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Lasrado, Charles
- Analysis of Stock Price Behaviour around Bonus Issue:A Test of Semi-Strong Efficiency of Indian Capital Market
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Authors
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1 St. Joseph’s Evening College, Bangalore, IN
2 Manipal University, IN
1 St. Joseph’s Evening College, Bangalore, IN
2 Manipal University, IN
Source
DHARANA - Bhavan's International Journal of Business, Vol 3, No 1 (2009), Pagination: 18-31Abstract
Stock price behaviour around bonus issue have been examined for 134 bonus issues of NSE listed companies in India. Two null hypotheses have been tested for similarity between mean and distribution pattern of bonuses by employing “t” and Kolmogorov-Smirnov tests. The results lead to rejection of both hypotheses. As such it is concluded that Indian stock market is semi strong efficient.Keywords
Bonus Issues, AAR, CAAR.Full Text
References
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- Informational Efficiency of Indian Capital Market:A Study on Stock Market Indices for the Period 1995-96 to 2004-05
Abstract Views :175 |
PDF Views:81
Authors
Affiliations
1 St. Joseph’s Evening College (Autonomous), Bangalore, IN
2 Department of Commerce, Manipal University, IN
1 St. Joseph’s Evening College (Autonomous), Bangalore, IN
2 Department of Commerce, Manipal University, IN
Source
DHARANA - Bhavan's International Journal of Business, Vol 4, No 1 (2010), Pagination: 3-15Abstract
In an informationally efficient market, stock prices fully reflect all available information. The present study examines whether the Indian stock market is informationally efficient in the weak form. The study attempts to test whether the information contained in the past stock prices fully reflected in the present prices. The ADF unit ischolar_main test, DW test to measure the autocorrelations in the residuals, autocorrelation and cross correlation tests on the returns tests of the four major stock price indices viz., Sensex, Nifty, S&P CNX 500 and BSE 100 for the 10 year period (1-4-1995 to 31-3-2005) have been conducted. The test results overwhelmingly vouch for the existence of the stock market efficiency in the weak form.Keywords
ADF Unit Root Test, Autocorrelation, Cross Correlation.Full Text
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