) Positively related Negatively related Observable factorsExercise price (K) Negatively related Positively related Time to expiration (T) Positively related Positively related* Volatility (𝝈) Positively related

observation in the treatment group. Our treatment and control firms are therefore almost identical in every observable attribute, with the exception of board gender diversity. To ensure the validity of our

(Public) Company Limited Safari World (Public) Company Limited operates the business of tourism and recreation in a type of open zoo and performance with international standard which provides enjoyment

, the “Happening Holiday Season by PAÑPURI”, and a gift of THE WISDOM 10th Anniversary Amenity Travel Set to our THE WISDOM clients, for their enjoyment during long holidays.  Middle Income Aiming to

of our study is not on skills or fund performance per se but rather on the potentially informative signal that could be learned from their investment choices, which is observable to the public. In