firms Unlike the other Greeks, implied volatility was unknown. 6 t Implied volatility Realized volatility t + 1 • It was calculated by reverse engineer process from the option price at time t. • Implied

earnings benchmarks extensively documents that market rewards firms reporting a string of consecutively earnings increases. To date, it is still unclear what an earnings string really means. This paper

]St0 HC = Ct1−[Delta]St1 DeltaBS = f ( St0, K, T, r, σ ) Historical statistic : Standard deviation Implied statistic : Min ∑ (Cmarket – C theoretical) 2 DeltaWM = f ( St0, K, T, r, μ, σ* ) σ* = f (r, μ

volatility, after losses, results in ex-post good outcomes?  Unclear why the difference in individuals’ risk-aversion level should have an impact on the empirical results of realization effect?  Compare with

a registration statement previously filed by this applicant. However, the SEC found the same deficiencies on issues such as related party transactions and unclear separation of businesses the

subject to temporary trading suspension. In addition, the company must proceed to have new operating business to meet the SET regulations within 12 months while its business plan remains unclear

characteristics (Matsumoto, 2002) - Institutional ownership - Reliance on implicit claims with their stockholders - Value-relevance of earnings Natural disasters (such as hurricanes: Byard et al. 2007

ไดรบัอนุญาต ตองจัดใหมีการเปดเผยขอมูลเพื่อเปรียบเทียบคาความผันผวนแฝง (implied volatility) กับคาความผันผวนในอดีต (historical volatility) บน website ของผูออก DW โดยเปนการเปดเผย อยางตอเนื่อง

prospectus; - continuing disclosure of the implied volatility in comparison to the historical volatility on the website of the DW issuer;  - disclosure of a warning statement regarding the gearing ratio, a

as 1.21 times, which significantly affected EARTH's financial position. In addition, the sources, existence and status of such liabilities are still unclear and may widely affect the benefits of the