index returns Performance = Performance measures of Sharpe, Sortino and KJ ratio Heritage = Yearly freedom scored calculated by The Heritage Foundation 15 IV. Results The first set of results reflect the

employees.MSS Example : Year 1 - the activity meets criteria and threshold of climate change mitigation objective, but harms the biodiversity and the cultural heritage. The project owner must provide a

to numerous environmental impact concerns in recent years. These can include inter alia:  Land use rights and land access: where land is subject to native title or cultural heritage conditions

brand that is unique Thai heritage combined with international standards, the Company has focused more on the hotel management revenue to support the expected drop of hotel revenue from the closure of

scheduled to operate through April 2018. This will allow more time for the Company and its partner to add greater detail in design and development, ensuring the new project well embraces cultural heritage

, respectively. o Dusit Thani Bangkok Hotel By preserving the rich artistic and architectural heritage, embracing the best international standards, and adopting innovative technologies, the new Dusit Thani Bangkok

project development. Roi Chak Sam project is aimed to be a luxurious 5-star hotel project in a rare, historic, colonial-era heritage building located along the Chao Praya Riverside on Charoen Krung road

Company has started operating under hotel management agreement with the Heritage Villa Zhouzhuang, a villa type hotel consisting of 33 villas. 3Q18 Performance Highlight: In 3Q18, the Company reported total

in relation to Roi Chak Sam project. Roi Chak Sam project is positioned to be a luxurious 5-star hotel project in a rare, historic, colonial-era heritage building located along the Chao Praya Riverside

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