is random and spread out. • Assign evaluation date to a randomly selected control group firms, then compute mean BHAR for the pseudo sample resulting in one pseudo sample mean. • Repeat previous step
expectation on returns – Modern investors have highest expectation on returns – However, these are distorted probably by their fault believes. (e.g. Cash holders view stocks as having lower returns than deposit
KAMs. Future studies should repeat the observations over a longer period. Second, we estimated daily expected returns using the five-factor pricing model by Fama and French (2015) and applied Pevzner, et
exchange or the law on derivatives; (4) exercise prudence to ensure that the giving of information or advice will not be distorted, incorrect or misleading to the clients; (5) in the case of giving
securities and exchange or the law on derivatives; (4) exercise prudence to ensure that the giving of information or advice will not be distorted, incorrect or misleading to the clients; (5) in the case of
under the law on securities and exchange or the law on derivatives; (4) exercise prudence to ensure that the giving of information or advice will not be distorted, incorrect or misleading to the clients
distorted, incorrect or misleading to the clients; (5) in the case of giving information or advice to clients in a seminar, the requirements on giving investment advice at seminars shall be complied with as
management company within a reasonable period. In this regard, such information must be accurate and up-to-date, present neither misleading, distorted facts, nor material content that differs from such
misleading, distorted facts, nor material content that differs from such information filed with the Office. Clause 9. To ensure that the management of private funds shall be duly carried out in accordance with