alcohols buyers have been returning to market because they did not order raw materials for production for a while. Trendy to normal situation on supply side, many producers have been turning to operate

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

products (i.e., annuities), tax-efficient allocation decisions, and a portfolio optimization that includes a proxy for the investor’s implicit and/or explicit liabilities. Each of these five Gamma components

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