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首页> 外文期刊>Asian Journal of Management >Stock Price Adjustments to Selected Corporate Announcements: A Study of Dividend Announcements
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Stock Price Adjustments to Selected Corporate Announcements: A Study of Dividend Announcements

机译：选定公司公告的股价调整：股息公告研究

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摘要

This study tests the semi-strong form of market efficiency by investigating the reaction of stock prices to dividend announcements. This study belongs to event study methodology. The focus of present study lies in the sample period from 2006 to 2015 for finding out significant changes in the abnormal stock returns pre and post dividend announcement by 245 sample events from 14 different sectors which are listed at NSE 100. The results indicate that there are insignificant positive abnormal returns can be observed from the day five (t_(+5)) of dividend announcement in line with evidence of developed stock market. On the announcement day there is negative AAR of-0.28% which is very low and insignificant (z value = 0.007). None of the sector observed significant positive abnormal returns (AARs) out of 14 sectors. The results provide stronger evidence of semi-strong efficiency of the Indian stock market.
机译：本研究通过调查股票价格对股息公告的反应来测试市场效率的半强形式。该研究属于事件研究方法论。本研究的重点在于2006年至2015年的样本期间，该样本期间通过NSE 100中列出的14个不同行业的245个样本事件，发现了股息宣布前后异常股票收益的重大变化。结果表明，存在从股息公布的第五天（t _（+ 5））可以观察到微不足道的正异常收益，这与发达股市的证据一致。在公告日，负AAR为-0.28％，这是非常低的且微不足道的（z值= 0.007）。在14个部门中，没有一个部门观察到显着的正异常收益（AAR）。结果提供了印度股市半强效率的有力证据。

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