Are Value Premiums Driven by Behavioral Factors? Are Value Premiums Driven by Behavioral Factors? Kanis Saengchoteα Sampan Nettayanunβ αChulalongkorn Business School βFaculty of Business, Economics

4,508 million, an increase of THB 754 million or 20.1% driven by higher sales of the energy drinks especially for export markets and greater sales growth from distribution of 3rd party’s products. Note: 1

from THB 265.6 million in the same period last year, representing an increase of 3.7%. This increase was driven by higher revenue from sale of goods, an increase of 1.7% from THB 232.2 million to THB

+20.3% Export 296,827 313,576 -5.3% 858,787 849,982 +1.0% For the 3rd quarter of 2018, total vehicle production volume reported a 3.9% growth compared to last year, driven by strong domestic demands

three-month period ended March 31, 2018 was Baht 75.39 million, a growth of 59.82% over same period of previous year, mainly driven by:-  Growing consolidated revenues of Baht 436.85 million in Q1/2018

driven by the continued growth in construction industry and further renovation/expansion of retail stores and new Shopping complexes despite revenue recognition delays from some turnkey projects to next

goods and rendering of services in Q2/2018 was recorded at Baht 684 million, higher 19% Y-O-Y, which can be presented by sales channels as follows: - Project up 23% Y-O-Y driven by the continued growth in

projects postponed to next quarters, Project sales up 5% Y-O-Y driven by the continued growth in construction industry and the expansion of new Shopping complexes; - Wholesales/Retails sales up 5% Y-O-Y

revenue for Q1 2017 grew slightly by 0.9% year-on-year, driven by good car sales in the Malaysian car dealerships and higher sales in China. These increases were partly offset by lower revenue in Thailand

year 2017 was advanced to Baht 193.83 million, a growth of 24.33% over same period of last year which was mainly driven by:-  Growing of 11.87% consolidated revenues over the same period of last year to