significant rise to the world’s 3rd highest rank with 86 scores, from No. 15 with 75 scores in the preceding year. Such development was a result of the improvement in the Ease of Shareholder Suits Index

Electricity Authority 326 employees 8. Ministry of Commerce 307 employees Analysis Using Cluster Analysis for clustering Thai investor based on their behavior or Proportions of their money allocated to each

interpretation of the “Executive” in relation to “person holding executive position in Accounting or Finance Department whose rank is not lower than departmental manager” ​ Regarding the Notification of the

or Finance Department whose rank is not lower than departmental manager” ​ Regarding the Notification of the Securities and Exchange Commission No. Kor Jor. 17/2557 Re: Determination of Definitions in

Cluster 1 Cluster 2 Cluster 3 Cluster 4 Provident fundsMutual fundsInsurance 3.9 9.4 11.6 24.0 Insurance Provident funds Insurance Primary vehicle Mutual funds Retirement saving adequacy 11% 18% 28% % of

สนใจ เช่น ความเสี่ยง เครื่องมือ และแนวทางการกำกับดูแลใหม่ ๆ ได้แก่ RegTech Crypto และ Surveillance การกำกับดูแลโดยใช้ Behavioral Cluster Analysis การบริหารจัดการความปลอดภัยของระบบและข้อมูลตามมาตรฐาน

Persistence of Performance http://www.sec.or.th Empirical Paper Methodology Evidence Sharpe (1966) Spearman rank correlation Yes Jensen (1968) Jensen’s alpha No Grinblatt&Titman (1989,1992) Jensen’s alpha Yes

of fixed effects may influence the results. I therefore add industry fixed effects. 16 Third, unlike Barth et al. (1999), I cluster standard errors by firm and year in order to mitigate the effects of

order to identify the characteristics of the stocks that funds hold, we rank Thai stocks based on dimensions that correspond to the 4-factor asset pricing model and classify them in to quintiles. For

include:   - disclosure of additional information to cover individual remunerations for executives of the highest rank, e.g., chief executive officer and managing director;    - extending the periods for