Inside brokers Weikai Li, Abhiroop Mukherjee, Rik Sen WHO SHOULD REGULATE INVESTMENT ADVISERS? Ben Charoenwong* National University of Singapore Alan Kwan Hong Kong University Tarik Umar Rice

instantly matched upon submission. Our data • Transaction-level trade data from SET that are categorized by investor types. • Retail investors (R), • Proprietary trading (securities companies and brokers) (P

. (ESMA, 2016) • Traders that hold inventory overnight are more likely to benefit institutional investors by providing more sustained liquidity. (Putnins and Barbara, 2020) High activities Low activities

found trading causes negative returns, yet investors continue to enter these bets. Excess trading is not the result of the same investors placing more trades, but new traders entering markets and

crypto traders (particularly high-risk individuals) take more risk after losses (particularly during downturn)  Thai crypto (low-risk) individuals take more risk after paper losses, and less risk after

within the country reporting lower numbers of infected patients, and various lockdown measures ease announced by the government, the company group still puts the safety and health of its employees

efforts to enhance the roles and competitiveness of Thailand’s securities market in the global arena as well as its accessibility by both issuers and investors. It has also laid out measures to eliminate

alternative for investors and fund raisers with an efficient mechanism for investor empowerment and, in its capacity as a firm and fair regulator, assure integrity of the marketplace, intermediaries and

classification may somewhat help ease the impact of deteriorating quality of normal loan to NPLs. Meanwhile, most banks are expected to emphasize efficient cost management and adjust their operating strategies in

holder’s representative for the benefit of Institutional Investors and/or High Net Worth Investors – in the amount of THB 8,000 million. The debenture was well received amongst Institutional Investors and/or