& Imperatore, 2014) Managers’ risk preference (Sutton, 1988) Meet or beat the expectations of financial analysts (Zang, 2012; Matsumoto, 2002) Stock –financed acquisitions (Cohen & Zarowin, 2010) Political

Mutual Funds - Ratanabanchuen & Saengchote © Four Stylized Facts about Open-Ended Equity Mutual Funds in Thailand 1. Most funds do not beat the market, whether it is raw or risk-adjusted returns. 2. Most

ease this pressure, and with the upward trend in prices, we will continue to expect healthy margins.” 2. Outlook Overall Thai economic activity in the first quarter of 2018 beat expectations with an

and up 47% for LTM 2Q17  Core EPS up 30% in 2Q17 and up 83% for LTM 2Q17 Management is also pleased to note that 3Q17 is on track to beat year-on-year (YoY) and sequentially (QoQ) in favorable market

fund managers have negative selectivity and timing abilities. 10 Around one-third of Thai equity trigger funds beat the market. 11 -30% -20% -10% 0% 10% 20% 30% 0 6 12 18 24 30 36 Continuing (N = 66

are tax-privileged, we document several interesting facts. 2 First, most open-ended equity mutual funds in Thailand do not beat the market, whether it is raw or risk-adjusted returns. Second, while 94

previous periods’ earnings, and announcing positive earnings surprises relative to analysts’ earnings expectations. 2 In particular, there are a disproportional number of firms that meet or beat three