toward growth stocks (2.66 is closer to 1). Similarly, funds tend to hold stocks that experience strong past returns (3.60 is closer to 5). This is our third stylized fact.8 Fund Flows Lastly, we turn our

which in turn would only be possible with the support of a healthy financial reporting ecosystem. Striving to achieve such quality, the SEC has directed its efforts towards strengthening the various

preparation of the financial statements. CFOs and audit committees are expected to fully execute their responsibilities, which in turn will result in the quality financial information from its origins. In 2016

market confidence and business integrity, which in turn is essential for companies that need access to equity capital for long term investment. Access to equity capital is particularly important for future

has ability to maintain the growth rate of asset base through economic lifecycle and turn investment into cash efficiently and effectively. BAM is also capable of managing and diversifying sources of

enterprises’ spending, and private investments driven by increased manufacturing capacities in many industries. Overall, the Thai economy will continue to grow, which in turn could be affected by the

participants. The IOSCO CRA Principles address four key objectives that are designed to promote informed, independent analyses and opinions by CRAs.2 This, in turn, is designed to promote the three core

affect the Company’ s revenue stream, the Company views this as only a temporary and short- term. This is an opportunity to turn crisis into our benefits from ( i) More NPLs will be auctioned out, which

this as only a temporary and short- term. This is an opportunity to turn crisis into our benefits from ( i) More NPLs will be auctioned out, which means a variety of selections and (ii) as more NPLs are

same as waste-to-energy. The criteria only allow to turn part of municipal biowaste (such as grass and leaves) into biofuel (not burning them). Almost no solid communal waste is suitable for the 18