’ objectives are to solve social problems, promote public benefits, and develop the community without focusing on making highest profits for shareholders, which are different from typical limited companies

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

satisfaction of its performance obligations and the typical timing of payment Significant changes in the contract asset balances during the reporting period, including qualitative and quantitative information

in capacity utilization of Phase 3 at the new plant, but sales dropped in the following 2H18 (Table 4, PCB shipment value dropped 13% Q-o-Q in 4Q18) due to the typical low season and the effect of the

, but almost none by 2006. • Fama and French (2010) find that typical actively managed U.S. equity fund earns a negative after-fee alpha. • Lonkani, Satjawathee, and Jegasothy (2013) document that Thai

bank deposit and accept lower returns than investing in a typical fixed income fund. ▪ Investors who seek high liquidity. ▪ Investors who prefer low-risk investment. Investors who expect high returns

typically fall under this category.] ▪ Investors who seek returns equivalent to bank deposit and accept lower returns than investing in a typical fixed income fund. ▪ Investors who seek high liquidity

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