introduce several variables intended to control for the firm’s specific characteristics and other macroeconomic shocks and uncertainty. ❑ Following prior literature on political risk and firm value, we

. • In other words, firms prefer reporting small profits to reporting losses, showing increasing earnings over previous periods’ earnings, and announcing positive earnings surprises relative to analysts

previous periods’ earnings, and announcing positive earnings surprises relative to analysts’ earnings expectations. 2 In particular, there are a disproportional number of firms that meet or beat three

sustainable growth and resiliency of the economy. As we look towards post- COVID world, we must provide ‘vaccines” to enhance resiliency and provide the economy with the immunity to withstand future shocks

Strategic Betas in use 36 Risk-based explanation Behavioral explanation Value Costly reversibility of assets inplace leads to high sensitivity to economic shocks in bad times Over-reaction to bad news and

public. ESG TRENDS Climate change Water scarcity Tech disruption Healthier lifestyle/longevity Labor scarcity Diversity How does ESG actually affect companies? For illustrative purposes only ESG SHOCKS

’ direction for both return and volatility spillovers. Increasing contribution of exports and imports in domestic economy, rising chance that external shocks could affect to the financial markets in both

our key products and strong margins, even carrying forward into the second quarter, driven at first by recovery in China. Global inventory levels are tight and combined with supply chain shocks are

liquidity shocks. The ratio of non-performing loan (NPL) to total loans of the commercial banking system is expected to be stable compared to the end of 2018. This will be due partly to the continuous

assets to ensure their resilience to liquidity shocks. Factors Affecting Banking Industry Performance Thai commercial banks may encounter challenges from rapid changes in government policies and in the