Conclusions Behavioral Explanation Table 2: Behavioral Variables Variable Representation Related Literature Volatility Index (VIX) Investor sentiment Delong et al. (1990), Shleifer and Vishny (1997), Baker and
future. Business wise H1 2019 was challenging particularly in the most recent quarter. Business sentiment in multiple industrial segments important to us has been impacted by the macro economy and the
moderated, while business and consumer sentiment worsened. As in Q2 also in Q3 the main lime consuming sectors of the industry were impacted by the macro economy. However, market feedback has given us
with this political risk potentially denting consumer and business sentiment as well as investment activity. Aside from these risks the industrial trends impacting the lime business are positive. Fixed
retraction of economic activities and consumer spending. The consumer sentiment remains fragile as the country waits for vaccination against the new variant. Despite of such economic weakness, we delivered
since 2016, while the Indonesia market also began to generate early profit. Despite the positive sentiment in the oversea markets, the Company’s faced challenges from the sluggish performance in the
2020/21, the Company sees a positive sentiment from the Prowtech’s operation due to a sign of recovery in Outdoor media demand. Therefore, MACO will initially invest 15.0% in VGI Vietnam from subscribing
signs of improvement in overall advertising sentiment in the remaining months of our fiscal year, we reiterate our target of THB 4,000mn in revenue in 2017/18. IMPORTANT EVENTS IN 2Q 2017/18 Transit in
that were less affected by market sentiment. The process of establishing the National Telecommunication Committee (NTC) and the plans for reforming the telecom industry were viewed as positive
deliver a positive customer experience anywhere, anytime through collaboration and synergy with other companies within KASIKORNBANK FINANCIAL CONGLOMERATE, startups and our business partners under the