positive following sovereign outlook in April 2020. On April 2, 2020, Fitch Ratings revised BBL’s ratings due to large-scale economic disruptions from the Covid-19 pandemic. Details of the Bank’s credit

Subordinated Debt Instrument Baa2 Baa2 Baa2 Baa3 Subordinated Debt (Basel III-compliant Tier 2 securities) Baa3 Baa3 Baa3 - Financial Strength (BCA) baa1 baa1 baa1 baa2 Outlook Stable Positive Positive Stable S

V3 27/02/63 0 V3 27/02/63 1 Management Discussion and Analysis Overview of the Economy and Banking Industry Thai Economy in 2019 In 2019, the Thai economy grew by 2.4 percent year-on-year, down from 4.2 percent in 2018. Against the backdrop of a global trade slowdown and US-China trade uncertainty, merchandise exports and imports for the year contracted by 2.7 and 4.7 percent from 2018, respectively. Private investment slowed to 2.8 percent from 4.1 percent in 2018 while manufacturing production...

., 2009). Their evidence indicates that there are valuation premiums for firms surpassing three benchmarks. Several studies suggest that incremental positive effects on prices or returns, also known as

up 56%  Driven by positive internal and external outcomes  LTM 2Q18 Core EPS THB 3.86 – up 61% YoY post 9.8% dilution from warrants exercise  Net Operating D/E 0.45x, Core ROCE 15.8% on LTM 2Q18

particularly the tourism sector, Q1 outlook is optimistic for Golden Lime as the new dolime product gains traction and with the positive impact from the sugar season. The delayed 3.2 trillion baht budget is

Research Hypotheses •𝐻1: Cryptocurrency-related announcements are associated with positive stock returns. •𝐻2: Firms announcing direct investment in cryptocurrency earn higher market reaction. •𝐻3: Firms

and regulatory control variables. We also find the year after volatility in the stock market increases, gambling markets performance is positive and significant, revealing these gambling investors

strategies including the launching of new products which were got positive feedback from the customers. Besides, the product segment management and the improvement of customer services were well implemented

of voluntary information disclosure via social media, firms would be facing incentives to only release positive news…but do they? • Trueman (1997) proposes a model showing that rational managers also