Economics, Econometrics and Finance
4 years ago

Indian stock market efficiency confirmed with positive abnormal returns pre-bonus announcement.

RePEc: Research Papers in Economics
An Empirical Analysis of Market Reaction Around the Bonus Issues in India
Asim Mishra

Paper Summary

The study looked at how Indian stock prices react to bonus issues to see if the market is efficient. They found that before the bonus announcement, stock prices go up, showing abnormal returns. On the announcement day, stock prices drop slightly. This suggests that the Indian stock market is semi-strong efficient.

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