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Buyback Announcements and Stock Market Reaction in India: Testing the Market Condition Hypothesis

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  • N V R Rajagopalan
  • H Shankar

Abstract

This paper aims to study the stock market reaction around buyback announcements made during a 10-year period between 2000-01 and 2009-10 by taking the S&P CNX 500 index companies and dividing the period into normal and active market conditions. Through the standard event study methodology, it also intends to analyze the buyback information impact on stock returns during different conditions and comment on market efficiency in assimilating the information into prices. While evidencing semi-strong form of efficiency during the two periods considered, the study documents the different dosages in the reaction (signaling) of the Indian stock market to buyback announcements in accordance with differing market conditions considered.

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  • N V R Rajagopalan & H Shankar, 2013. "Buyback Announcements and Stock Market Reaction in India: Testing the Market Condition Hypothesis," The IUP Journal of Applied Finance, IUP Publications, vol. 19(2), pages 64-83, April.
    • Handle: RePEc:icf:icfjaf:v:19:y:2013:i:2:p:64-83
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    Cited by:

    1. Sarthak Kumar Jena & Chandra Sekhar Mishra & Prabina Rajib, 2020. "Do Indian Companies Manage Earnings Before Share Repurchase?," Global Business Review, International Management Institute, vol. 21(6), pages 1427-1447, December.

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