！请皇上明察啊！

！请皇上明察啊！

Results (Thai) 1:

! โปรดดูจักรพรรดิ!

Results (Thai) 2:

Prior empirical studies show that investors often pur- sue concentrated instead of diversified strategies when in- vesting in international markets. This behavior is not pre- dicted by traditional asset pricing theory, in which diver- sification is king and investors do not seemingly take ad- vantage of international diversification opportunities. More recent theoretical studies (e.g., Gehrig, 1993; Van Nieuwer- burgh and Veldkamp, 2009, 2010 ) argue that portfolios can be under-diversified but optimal if the investor is using an information advantage in the decision making process. We examine and affirm that the observed portfolio concentration in international markets is consistent with a rational decision-making process implied by the Van Nieuwerburgh and Veldkamp (2009) theory. We provide evidence, as the information advantage theory suggests, that investors capitalize on their initial information ad- vantage and amplify their advantage through learning and specialization in markets in which they can add the most value.

Results (Thai) 3:

นี่ ได้โปรดฝ่าบาทชัดเจนด้วย