The Thai Bond Market’s Behavior in the Time Surrounding Military Coups
Keywords:Bootstrapping, Event study, Military coups, Thai bond market
The behavior of the Thai bond market in the time surrounding the 2006 and 2014 military coups is examined using the event-study method. Unlike the stock and foreign exchange market results, the bond market results are not affected by possible crony capitalism and seasonal international trade demands. Most variables, except for the 2014 abnormal return, reacted positively to these coups. Foreign investors did not panic; they were net buyers even before the coup occurrence dates. The behavior of returns and net foreign volume before the occurrence dates suggests leakage of the information about the planned coups.
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