and unambiguous to avoid future disagreement as to whether a SPT has been met. 3-7 Can a third party ESG rating serve as KPI for a SLB? In principle, an issuer’s ESG rating as provided by an external

Disagreement of investors about high-risk stocks leads to overpricing in the presence of short sales constraints Size Low profitability leads to high distress risk and downside risk. Low liquidity and high cost

measures to tame the volatility. At the same time, Thai stock markets plunged throughout the quarter amid investors’ risk-off sentiment and a slump in oil prices due to disagreement on oil production between