characteristics (Matsumoto, 2002) - Institutional ownership - Reliance on implicit claims with their stockholders - Value-relevance of earnings Natural disasters (such as hurricanes: Byard et al. 2007

are sustainably different from the underlying financial version of the agency theory. It assumes that each stakeholder is a part of implicit and explicit contracts that can contribute to a corporation

implicit in the methodology but have been clarified through notes Web pages that facilitate dissemination Research highlights on the credit implications of ESG trends and factors ESG- specific conferences or

. Within 9 months the competitors gradually disappeared and the company gained 50% market share. In the part of mobile top-up market share, the company gained it from several channels especially ROM. As a

manufacturing activities of the major industries that disappeared during the epidemic situation and lockdown, with the sales of the automotive slump and with its higher margin product, being the most affected by

gross-of-fee level, it disappeared at net-of-fee level. • Jensen (1968) reaches conclusion that average actively managed mutual fund does not capture alpha, net of fees and expenses. • Chang and Lewellen

does not constitute an implicit or explicit investment advice. The information provided herein is general in nature and does not constitute an advertisement of financial products in Switzerland pursuant

underlying asset(s) in which they invest – as discussed above. One aim of internal governance structures and the Principles in this respect is to minimise the frictional costs implicit in the investment chain

products (i.e., annuities), tax-efficient allocation decisions, and a portfolio optimization that includes a proxy for the investor’s implicit and/or explicit liabilities. Each of these five Gamma components

implicit assumption behind the expected relation between future earnings and stock price is that markets possess information about future earnings. Prior research on the price informativeness reveals that