market conditions: Period 1: Mar 2000 to Oct 2000 – bear market Period 2: Nov 2000 to July 2001 – neutral market Period 3: Nov 2001 to Jun 2002 – bull market • Exclude opening transactions and trades
exclude any observations from financial industry sectors. ❑ Continuous variables are winsorized at 1st and 99th percentiles. ❑ The final baseline sample of 8,317 firms with 54,436 firm-year observations
Balance sheet ▪ Adjust asset impairment charges Cash flow statement ▪ Adjust capital expenditure Valuation ▪ Adjust the discount rate ▪ Decrease / increase / exclude the terminal value 10 Reflect
association with any registered public accounting firm; (C) temporary or permanent limitation on the activities, functions, or operations of such firm or person (other than in connection with required
is no limitation of reimbursement. So this item is shown as Cash and cash equivalent. Trade and other receivables increased by 389.7 MB, representing an increase of 29.3% since during Q1-2017 the
period within 3 months and there is no limitation of reimbursement. So this item is shown as Cash and cash equivalent. Trade and other receivables increased by 625.7 MB, representing an increase of 47.0
– Trading Securities decrease in Q4-2016 representing a decrease of 25.2 MB or 100% because all securities the Company invested have repayment period within 3 months and there is no limitation of
people. This is because the limitation of wages increases which appeared in some industries such as Food, Electronic, etc. together with the rise of business transformation to be more automated. In
foreign ETF operator is not subject to limitation or suspension of business or revocation of license or registration as securities business operator by foreign regulator, and such certification shall be
parent company which excluding Non-controlling interests ** Calculate from the profit (loss) of the parent company divided by total shareholders’ equity (Exclude Non-controlling interests) *** Calculate