Comments on: “Trading costs on the Stock Exchange of Thailand” Authors: Charoenwong C., Ding D.K., Jenwittayaroje N. Comments on: “Risk-taking behaviour during downturn: evidence of loss-chasing and

. ❑ Aggregate political risk affect stock market returns in emerging markets more profoundly than in developed counterparts. (Erb, Harvey, & Viskanta, 1996; Bilson, Brailsford, & Hooper, 2002). ❑ Limited studies

and David Dodd in 1934 • Finding price-intrinsic value discrepancies in the market • Various price-based ratios and future stock returns ⋄ Earnings-to-price ratio (Basu, 1977) ⋄ Dividend-to-price ratio

net assets, fund holdings, and other fund characteristics are obtained from the Morningstar database. Stock characteristics and returns are obtained from Thomson Reuters Datastream, supplemented by

Justification_E_4-62 NO. AC. 01/2020 28 February 2020 Subject: Clarification of changes in operating performance of more than 20% To: The President of the Stock Exchange of Thailand M. K. Real Estate

Stock Exchange ," %! ' trading cost ()*'P*O* % 50% M$#" traditional exchange .%#$.KL#()* traditional exchange *)"O*P.M$()* \% "O*!"*P' )bML"')*O#"L"`.jL,""O%j()*&P*M$ # direct market access O* &P*#$!#bML

established in accordance with the following rules: (1) arrange the structure of the company in an orderly systematic way, according to duties, with a view to: (a) prevent dishonest acts of its personnel; (b

organisational structure of the company shall be established in accordance with the following rules: (1) arrange the structure of the company in an orderly systematic way, according to duties, with a view to: (a

- Translation - Page 1 of 6 CBG 006/2020 20 February 2020 Subject Management discussions and analysis for the fiscal year ended 31 December 2019 To President The Stock Exchange of Thailand We

internal committee reviews some or all screening decisions; ▪ Automated IT systems prevent investments in excluded stocks; ▪ Systematic process that alerts the portfolio manager, compliance team and ESG team