?Persistence of Equity Mutual Fund Performance in Thailand? evaluated whether or not the performance of Thai equity funds persist. Good mutual funds should provide both returns satisfying investment goals of
constitute an unfair advantage to its customers or other interested person as specified in the notification of the Capital Market Supervisory Board. That is, the securities broker failed to Inefficient
. That is, the securities broker failed to Inefficient management and management of liquidity risks. (2) failed to maintain the net capital (“NC”) in accordance with the rules, conditions and procedures
auditor was unable to express opinion on AIE?s 2014 financial statements due to limited audit scope imposed by AIE management regarding inefficient internal control system on cost of sales and inventories
financial statements due to limited audit scope imposed by AIE management regarding inefficient internal control system on cost of sales and inventories. Consequently, AI auditor did not express opinion on
fundamentals, earnings persistence, and future earnings (e.g. Lev and Thiagarajan, 1993). More specifically, when investors observe a pattern of increasing earnings, they can infer that a firm has stronger
statement of equity change of the shareholders, and the annual cash flow statement 2015 due to inefficient internal control system with regard to the cost of sales and the inventory of 2014 and insufficient
due to inefficient internal control system with regard to the cost of sales and the inventory of 2014 and insufficient evidence to clarify decrease in the production yield. The AIE auditor also
earnings and firm value (e.g. Lev and Thiagarajan, 1993; Abarbanell and Bushee, 1997; Tomy, 2012; Yao, 2014). • If fundamental information is manifested in earnings persistence or reflects earnings growth
) • Over/underreaction and temporary mispricing (Lakonishok, Schleifer, and Vishny, 1994; Daniel, Hirshleifer, and Subrahmanyam, 1997) • Markets are inefficient (Basu, 1977; Rosenberg, Reid, and Landstein