Comments on: “Trading costs on the Stock Exchange of Thailand” Authors: Charoenwong C., Ding D.K., Jenwittayaroje N. Comments on: “Risk-taking behaviour during downturn: evidence of loss-chasing and

profitable assets or stock repurchase 3. overproducing Relate to changes in estimates and accounting policies. Accruals depend on judgements of management teams within the constraints of generally accepted

through stock repurchase on February 27, 2017 for 165,000,000 shares at Baht 140.25 million. However, the treasury shares could not all be distributed and the transaction is reversed to retain earning at

stock repurchase period was from 4 December 2019 to 3 June 2022). As a result of the above reasons, the interest bearing debt to equity ratio and the debt to equity ratio has increased from 0.41:1 to 0.58

, debentures, debt (Translation) -25- instrument, subordinated instrument or cash paid for stock repurchase, cash paid for redeem debenture, instrument shown right in liabilities having characteristics similar

, cash receipts from stock, treasury stock, warrant share, debentures, debt (Translation) -25- instrument, subordinated instrument or cash paid for stock repurchase, cash paid for redeem debenture

the Stock Exchange of Thailand period covers the duration of 6 months, starting from 6th December 2019 to 5th June 2020. December o The Company reported the result its Share Repurchase Program for

, leading to gross profit increment even with average selling price of ethanol declining from the high domestic ethanol stock. However, when compared to the previous quarter ethanol production and sales

” means total sum of the following assets: (a) cash and bank deposit; (b) securities purchased under reverse repurchase agreement with accrued interests; 2 (c) promissory notes and bill of exchange issued

: (a) cash and bank deposit; (b) securities purchased under reverse repurchase agreement with accrued interests; 2 (c) promissory notes and bill of exchange issued by financial institution under the law