Business experts, academics urge better cooperation between education, business
May 20, 2014 00:00 By Erich Parpart
Representatives of the educational and business sectors agree that greater cooperation between them is needed to drive the future of the capital market.
Charamporn Jotikasthira, president of the Stock Exchange of Thailand, said academic research was vital to the development of educational quality, of the country, and of business, all of which are needed in an increasingly competitive world.
He said the SET had a vast amount of data on the behaviour of investors and traders that could be used by students and academics to come up with analysis and research that could be used to develop new products that better suited the needs of investors.
“The market has the responsibility to introduce new products, and we have a vast amount of information that can shared. And since the educational sector is better at analysing these data, it is no surprise that the corporate and educational [sectors] will have to work together for the development of the capital market.”
Pattera Dilokrungthirapop, chief executive officer of DBS Vickers Securities (Thailand), said there was a greater need for research and development nowadays since the market, products and investors were becoming much more complex than before.
“Thai investors do not like risks, and it is up to the market and securities companies to come up with various new products to comply with such needs,” she said.
Nada Chunsom, dean of the Graduate School of Development Economics of the National Institute of Development Administration, said greater collaboration was needed between the private and educational sectors to showcase the results of students’ research in order for it to be used in real-life situations.
“Research is being done constantly, but the problem is that it has not been put to use, since the stakeholders can’t see it because of low levels of exposure and limited access to the research papers,” she said. “We have the resources and we have the workforce, but we need a stage to showcase our results.”
Nada suggested that more forums should be introduced by the private sector to showcase such research results to stakeholders. She also urged the private sector to collaborate with the educational sector from the beginning instead of merely providing analysis once the research is done.
She said one way for the private sector to help would be by providing more input and real-time advice for students while they are doing the research so they can come up with topics that are more beneficial to the market and better suited for investors’ needs.
Pattera agreed that more information-sharing forums were needed in the future. She added that the inclusion of private-sector input through joint research could reduce the cost of R&D for companies, while the educational sector could use these real-life data to improve their research, and once the results were out, they could be put to use right away.
“This is a win-win situation, since the private and educational sectors can both benefit from such collaboration,” she said.
Nada added that there was also a need for enthusiasm from the teachers to come up with new topics and information for their students, and the students also needed to be enthusiastic about producing new research. These incentives could be enhanced if the students and teachers knew their research would be used in real life.
“We have to close the gap between the demand and supply of research and encourage the use of analysis and research to improve financial products in the capital market to suit the needs of investors better,” she concluded.