bayview Hotel Singapore. Presenter on the topic of ‘Sustainability Performances of Listed Firms in the Stock Exchange of Thailand’

            Sangvian academic workshop on the Thai Capital 23^th . November 03, 2015. Thammasat University, paper: “The Interrelation of Corporate Sustainability, Capital Structure, and Firm Value: Evidence from Thailand”

2014

14nd Thailand Research Fund Annual Conference. PatayaChonburi. Thailand. Oct. 23-24, 2014, Presenter on the topic of Corporate Sustainability of the Thai Listed Companies.

2nd International Conference on CSR & Sustainability Development. Jakarta Indonesia, 02-05 June 2014_Present on the topic of Accounting Conservatism and Corporate Governance.

            2013

IMF Meeting and Discussion on the topic of Thailand Perspectives, Asia Team. April 18, 2013

2013 49^th Annual Meeting of the Eastern Finance Association, April 11-13, 2013. TradeWinds Island Grand Resort, St. Pete Beach, Florida, USA. Initial Public Offerings: Two Markets, One Country (Presenter).

2012

International Academic Business and Economics 2012, October 14-17, The Circus Hotel Las Vegas, U.S.A. (Presenter)

2012 Bangkok International Business & Economics Conference held on March 12-14 at Anantara Bangkok Riverside Resort & Spa, Bangkok. (Presenter)

            2011

            Sangvian academic workshop on the Thai Capital 19^th . November 30, 2011. Thammasat University, paper: “Executive compensation and reinsurance demand in the U.S”. (With Gene Lai, Chia-Ling Ho,  andPimanLimpaphayom)

            2011 Asia-Pacific Risk and Insurance Association Congress to be held July 31 – August 3 at Meiji University, Tokyo.Present the paper “Executive compensation and reinsurance demand in the U.S”

2010

            2010 Academic of Financial Service meeting. October 9-11, 2011.Denver Coloardo. USA.

World Risk and Insurance Economics Congress. July 25-29, 2011 Singapore._presenter The relation between corporate governance and risk:

The case of insurance companies

2009

            1^st BMRC conference, March 2009, Chiang Mai. Presenter:-“Return of Initial Public Offering Stocks after the Expiration of Silent Period” Best Paper Award.

2007

12^thFinsia-Melbourne Centre for Financial Studies Banking and Finance Conference, Melbourne Australia, September 2007, paper:  “Complete Dividend Signal” (With SirikiatRatchusanti)

Statistics and Applied Statistics 2007 Annual Meeting Conference, Cha-am, PhetBuri, paper: “Complete Dividend Signal” (With SirikiatRatchusanti)

2006

Financial Management Association 2006 Meeting, Salt Lake City, Utah.  USA., paper: “The Value of Analysts’ Recommendations in the Thai Stock Market”. (With Anya Khanthavit and PornchaiChunnahachinda)

The 17^th Asian Finance Association Conference. Auckland, New Zealand. 12- 14 July 2006, paper: “The Value of Analysts’ Recommendations in the Thai Stock Market”.(With Anya Khanthavit and PornchaiChunnahachinda)

2005

Sangvian academic workshop on the Thai Capital 14^th . November 21, 2005. Thammasat University, paper: “The Value of Analysts’ Recommendations in the Thai Stock Market”. (With Anya Khanthavit and PornchaiChunnahachinda)

AnnualFA Annual Conference 2005. Hotel Ishtana.Kualalumper Malaysia, 11-13 July, paper: “The Accuracy of IPO Profit Forecasts in Thailand and their Relationship with Stock Market Valuation” (With Michael Firth)

2004

Sangvien academic workshop on the Thai Capital 13^th . November 22, 2004. Thammasat University, paper: “The Accuracy of IPO Profit Forecasts in Thailand and their Relationship with Stock Market Valuation”.

China International Conference in Finance, Shanghai, China, 8 –11 July, 2004, paper: “The Accuracy of IPO Profit Forecasts in Thailand and their Relationship with Stock Market Valuation”. (With Michael Firth)

2000

The Eight Conference on Pacific Basin Finance, Economics and Accounting and The Second ADSGM International Conference June 1, 2000. paper: “Foreign Behavior and  IPOs in Thailand”.(With Santi Tirapat)

 PUBLICATIONS

Jinkrawee, J., Lonkani, R., and Suwanaphan, S. 2021. A matter of others’ money: how cash holdings of other firms affect a firm cash holding?. International Journal of Emerging Markets. Printed online December 2021

Thunyachai, S., Lonkani, R., and Theeranuphattana,  A. 2020. Lean Systems Practice on Firm’s Performance. Business Review (12): 98-112.

Chaiwut, A., Lonkani, R., and Suwanaphan, S. 2020. Reputation of external directors, auditors and earning management. International Journal of Business and Globalization 25 (1): 73-94.

Lonkani, R., Changchit, C., Klaus, T., and Sampet, J. 2020. A comparative Study of Trust in Mobile Banking. Journal of Global Information Management 28 (4): 95-119. Q2 Scimago ranking.

Changchit, C., Klaus, T., Lonkani, R., and Sampet, J. 2019. A Cultural Comparative Study of Mobile Banking Adoption Factors. Journal of Computer Information Systems.60(5) 484-494.

Lonkani, R. 2019. Gender Differences and Managerial Earnings Forecast Bias:

              Are Female Executives Less Overconfident than Male Executives? Emerging Markets Review 38: 18 – 34. (Q1:Ranking A, H: 39).

Thukphan, C., Lonkani, R., and Treerotchananon, A. 2019. Effect of Media Coverage on the First-day Returns of Initial Public Offerings. Chulalongkorn Review 41.

Intallang, P., Lonkank, R., and Sukthomya, D. 2018. Implied Cost of Capital Estimation: Evidence from the Stock Exchange of Thailand. Journal of Management 14: 88 – 106.

Changchit, C., Cutshall, R., Lonkani, R., Pholwan, K., Pongwiritthon, R. “Determinants of Online Shopping Influencing Thai Consumer’s Buying Choices,” Submitted to Journal of Internet Commerce 18; 1-23.Ranking “B” in the ABDC list)

Chaiwut, A., Lonkani, R., Tangsomchai, C., and Suwanaphan, S. 2018. Reputation of External Directors, Auditors and Earning Management. International Journal of Business and Globalization Forth coming.

Siripin, N., and Lonkani, R. 2017. Dynamic Structure of Stocks in the SET100 Index of The Stock Exchange of Thailand During the Subprime Crisis. Nida Business Journal 21:90-108. TCI_tier1

Changchit, C., Lonkani, R., and Sampet, J.2017. Mobile Banking: Exploring Determinants of Its Adoption. Journal of Organizational Computing and Electronics Commences(27) 3, 239-261.

Changchit, C., Lonkani, R., and Sampet, J. 2018. Determinants of Mobile Banking Adoption: A comparative Study between U.S. and Thailand. Journal of Global Information Management 26 (4), 27.

Lonkani, R., Chaiprasit, K., and Diskulnetivitya, P. 2017. Does Board Gender Diversity Affect Firm Performance? Empirical Evidence from Thailand. International Journal of Applied Business And Economics Research,6: 81 – 98.

Lonkani, R., Khonkham, K., and Pansrivong, A. 2017. Investment Performance of Value Stock in The Stock Exchange of Thailand. Chulalongkorn Business Review, 39.

Sukhahuta,D., Lonkani, R., Tangsomchai, C.,  and Sampet, J. 2016. Effect of Corporate Governance on Relationship between CEO Power and Cost of Equity. The Social Sciences, 11: 4272-4284.DOI: 10.3923/sscience.2016.4272.4284

Bangmek, R., Lonkani, R., Tangeakchit, M., and Sarapaivanich, N. 2016. Accounting Conservatism and Management Earning Forecast Errors of Listed Companies in Thailand. Thammasat Business Journal, 39 (152): 72 -93

Bangmek, R., Lonkani, R., Tangeakchit, M., and Sarapaivanich, N. 2016. Conditional Conservatism and Reactions of Equity Investors on Management Earning Forecasts of Firms in Thailand. Asian Journal of Business and Accounting 9(2): 73 – 99.

Lonkani, R., and RatchaneeyaBangmek. 2013. Effect of Corporate Social Responsibility Disclosure on Stock Returns in Thailand. International Research Journal of Finance and Economics,113;124-135.

Lonkani, R., and DuangnapaSukhahuta. 2013. The Relationship between Executive Compensation, Employee Compensation and Firm Value. European Journal of Economics Finance and Administrative Sciences, 59, 127-139.

Lonkani, R., T. Satjawathee., and KandiahJegasothy. 2013. Selectivity and Market Timing Performance in a Developing Country’s Fund Industry: Thai Equity Fund Case. Journal of Applied Finance & Banking 3: 89-108.

Lonkani, R., Changchit, Chuleeporn, and TheeralakSatjawathee. 2012. Examining the Effects of Business Contract Announcements on Stock Prices in Thailand. International Research Journal or Finance and Economics July 93, 67-83.

Lonkani, R., A. Khanthavit., and P. Chunhachinda. 2009. The Value of Analyst’s Recommendation in the Thai Stock Market. International Research Journal of Finance and  Economics 36.

Kitivong, V., R. Lonkani, and A., Aekasing. 2008. Relationship Between Auditor Opinion, Auditor changes and Earning Management of the Companies. Chulalongkorn Review 20: 46 – 68.

Lonkani, R., and S. Ratchusanti. 2007. The Complete Dividend Signal. NIDA Business Journal. 2: 104 -119.

Thaiprasert, P., R. Lonkani, and P.Disakulnetivit.2006. The Accuracy of Earning Forecast and its determinants. Chulalongkorn Review 18: 40 -58.

Chumintajak, M., R. Lonkani, and B. Pruksikanondha. 2005. Overreaction in the Thai Stock Market: The case of  1-day price changes 17: 56-69.

Lonkani, R. and M. Firth. 2005. The accuracy of IPO earning forecasts in Thailand and their relationships with stock market valuation. Accounting and Business Research. Vol. 35 : 269-286.

Lonkani, R. 2004. Value at Risk. University of Thai Chamber of Commerce 21: 151:160

Lonkani R. 2001. Options and their applications. Journal of Economics Payap University 1: 38-47.

Lonkani, R. 2000. The Dividend Puzzle Apheit Journal 7:35-40.