asymmetry – Predominantly permanent (temporary) price increases (decreases) for buyer (seller) initiated block trades (Holthausen et al 1987, 1990; Keim and Madhavan 1996; Kraus and Stoll 1972) – Buys are
, Data as of 30 October 2015 The Real Test is Whether Investors Succeed 4 gTotal Return /Time-weighted calculation /Assumes investor buys and holds for entire period with no additional investments (simply
polyester value chain Core EBITDA per ton rose to $140, all time record high Production of 2.3 million tons, up 6% year-on-year with impact from strategic acquisitions and operational excellence
proposition that buy trades are more informative than sell trades. However, for very large trades, it appears that, regardless of market conditions, the permanent price impact of buys is always larger than the
million baht. The other acquisitions were for the replacement of old assets and for the efficiency improvement. In addition, other non- current assets increased 11.08 million baht mainly from mold to be
by low core ROCE for EMEA region and EBITDA/t due to transition year of Artlant PTA and Egypt PET acquisitions made in last six months undergoing startup/ramp-up. Improvement in West PTA and PET
aspirations Indorama Ventures 2nd Quarter 2018 MD&A 4 Portfolio Development We continue to upgrade our portfolio through organic growth, operational excellence initiatives, value accretive acquisitions and
production volume and higher overall earnings as assets acquired in 2018 and the consolidations of 2018/19 were successfully integrated. These include acquisitions of PTA Portugal, PET (Egypt and Brazil), and
benefitted from higher production volume and higher overall earnings as assets acquired in 2018 and the consolidations of 2018/19 were successfully integrated. These include acquisitions of PTA Portugal, PET
production in China in 4Q 2017. Together with PHP and Performance Fibers, these acquisitions propel IVL into a position of strength in Rayon, Aramids, Nylon 6.6 and Polyester businesses within the auto segment