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
are sustainably different from the underlying financial version of the agency theory. It assumes that each stakeholder is a part of implicit and explicit contracts that can contribute to a corporation
implicit in the methodology but have been clarified through notes Web pages that facilitate dissemination Research highlights on the credit implications of ESG trends and factors ESG- specific conferences or
practices are relatively infrequent considering the overall normal transactions in the capital market; however, damage incurred from a few cases could tarnish the confidence of investors and stakeholders on a
does not constitute an implicit or explicit investment advice. The information provided herein is general in nature and does not constitute an advertisement of financial products in Switzerland pursuant
Disclose significant factors that materially affected the issuer’s income from operations, including unusual or infrequent events or new developments and the extent to which income was affected by these
underlying asset(s) in which they invest – as discussed above. One aim of internal governance structures and the Principles in this respect is to minimise the frictional costs implicit in the investment chain
that materially affected the issuer’s income from operations, including unusual or infrequent events or new developments and the extent to which income was affected by these factors. Significant factors
FINANCIAL REVIEW AND PROSPECTS A. Operating Results Disclose significant factors that materially affected the issuer’s income from operations, including unusual or infrequent events or new developments and