South Asian Journal of Management

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Stock Price Response to Firm Specific Events:Indian Evidence


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1 Department of Management Studies, Indian Institute of Science, Bangalore 560012, India
     

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This research is a study of the impact of firm specific announcements providing information on technological developments like patents, research achievements and new product introductions and corporate news related to joint ventures, mergers and acquisitions and change of top executives on the Indian capital market. The study assumes academic significance, as there is no evidence of investor response to firm specific events other than announcements of earnings, rights, bonus and dividends in India. The results found from standard event study procedures are in general agreement with the extant empirical evidence reported in various literatures, indicating that the Indian stock market also conforms to the Efficient Market Hypothesis (EMH) whereby the investors exhibit an informed and rational behavior.
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  • Stock Price Response to Firm Specific Events:Indian Evidence

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Authors

Nilanjana Chakraborty
Department of Management Studies, Indian Institute of Science, Bangalore 560012, India
Chiranjit Mukhopadhyay
Department of Management Studies, Indian Institute of Science, Bangalore 560012, India

Abstract


This research is a study of the impact of firm specific announcements providing information on technological developments like patents, research achievements and new product introductions and corporate news related to joint ventures, mergers and acquisitions and change of top executives on the Indian capital market. The study assumes academic significance, as there is no evidence of investor response to firm specific events other than announcements of earnings, rights, bonus and dividends in India. The results found from standard event study procedures are in general agreement with the extant empirical evidence reported in various literatures, indicating that the Indian stock market also conforms to the Efficient Market Hypothesis (EMH) whereby the investors exhibit an informed and rational behavior.