enforced by banks, brokers, etc. • Governance by code, not by people – Nobody to hold accountable – Code is not always well-written – Velocity of transactions is very high, e.g., “flash loans” • Reliance on

robot trading are related terms that are often used interchangeably. • High frequency trading (HFT): a subset of algorithmic trading where orders are submitted by low-latency and sophisticated technology

volatility, effectively assume this risk. Structured securities are complex instruments, typically involve a high degree of risk and are intended for sale only to sophisticated investors who are capable of

generally have high failure rate. Figure 2: Proposed regulatory approach for ICO, comparing to other regimes • Since the proposed regime for ICO is for sophisticated investors and retail investors with an

society more generally. It’s difficult to precisely quantify the value created by shareholder engagement. But it is easy to see the problems created in its absence—evidence of value destroyed or unattained

/Total Return vs Investor Return g Introduce the Investor Return /How much investors lose chasing returns / Investors often suffer from poor timing (buy high, sell low) gKey Take-Away Source: Morningstar

sophisticated machine learning. JEL Classification: C45, G34, M14 Keywords: corporate culture, board gender diversity, female directors, corporate governance, machine learning, textual analysis, agency theory 2

Revenue from sales of plastic packaging was 125.4 MB decrease by 3.0 MB or 2.3% YoY since the Company currently focuses on accepting high-margin and cost-effective jobs which will reduce the overall income

implementation of strategic measures in reducing our fixed costs in our continuous effort to survive in the difficult period currently. Also, the Group is taking full advantages from the various stimulus packages

that are difficult to detect. For example, (1) fraudulent transactions through a subsidiary located overseas that has obscure business objectives and is hard to inspect, (2) trading transactions and