underlying asset(s) in which they invest – as discussed above. One aim of internal governance structures and the Principles in this respect is to minimise the frictional costs implicit in the investment chain

management processes to account for climate risk: quantify risks, use scenario analysis, and carry out stress testing ❑ Apply existing quality assurance and compliance approaches used for finance, management

quantify; regulation likely to be announced High visibility of cash flows; quantifiable Some visibility of cash flows; draft regulations floated IMPACT ON DISCOUNT RATE IMPACT ON CASH FLOWS Feedback quality

using the double-sorting methodology of Fama and French (2018). The holding-level data allows us to do two things: quantify the holding value of individual stock for each fund over time and identify how

implicit assumption behind the expected relation between future earnings and stock price is that markets possess information about future earnings. Prior research on the price informativeness reveals that

society more generally. It’s difficult to precisely quantify the value created by shareholder engagement. But it is easy to see the problems created in its absence—evidence of value destroyed or unattained

SECURITIES AND EXCHANGE COMMISSION, THAILAND ANNUAL REPORT 2014ANNUAL REPORT 2014 CONTACT INFORMATION This report can be downloaded from www.sec.or.th For more information about this report, please contact: SECURITIES AND EXCHANGE COMMISSION, THAILAND 333/3 Vibhavadi-Rangsit Road, Chomphon, Chatuchak, Bangkok, Thailand 10900 Tel. 1207 or +66 2695 9999 e-mail: info@sec.or.th This 2014 Annual Report is about policies, strategies and performance of the SEC. We aim to supervise and develop the Thai...