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the MR score is less than +1 while others will only substitute other gambling activities when the MR score is very close to -1. We assume GR investors as a hole, seek risky propositions in all

). Time-varying rare disaster risk and stock returns. Journal of Financial Economics, 101(2), 313–332. Bernanke, B. S. (1983). Irreversibility, uncertainty, and cyclical investment. The Quarterly Journal of

Having Women on Boards Create Value? The Impact of Societal Perceptions and Corporate Governance in Emerging Markets. SSRN Electronic Journal. Published. https://doi.org/10.2139/ssrn.2538595 Adams, R. B

day. References Acock, A.C. (2013), Discovering Structural Equation Modeling Using Stata, Stata Press, Texas. Anderson, K. and Brooks, C. (2006), “Decomposing the price-earnings ratio”, Journal of Asset

evidence from the Stock Exchange of Thailand 19 10. Research Reference: Anderson, R. and Reeb, D. (2003). Founding-family ownership and firm performance: Evidence from the S&P 500. Journal of Finance, 58(3

others? We leave these questions for future research. 12 REFERENCES Barber, B. M., Odean, T., & Zheng, L. (2005). Out of sight, out of mind: The effects of expenses on mutual fund flows. The Journal of

Tan M.L. (1999) “A Test of The Persistence in the Perfor- mance of UK Managed Funds,” Journal of Business, Finance, and Accounting, 26(5&6): 559-593. Annuar, M.N., Shamsher, M. and Ngu, M.H. (1997

will be Where did the 4% rule come from Bengen, William P. 1994. “Determining Withdrawal Rates Using Historical Data.” Journal of Financial Planning, vol. 7: 171–180. 12 For illustrative purposes only

). Retirement Saving Over the Life Cycle: Evidence from a Developing Country. Journal of Aging & Social Policy, 1-18. Primary tax-advantaged saving vehicles % of total long-term/retirement savings Note: Data on