The Information Content of Stock Market Flows: Evidence from Thailand
Bibliographic record
Abstract
This paper studies the impact of Thai stock market (SET) by examining the return-volume relation and the weekly volatility-volume relation, started 2003–2014. The results show that there is a positive relation in return-volume relation; although, there is a negative relation of volatility-volume. In addition, we differentiate the impact of fund inflow and outflow for each individual groups, including foreign, local and institution investors for finding the relations between fund flow and market return, between fund flow and market volatility. The analysis shows that only foreign investor impacts to stock market in both of trading-return relation and trading-volatility relation. There is a positive relation with market return, but has a negative relation with market volatility. However, it depends on direction of fund flow. Fund inflow has positive relation in market return while outflow has negatively. On the other hand, in part of trading-market volatility, the larger of cash outflow, the more volatility is the market.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.006 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.003 | 0.003 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.002 | 0.001 |
| Open science | 0.000 | 0.001 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.002 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".