Thai stock markets are emerging markets with much smaller market capitalization and trading volume,
relative to developed capital markets such as U.S. stock markets and are not efficient [Islam et al. (2007) and Tantipanichkul and Supattarakul (2011)].
The investor misperception in Thailand may be different from U.S.A. Therefore,this study aims at investigating the persistence and the market pricing of net operating assets of firms listed in the Stock Exchange of Thailand (SET) during 2000–2008