reduction of required rate of return. As for the characteristic-based argument, it is developed from evidence that growth is mean reverting process (Fama and French, 2000), and that the empirical link between

and capital market. Furthermore, they must not have any of the restricted characteristic and must be registered with the SEC. Their responsibilities and duties are prescribed in the SEC’s minimum

companies are increasingly active in investing abroad. For their own equity to be acceptable in mergers and acquisitions, corporate governance standards must be high. Ownership A defining characteristic of

, heroic king who lives by the Ten Virtues of Kingship. His characteristic essences are Kindness, Truthfulness, Gratitude, Justice and Impartiality. 24 C a p i t a l M a r k e t O v e r v i e w billion baht