To break or not to break: Evidence from price discovery process of Thai stocks during the pre-opening of each trading session To break or not to break Evidence from price discovery process of Thai

facts about the types of stocks they hold and the positive relationship between past returns and the ability to attract new investment capital, which we build on in the second and third essays. The second

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

ANALYSIS AND RESEARCH REPORTS CFA Institute Resources CFA Institute Positions on Environmental, Social, and Governance Integration Guidance and Case Studies for ESG Integration: Equities and Fixed Income CFA

funds effectively act as de facto indexers, delivering returns that are very similar to the market. 3. The majority of capital is allocated to stocks with large market capitalization, and growth stocks

impressive. For illiquidity stock, the shareholder wealth of illiquidity stocks depends on the investors’ choice whether they prefer to today payment as the dividend yield or they could wait on wealth in

shareholder wealth through . • A company's free float is important to potential investors because it offers insight into the company's stock volatility. • Stocks with small free float tend to be more volatile

and offer Note: this analysis followed a methodology of Analysis of High-frequency Trading at Tokyo Stock Exchange, The Securities Analysts Association of Japan (Hosaka, 2014) Common stocks. For the

; Ramcharran, 2002; Wu, 2014). The rationales of these explanatory variables are summarized as follows. The required rate of return can be computed as a combination of equity risk premium and risk-free rate

Conclusions Behavioral Explanation Table 2: Behavioral Variables Variable Representation Related Literature Volatility Index (VIX) Investor sentiment Delong et al. (1990), Shleifer and Vishny (1997), Baker and