equivalent alpha) can be achieved by anyone following an efficient financial planning strategy. The authors thank Thomas Idzorek and Alexa Auerbach for helpful edits and comments. Page 3 of 27©2013 Morningstar

1 ( Translation ) Ref. NEP146-2017 October 25, 2017 Subject : Resolutions of the Board of Directors approving the capital decrease, the capital increase, the allotment of newly issued ordinary shares to investors in private placement, the acquisition of assets and convening the Extraordinary General Meeting of the Shareholders No. 1/2018 (Revise 3) To : President, The Stock Exchange of Thailand Attachment : 1. Capital Increase Report Form (F 53-4) 2. Information Memorandum in relation to the al...

also appreciate helpful comments received from Ole-Kristian Hope, Sonia Konstantinidi, Peter Pope, and seminar participants at the University of Exeter and the University of the West of England. 2 1

. Enforcement actions should be publicised, to serve as a deterrent. Exchanging views with other jurisdictions is also useful and helpful to promote effective imple- mentation and enforcement. Asian jurisdictions