and David Dodd in 1934 • Finding price-intrinsic value discrepancies in the market • Various price-based ratios and future stock returns ⋄ Earnings-to-price ratio (Basu, 1977) ⋄ Dividend-to-price ratio

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

business : Selling variety of products via multimedia channels  Registered capital before capital increase : THB 138,600,000 dividing by 6,300,000 shares with stock value at THB 22 per share  Registered

capital : 138,600,000 THB diving by 6,300,000 shares with stock value THB 22 per share  No. of shares purchased : 405,000 shares  Price per share : Approximate 22.222222 THB (price based on Book Value as

Average market cap (million baht) 19,484 13,309 14,271 Volume-weighted trade price (baht) 14.72 12.64 12.51 Market return -49.8% -0.6% 46.3% Value-weighted 71-stock return -59.4% -6.9% 44.7% Quoted spread

in stock value of 208 million baht. • Increase in total liabilities of 862 million baht, mainly are reflecting deferred tax of increase in investment value of MBK stock and increase in bank OD of 201

baht mainly were from reflecting market price of investment value of listed securities (MBK) of 300 million baht and declining in stock value of 76 million baht.  Declining of trade account payable of

of the Company. 6. Details of acquired assets  Company name  Registered capital : Shop Global (Thailand) Ltd. : THB 138,600,000 dividing by 6,300,00 shares with stock value THB 22.00 per share  Type

al. (2021) Nekhili et al. (2021) +/-/0 Stock price Firm value Loh, Thomas, and Wang (2017) Kuzey and Uyar (2017) Ratanacharoenchai et al. (2017) Rammapor and Visedsu (2020) Machmuddah, Sari, and Utomo

derived from the trading transactions of securities brokerage licensees who are not members of the Stock Exchange; (b) the trading value of debt securities. 1 Amended by the Notification of the Securities