The comparison of risk and rate of return in the Market for Alternative Investment (MAI) by using CAPM: The case study of YUASA, BOL, PHOL, BROOK, TRC and TRT

Abstract

This research the comparison of risk and rate of return on the security in the market for alternative investment by CAPM : The case study of YUASA, BOL, PHOL, BROOK, TRC and TRT has objective to comparison study risk and compensation has acquired by in the MAI Market, risk and compensation has acquired of market, and to comparison study of anticipated compensation and incurred compensation under model of Capital Asset Pricing Model : CAPM, and compensation of security in the MAI Market, for 6 securities. For example, Yuasa Battery (Thailand) Public Company Limited (YUASA), Business Online Public Company Limited (BOL), Phol Dhanya Public Company Limited (PHOL), The Brooker Group Public Company Limited (BROOK), TRC Construction Public Company Limited (TRC), and Tira Thai Public Company Limited (TRT) This study has started from 1 January, 2011 until 31 December, 2012, tool of this study is analysis from CAPM theory (Capital Asset Pricing Model). Result of study found that risk of security in the MAI Market, all of these are higher risk than market risk. For rate of compensation compared with risk in the MAI Market, has divided into 2 groups; security is higher compensation than market have 4 security is YUASA, PHOL, BOL and TRC and lower than market have 2 securities, TRT and BROOK. Comparison beta-coefficient of security all has Coefficient;  is positive. Namely, rate of compensation of security is changing in same direction with rate of compensation of market. From division risk found that all of securities has risk is less system than risk of non-system, when lead incurred rate of compensation (Ri) with rate of compensation has anticipated as theory CAPM (E(Ri)) was compared. Appeared that security had decision by investor has 4 securities; YUASA, BOL, BROOK, and TRC security is not decision for 2 securities are PHOOL and TRT.