Research Hypotheses •𝐻1: Cryptocurrency-related announcements are associated with positive stock returns. •𝐻2: Firms announcing direct investment in cryptocurrency earn higher market reaction. •𝐻3: Firms

. • 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

heteroskedasticity test finds that the p values of F-statistics have the figure less than 0.05. • The test for autocorrelation The DW statistic of the model shows some concern of positive autocorrelation; however

cryptocurrency prices are in a “bubble” Phillips, Shi and Yu (2015) (PSY) bubble timestamping algorithm based on a series of augmented Dickey and Fuller (1979) (ADF) unit root test on a time series. Step 2

provide a margin of safety with a potential positive returns. Hypothesis construction • Result expectations: Types of investors Total volume imbalances Marketable volume imbalances Retail investors

FAMILY-FIRMS • Primary agency problem: Majority shareholder versus minority shareholder - Primary concern here is protection of minority shareholder interests. • Balancing positive weights of family

แก้ไขหลักเกณฑ์ ดังกล่ำว โดยมีประเด็นควำมเห็นเพิ่มเติมตำมข้อ 4. 4. ประเด็นส าคัญ 4.1 ประเด็นท่ีมีการแก้ไขหรือเพิ่มเติมจากการรับฟังความคิดเห็น กำรก ำหนดยกเว้นกำรท ำ suitability test กรณีลูกค้ำประสงค์จะลงทุน

support of the positive CSR effect on firm value irrespective of which proxy is used to identify CSR latent variable. Third, this study shows that CSR strategies based on a single pillar of ESG or the

Investor Return – Mind the Gap ©2015 Morningstar, Inc. All rights reserved. Kittikun Tanaratpattanakit Investor Return – Mind the Gap Agenda 2 gBackground g The Real Test is Whether Investors Succeed

likely drive higher prices. Hence, I test whether there is a positive association between a string of increasing earnings and firm fundamentals. This allows me to determine whether fundamentals lead to