fundamentals, earnings persistence, and future earnings (e.g. Lev and Thiagarajan, 1993). More specifically, when investors observe a pattern of increasing earnings, they can infer that a firm has stronger

. • In other words, firms prefer reporting small profits to reporting losses, showing increasing earnings over previous periods’ earnings, and announcing positive earnings surprises relative to analysts

year. This is result from sale volume was increasing and the world steel price trend increasing from the same period of last year. 2. Cost of goods sold and service of Baht 2,340.92 million or 93.22 % of

of last year. This is result from sale volume was increasing and the world steel price trend increasing. 2. Cost of goods sold and service of Baht 9,279.39 million or 95.72 % of sales and service

year. This is result from sale volume was increasing and the world steel price trend increasing from the same period of last year. 2. Cost of goods sold and service of Baht 2,317.11 million or 96.44 % of

increasing of 39.56% compared to the same period of 2019. The main reasons were:  Total revenue from circulation was Baht 17.43 million, increasing of 53.59% from the same period of 2019. The revenue of

of Baht 18.02 million, the operations for the six-month period ending June 30, 2020 showed a gain of Baht 0.20 million. Compared to the same period of 2019, the loss was Baht 86.24 million, increasing

, we use the Carhart (1997) 4-factor adaptation of the Fama and French (1993) 3-factor model that includes the momentum (returns persistence) factor.4 For each stock in the sample, we estimate its beta

same period of last year. This is result from sale volume was increasing and the world steel price trend increasing from the same period of last year. 2. Cost of goods sold and service of Baht 2,358.79

mutual funds are able to successfully time the market and that their performance is negatively related to their expenses. • Carhart (1997) documents that persistence in superior fund performance is very