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

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

. • In other words, firms prefer reporting small profits to reporting losses, showing increasing earnings over previous periods’ earnings, and announcing positive earnings surprises relative to analysts

., 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

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

provide a margin of safety with a potential positive returns. Hypothesis construction • Result expectations: Types of investors Total volume imbalances Marketable volume imbalances Retail investors

if the value of their investment decreases Source: Stanford Graduate School of Business Sustainable investment ในตา่งประเทศ SEC Classification : ใชภ้ายใน (Internal) 4 Negative spread Positive spread

effective sales and marketing strategies continued from year 2017 including the launching of new products which were got positive feedback from the customers. Besides, the product segment management and the

projects occurred. The group received positive effect from installation work 78.33 million Baht, from 71.84 million Baht in the year 2016. In 2017, there were other Income at 30.56 million Baht decreased