รศ.ดร.ณัฐวุฒิ เจนวิทยาโรจน์ , CFA




Office Hours : Mon 9.00-16.00

Email :

Tel. : 02-727-3988




































































  • Chartered Financial Analyst, CFA
  • Ph.D. in Finance, Nanyang Technological University, Singapore, 2007
  • M.S. in Finance, Chulalongkorn University, Thailand, 1998
    B.Eng., Civil Engineering, Chulalongkorn University, Thailand, 1994


  • Assistant Professor: NIDA Business School, National Institute of Development Administration, Thailand, 2015-Current
  • Assistant Professor: Department of Banking and Finance, Faculty of Commerce and Accountancy, Chulalongkorn University, Thailand, 2007-2015


  • BA 7401 ตราสารอนุพันธ์ทางการเงิน (Financial Derivatives)
  • BA 7406 การวิเคราะห์การลงทุนและการจัดการลงทุน (Investment Analysis and Portfolio Mgt)
  • BA 7408 ตลาดการเงินและสถาบันการเงิน (Financial Markets and Institutions)
  • BA 7500 การศึกษาความเหมาะสมของโครงการ (Feasibility Study)
  • BA 8880 การศึกษาเฉพาะเรื่องทางบริหารธุรกิจ - พฤติกรรมการเงินกับการลงทุนอย่างคุ้มค่า (Behavioral Finance and Value Investing)
  • BA 9000 การค้นคว้าอิสระ (Independent Study)


Research Papers (in English)

  • Jenwittayaroje, N., 2021, "Testing weak-form market efficiency in the Stock Exchange of Thailand ", Global Business and Economics Review, Vol. 24(3), 211-224.
  • Jenwittayaroje, N., and Jiraporn, P., 2019, "Do independent directors improve firm value? Evidence from the great recession", International Review of Finance, Vol.19(1), 207-222.

  • Jenwittayaroje, N., Apirattanapimolchai, A., and Koowattanatianchai, N., 2019, "Asymmetry of the Announcement Effects of Credit Rating Adjustments in the Stock Exchange of Thailand: Does Industry Group Matter?" 2019 NIDA International Business Conference.

  • Koowattanatianchai, N., Jenwittayaroje, N., and Apirattanapimolchai, A., 2017, "The extent to which earnings are manipulated in the financial sector of the Stock Exchange of Thailand and its exogenous macroeconomic factors." 2017 NIDA International Business Conference.

  • Jenwittayaroje, N., Charoenwong, C., Ding, D., and Yang, Y.C., 2015, “Trading Costs on the Stock Exchange of Thailand”, International Review of Financial Analysis, Vol.41, 31-40.

  • Nattawut Jenwittayaroje, 2013, “Determinants of Order Submissions: Evidence from Various Investor Groups in the Stock Exchange of Thailand, NIDA Business Journal, No.13 (November 2013) page 71-102.

  • Charoenwong, C., Ding, D., and Jenwittayaroje, N., 2010, “Price Movers on the Stock Exchange of Thailand: Evidence from a Fully Automated Order-Driven Market”, Financial Review, Vol.45, 761-783.

  • Charoenwong, C., Jenwittayaroje, N., and Buen Sin, L., 2009, “Who Knows More about Future Currency Volatility?”, Journal of Futures Markets, Vol.29, No. 3, 270-295.

Research Papers (in Thai)

  • Nattawut Jenwittayaroje, 2022, “The Price Response to SET 50 Index Additions and Deletions: Recent Empirical Evidence”, Forthcoming in Kasetsart Applied Business Journal, Vol. 17, Issue 26.
  • Nattawut Jenwittayaroje, 2020, “Return Behavior of the Individual Stocks: An Empirical Test on the Weak-Form Efficiency of SET50 and SET100 Stocks on the Stock Exchange of Thailand”, Kasetsart Applied Business Journal, Vol. 14, Issue 20, page 78-96.

  • Nattawut Jenwittayaroje, 2020, “The Long-Run Returns and Risks of Various Asset Classes: Evidence from Thailand’s Financial Markets”, Development Economic Review, Vol. 14(2), page 48-74.

  • Nattawut Jenwittayaroje, 2019, “The Study of Monday Effect in the Stock Exchange of Thailand”, NIDA Business Journal, Vol. 25, page 158-172.

  • Nattawut Jenwittayaroje, 2019, “The Study of the Profitability of Practical Sell in May and Go Away Trading Strategies in the Stock Exchange of Thailand”, NIDA Business Journal, Vol. 24, page 180-195.

  • Nattawut Jenwittayaroje, 2018, “Trading Costs of Active Versus Inactive Stocks in the Stock Exchange of Thailand”, Applied Economics Journal, Vol. 25(1), June, page 98-116.

  • Nattawut Jenwittayaroje, 2018, “Returns and Their Persistence from Investing in Active Long-Term Equity Funds and Active Equity Retirement Funds”, NIDA Business Journal, Vol. 22, page 61-86.

  • Nattawut Jenwittayaroje, 2017, “The Performance and Its Persistence of Thailand Equity Mutual Funds from 1995 to 2014, Chulalongkorn Business Review, Vol. 39(2), Issue 152, page 57-89.

  • Nattawut Jenwittayaroje, 2017, “The Study of Sell in May in the Stock Exchange of Thailand”, NIDA Business Journal, Vol. 20, page 117-132.

  • Morakot Chanintaranurak, Nattawut Jenwittayaroje, and Thaisiri Watewai, 2011, “Price and Volume Effects Associated with SET50 Index Composition Changes”, Chulalongkorn Business Review, Vol. 33(3), Issue 129, page 1-24.


Academic Papers (in English)

  • Nattawut Jenwittayaroje. “Index Effects: A Review and Comments.” Chulalongkorn Business Review 36, No. 140 (April – June 2014) page 1-15.

Areas of Interest

  • Behavioral Finance
  • Derivatives/Financial Risk Management
  • Investment Analysis
  • Market Microstructure
  • Mutual Funds
  • Wealth Management


 Nattawut Jenwittayaroje, 2020, “Behavioral Finance”, Chulalongkorn University Press, Bangkok, ISBN: 978-616-565-791-4.


2559 ผลการดำเนินงานและความต่อเนื่องของผลการดำเนินงานของกองทุนรวมตราสารทุนในประเทศไทยในช่วง 1995 - 2014, คณะบริหารธุรกิจ

2558 การวิเคราะห์ต้นทุนการซื้อขายหลักทรัพย์ในตลาดหลักทรัพย์แห่งประเทศไทย, Trading Costs on the Stock Exchange of Thailand , คณะบริหารธุรกิจ

2558, การวิเคราะห์ต้นทุนการซื้อขายหลักทรัพย์ในตลาดหลักทรัพย์แห่งประเทศไทย , Trading Costs on the Stock Exchange of Thailand, International Review of Financial Analysis