shares are held by JAS and the other 20 percent are held by Acumen Co., Ltd. (“ACU”) which is another subsidiary of JAS. JAS, ACeS Regional Services Co., Ltd. and T.J.P. Engineering Co., Ltd., including Mr

equity mutual funds do not deliver returns that are on par with passive investing in the broad index.6 This is our first stylized fact. Further investigation of the factor loadings reveals an interesting

subsidiary of JAS, whereby 80 percent of its shares are held by JAS, and another 20 percent are held by Acumen Co., Ltd. (“ACU”) which is another subsidiary of JAS. JAS, ACeS Regional Services Co., Ltd., and

. Engineering Co., Ltd. (“TJP”) is a subsidiary of JAS, whereby 80 percent of its shares are held by JAS, and another 20 percent are held by Acumen Co., Ltd. (“ACU”) which is another subsidiary of JAS. JAS, ACeS

. Engineering Co., Ltd. (“TJP”) is a subsidiary of JAS, whereby 80 percent of its shares are held by JAS and the other 20 percent are held by Acumen Co., Ltd. (“ACU”) which is another subsidiary of JAS. JAS, ACeS

Annual Report 2006 Khon... the classical masked drama since the Ayudhya period (A.D. 1350-1767). It is performed to the epic of Ramayana, which portrays the war between Rama (the Righteous King) and Totsakan (the Demon King), the Conquer of Good over Evil. Khon masks... headdresses worn by Khon performers, the single most important character-identifying piece of Khon costume. The masks, now an invaluable export item, epitomize the exquisite beauty and unique elegance of Thai fine arts. In Suppor...