Quarterly Earnings Information, Stock Returns and Stock Market Efficiency: An Empirical Study

Authors

  • Iqbal Professor, Department of Business Admini.stration, P.A. College of Engineering, Nadupadav, Kairangala, Mangalore
  • T. Mallikarjunappa Professor, Department of Business Admini.stration, Mangalore University, Mangalagangothri

Keywords:

Market efficiency, semi­strong form, earnings announcements,, average abnormal returns

Abstract

This paper examines quarterly earnings information,lock -returns, and stock marke efficiency in India by taking quar erly earnings announcement as an event. The study is based on 1.52 companies having minimum 20 percent foreign holdings. The companies are divided into good n ws, bad news and overall portfolios. We have used event study m thodology, t test, Runs test, sign test, raw r turns and log r turns. The behaviour of AARs and CAAR are examin d for 30 days before and 31 days af er the announcement of quarterly earnings. The results of th study contradict semi-strong form of efficient market hypothesis.

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Published

2008-12-02

Issue

Vol. 2 No. 2 (2008): Gyan Management Journal, (Jul-dec), 2008

Section

Articles

License

Copyright (c) 2022 Gyan Management Journal

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

How to Cite

Iqbal, & Mallikarjunappa, T. (2008). Quarterly Earnings Information, Stock Returns and Stock Market Efficiency: An Empirical Study . Gyan Management Journal, 2(2), 37–52. Retrieved from https://acspublisher.com/journals/index.php/gmj/article/view/834