Stock Price Adjustments to Quarterly Earnings Announcements : A· Test of Semi-Strong form of Market Efficiency

Authors

  • Iqbal Assistant Professor, PA. College of Engineering, Nadupadav, Mangalore, Kamataka.
  • T. Mallikarjunappa Professor and Chairman, Department of Business Administration, Dean, Faculty of Commerce, angalore University, Mangalagangothri, Mangalore, DK, Kamataka.
  • Panduranga Nayak FIP Fellow, Deptt. of Business Administration, Mangalore University, Mangalore, DK, Kamalaka

Keywords:

Efficient market hypothesis, semi-strong form, quarterly earnings, average abnormal retums, cumulative average abnormal returns.

Abstract

Debate on stock market efficiency has been continuing. This paper examines semi-strong form of market efficiency by
aking March 200lquarterly earnings nouncement as an event. The study is ased on 150 companies having 20 percent or above foreign holding. We. ave used both raw returns and log returns. The results revealed that under market model with raw returns a erage abnormal returns (AARs) are negative for 27 days and positive for 34 days. Under market model with log returns AARs

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Published

2007-06-06

Issue

Vol. 1 No. 1 (2007): Gyan Management Journal, (Jan-Jun), 2007

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., & Nayak, P. (2007). Stock Price Adjustments to Quarterly Earnings Announcements : A· Test of Semi-Strong form of Market Efficiency . Gyan Management Journal, 1(1), 25–42. Retrieved from https://acspublisher.com/journals/index.php/gmj/article/view/868