following; JV Company Name Beans and Brown Co., Ltd (“Beans and Brown”) Nature of Business The Joint Venture Company engages in Food and Beverage Business under the brand “Casa Lapin” and Trademark “Casa

The First Analysis of Thai Key Audit Matters: Are Investors Sentimental to Key Audit Matters? Weerapong Kitiwong Erboon Ekasingh Naruanard Sarapaivanich Department of Accounting, Faculty of Business

- Translation - Ref: IR62/012 13 November 2019 Subject: Notification of Board Resolution on Investment in Beans and Brown Co., Ltd and Set up new subsidiary of J Venture Co., Ltd To: The President

., 2018; CALISKAN et al., 2020) •Naive Portfolio •Minimizes risk without sacrificing expected returns(Tang, 2003) •Optimal strategy(Bock, 2018;Brown et al., 2013;li, 2018) 6 Background(Cont.) •Mean variance

• A related strand of research focuses on price clusters. • Many studies have found that the stock prices tend to cluster around particular numbers (e.g. Harris (1991), Aitken et al. (1996), Brown et al

Goetzman&Ibbotson (1994) Nonparametric contingency table Yes Brown&Goetzman (1995) Nonparametric contingency table Yes Carhart (1997) 4-factor model momentum Yes Bollen&Busse (2005) 4-factor model momentum

an intention to transition away from less-brown fossil-fuel sources (such as natural gas) to a waste-to-energy approach. In Sustainalytics’ view, such a transition could be strengthened by adding

’ attention and increase a firm’s investment visibility (Brown et al., 2009). Main Explanations Growth and Risk – What? • Although growth and risk seem as two distinct inputs, recent research suggests they are

นั้น เรายัง ต้องลงทุนในกลุ่มอุตสาหกรรมอื่น ๆ ที่มีส่วนสำคัญต่อเศรษฐกิจ แต่ยังเป็น brown industry (เช่น การผลิตพลังงานจากเชื้อเพลิงฟอสซิล อุตสาหกรรมซีเมนต์ เหล็ก) เพื่อร่วม เดินทางบน transition journey ไป

” Uncertain and unclear regulatory and policy trajectory Lack of incentives Lack of reliable data Small market size Source: Blackrock Green repricing: It’s happening Relative return of green vs. brown sectors