This paper investigates if risk seeking investors substitute gambling activities for stock markets participation when volatility increases in stock markets. Using a large cross-section dataset of 20

consolidation of the acquired hotel business in Europe. 2) Revenue from the office for rent business of Baht 38.6 million from office building in London, U.K. 3) Other revenue of Baht 82.5 million, which grew by

. The increase was predominantly due to the consolidation of the acquired hotel business in Europe. 2) Revenue from the office for rent business of Baht 40.9 million, which grew by Baht 31.4 million or

projects) as well as the ASEAN SBS (i.e. projects which involve activities that pose a negative social impact related to alcohol, gambling, tobacco and weaponry).

last year. The increase was predominantly due to the consolidation of the acquired hotel business in Europe. 2) Revenue from the office for rent business of THB 43.4mn, which fell by THB 10.0mn or 18.7

-recurring revenue. As a result of consolidation, non-recurring revenue increased by 37.97mb or 33.8% increase year-on-year. Recurring revenue from Financial Solutions increasing by 4.35mb or 7.0% but offset

weighted in non-recurring revenue. As a result of consolidation, non-recurring revenue increased by 17.72mb or 35.5%, reversing from a dip in non-recurring revenue in previous quarters. Recurring revenue

. Excluding the consolidation of our Outdoor and Digital Services business, our revenue improved organically by 19.8% against a backdrop of double digit decline in overall advertising spending. Despite the

significantly by 222.5% YoY to THB 1,481mn, predominantly due to the consolidation of the acquired hotel business in Europe (Vienna House), the improving operating performance of our hotels in Thailand and the

significantly by 139.5% YoY to THB 1,791mn, predominantly due to the full quarter consolidation of the acquired hotel business in Europe (Vienna House), the consolidation of assets from the Entire Business