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Buy-backs of shares have impact on the stock prices, as it is demonstrated by several events in the history. This research is an attempt to validate the ‘Semi-strong form’ of market efficiency using Event analysis. The event considered in this paper is 'The announcement of Buy-back of shares' from January 2013 to December 2018. This event is tested for possibility of abnormal profits due to possibility non interpretation and non-reflection of news, in the stock prices. The data considered here is free from confounding events (highly turbulent period of -7 and +7 days from the event), -21 to +21 days' window is considered for 'Event Analysis', since the period is enough for the system to adjust the noise (White Noise) created by this news. The results are calculated using paired t-test shows that the event hardly causes any impact on returns annulling the possibility of earning supernormal profits defining Semi-strong form of market efficiency.


Event Analysis, Market Efficiency, Semi-Strong Form.
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