Testing of Semi Strong form of Market Efficiency of Indian Capital Market with Reference to Annual Dividend Announcement
1Dr. Sudarshan P, 2Chethanraj, 3Sangeetha Shanuboga, 4Swathi Shenoy
1Associate Professor, MPM Government First Grade College, Karkala, Udupi, Karnataka, India.
ORCID ID:0009-0006-2900-0268
2Lecturer, Department of commerce and Management Sharada College, Mangalore Karnataka, India.
ORCID ID:0009-0007-0069-4208
3Assistant Professor, Institute of Port shipping and Logistics Management, Srinivas University, Mangalore Karnataka, India.
ORCID ID:0009-0003-6377-066X
4Process Execution executive, Swire Digital Center, Bengaluru Karnataka, India.
ORCID ID:0009-0000-0173-395X
https://doi.org/10.47191/jefms/v7-i9-61
ABSTRACT:
The investment decision is influenced by many factors, of which one such factor is the return. The shareholders may get the return in the form of dividends which affects the share prices. The behavior of stock prices is unpredictable as price movement for different activities will move in different ways. The stock price influence activities can be divided into economic and corporate activities. The impact of economic activities will be more or less the same on all the stock prices, while the impact of corporate action varies from one stock to the other. Dividend payment is one of the essential corporate actions that will impact the behavior of stock prices. This research highlights the impact of dividend payment one the behavior of stock prices and their abnormal returns.
KEYWORDS:
AAR, Abnormal return, CAAR, Dividend, expected return, Risk, Sensex
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