MFC ASSET MANAGEMENT PUBLIC COMPANY LIMITED|Brown Field Infrastructure Fund | Offering Date : 14/11/2016 - 22/11/2016

KRUNG THAI ASSET MANAGEMENT PUBLIC COMPANY LIMITED|Brown Field Infrastructure Fund | Offering Date : 04/08/2020 - 13/08/2020

SCB ASSET MANAGEMENT COMPANY LIMITED|Brown Field Infrastructure Fund | Offering Date : 09/12/2013 - 19/12/2013

BBL ASSET MANAGEMENT COMPANY LIMITED|Brown Field Infrastructure Fund | Offering Date : 28/01/2015 - 06/02/2015

ชื่อผู้ได้มา/จำหน่าย :?BABCOCK & BROWN TOLL ROADS HOLDINGS (THAILAND) LIMITED | ประเภทหลักทรัพย์ : หุ้น | วันที่มีหน้าที่ : 04/12/2550

- Translation - Ref: IR62/012 13 November 2019 Subject: Notification of Board Resolution on Investment in Beans and Brown Co., Ltd and Set up new subsidiary of J Venture Co., Ltd To: The President

., 2018; CALISKAN et al., 2020) •Naive Portfolio •Minimizes risk without sacrificing expected returns(Tang, 2003) •Optimal strategy(Bock, 2018;Brown et al., 2013;li, 2018) 6 Background(Cont.) •Mean variance

equations. Measurement errors are included in the measurement equations while the error term is located in the structural equation. Extant studies usually employ Tobin’s Q ratio as a measure of firm value

• A related strand of research focuses on price clusters. • Many studies have found that the stock prices tend to cluster around particular numbers (e.g. Harris (1991), Aitken et al. (1996), Brown et al

Goetzman&Ibbotson (1994) Nonparametric contingency table Yes Brown&Goetzman (1995) Nonparametric contingency table Yes Carhart (1997) 4-factor model momentum Yes Bollen&Busse (2005) 4-factor model momentum