Impact of Budget on Indian Share Market

This paper seeks to study the impact of budget on share market. The method of study was descriptive research. To study the impact is measured in average return by using the event window of Pre-Budget and Post-Budget of 30 Days and the data has been collected for the 18thDecember 2020 to 1stFebruary 2021 &2ndFebruary 2021 to 16thMarch 2021 (excluding Saturday, Sunday and Festival) and the statistical tools used are T-Test Paired, two sample for means on return are calculated by using the formula. The most probably there is not impact on budget on share market because at the same time there is other factors are also present in the market. The implication of this paper is that the investor should not only consider one factor and one event window because there is other factor present with affect the share price at the same time and by using the more than one event window. so, investor come to know a which period they will get a more returns so investor should use either one factor and multiple event window or take multiple factor and one event window. It gives more clear and accurate result. Company Name & Return Pre-Budget Budget-Day Post-Budget XYZ X1 X X2 Here we have taken the 10 companies return of pre-budget and post- budget. On the basis of this we will further analyse that investor should invest in which companies.

AN ANALYSIS OF ABNORMAL RETURNS ASSOCIATED WITH STOCK SPLIT

A stock split is when a company’s outstanding shares are divided into multiple shares by issuing more shares to current shareholders without eroding their stake’s value. The company typically takes these actions to increase liquidity and marketability, lower stock prices, attract new investors and so on. The purpose of this study is to examine the impact of stock splits on the stock returns during the study period. Companies listed on the Bombay Stock Exchange (BSE) and those included in the S&P BSE 500 Index are included in the stock split data. The study period covers 14 years, between 2008 and 2021. Market model event study methodology is being employed to analyze the average abnormal returns (AARs), cumulative abnormal returns (CARs) and cumulative AAR (CAARs) using an event window period consisting of 31 days ([Formula: see text]). The study is largely based on secondary information from the CMIE Prowess IQ Database and the official BSE website. The [Formula: see text]-test, mean and standard deviation were used to investigate the influence of stock split announcements on share prices and the performance of stock splits before and after the announcement. The study found that on ([Formula: see text]), ([Formula: see text]), ([Formula: see text]) and ([Formula: see text]) and on the day of the announcement ([Formula: see text]), the market reacted favorably with significant positive abnormal returns. On ([Formula: see text]) and ([Formula: see text]) days, however, there were significant negative abnormal returns. The null hypothesis is accepted as the CAR for the whole 31-day event window, which is 0.0221, with a [Formula: see text]-statistic of 1.692, which is insignificant.

Does Credit Rating Revisions Affect the Price of Common Stock: A Study of Indian Capital Market

The current investigation aims to assess the effect of credit assessment changes on the share prices of Indian companies from 2009 to 2019. The data of top 100 companies listed on National Stock Exchange (NSE) across 10 industries stem from CMIE databases. The excess stock return is compared with the market in a 15-day window around credit rating changes. The event effect on share prices is more in the pre-event window compared to the post-event window. Positive abnormal stock returns around upgrades through downgrades are statistically significant compared to upgrades. Credit ratings are not significant across industries, and agency nationality is a critical factor for calculating the intensity of price reaction.

The Short-Term Influences of Covid-19 Pandemic on Indonesia Stock Exchange

This study aimed to discern the short-term influences of the Covid-19 pandemic on the Indonesia Stock Exchange. The stocks from nine industries in Indonesia Stock Exchange were putting to use in this study. In this study, the short-term cumulative abnormal return was calculated by applying the data taken from 59 days of trading after the confirmation notice of the first Covid-19 case in Indonesia. The result of the study depicted a Return in the event window (+1,+9) dropped drastically, which later bounced back; There was no cumulative abnormal return in the pre-event, and Cumulative abnormal return started to appear during event and post-event.DOI: 10.26905/jkdp.v25i3.5796

Merger and Acquisition Analysis in Creating Value for Shareholders in The Infrastructure and Utility Sector

Trough 20 – years period their merger and acquisition (M&A) in sector infrastructure and utilities are the pledge of the most country in the world, especially in Asia with most emerging countries. This study aims to know the relation about M&A activities to value shareholders in infrastructure and utilities sector in during last 20 years and year of crisis in 2020. Observe for acquire and target companies using event study approach to find Cumulative Average Abnormal Return (CAAR) on M&A activities that represent the value for the shareholders. Set event window for 31 days, consist of 15 days before the announcement and 15 days after announcement. Using sample of listed companies who making acquisition activities in Asia which size of the deal above USD 30 million. The result shows that the acquirers give positive CAAR that statistically significant 10% and the targets give positive CAAR statistically significant 5 %. The target company has higher cumulative abnormal average return than the acquirer company. Then M&A activity during crisis shows that for acquirer give positive not significant CAAR with 4,6% abnormal return and target give positive CAAR 3.4% but not significant. The target gives higher CAAR positive for t-15 to t+7 than the acquirer.

Do geopolitical tensions instigate mindless following in stock markets? An empirical enquiry into the indices of CNX Nifty HFT

Geopolitical tensions between nations play a crucial role in triggering volatility and affecting the investors’ behavior in stock markets. This empirical work attempts to detect the traces of herding and bubble embedded in the Indian stock indices of CNX Nifty 50 and CNX Nifty 100 (both in High-Frequency Trading domains) during the latest events of geopolitical tensions escalated between India-China and India-Pakistan. An event window approach is employed to capture the impact of these events on herding behavior and information uncertainty in the considered stock indices. Multifractal Detrended Fluctuation Analysis (MFDFA) is applied to compute the Hurst value in all the trading days of the event window. The results of both indices exhibit conclusive evidence of herding and bubble formation during the overall period of geopolitical tensions between India-China and India-Pakistan. However, the degree of herding in the stock indices intensifies to a profound pattern when the tensions between India and China escalated into deadly violent clashes, and also during the heightened tensions between India and Pakistan that eventually ended up in airstrikes across the boundaries. The overall level of information uncertainty depicted by entropy is within control. The volatility in these stock indices has been confirmed to follow a unidirectional pattern. AcknowledgementsThe authors express their sincere thanks of gratitude to Dr. Bikramaditya Ghosh (Professor, Department of Finance and Analytics, RV Institute of Management, Bangalore, India) for his instrumental role in encouraging and motivating them to accomplish this research task. The authors also extend their sincere thanks to Dr. Manu K.S. (Assistant Professor, School of business and management, CHRIST (Deemed to be university), Bangalore, India) for his continued support throughout this empirical investigation.

The effects of ISO 14001 on corporate financial and environmental performance

The purpose of this study is to examine the effects of ISO 14001 registration on corporate financial and environmental performance. The stock market's reaction to the ISO 14001 registration of a sample of Canadian firms is investigated. An analysis of the overall sample of companies revealed that there were no abnormal stock market returns experienced during a three day event window. However, abnormal returns were experienced when the companies were analyzed individually. The environmental performance component of this study investigated whether ISO 14001 registered facilities experience greater emission reductions than non-registered facilties within the Transportation Equipment Industries sector in Canada. The results of the analysis indicated that there was no difference between facilities that adopted ISO 14001 at differenct time periods and that the facilities that adopted ISO 14001 experienced an increase in aggregated weighed emissions.

The effects of ISO 14001 on corporate financial and environmental performance

The purpose of this study is to examine the effects of ISO 14001 registration on corporate financial and environmental performance. The stock market's reaction to the ISO 14001 registration of a sample of Canadian firms is investigated. An analysis of the overall sample of companies revealed that there were no abnormal stock market returns experienced during a three day event window. However, abnormal returns were experienced when the companies were analyzed individually. The environmental performance component of this study investigated whether ISO 14001 registered facilities experience greater emission reductions than non-registered facilties within the Transportation Equipment Industries sector in Canada. The results of the analysis indicated that there was no difference between facilities that adopted ISO 14001 at differenct time periods and that the facilities that adopted ISO 14001 experienced an increase in aggregated weighed emissions.

DAMPAK COVID-19 TERHADAP PERUBAHAN HARGA SAHAM

Penelitian ini bertujuan untuk mengetahui reaksi pasar modal terhadap adanya pengumuman masuknya Virus Covid-19 ke Indonesia. Data penelitian diambil pada saat pengumuman masuknya Virus Covid-19 ke Indonesia, diberlakukannya kebijakan PSBB dalam rangka menanggulangi pandemic Covid-19, kemudian pada saat pengumuman dijalankannya kembali moda transportasi. Event window yang digunakan dalam penelitian ini adalah 11 hari,dimana 5 hari sebelum dan 5 hari sesudah hari sesudah pengumuman event dan 1 event date pada hari tersebut.Hasil paired sample t-tes, menunjukkan terjadi perbedaan signifikan pada harga saham sebelum dan sesudah diumumkannya kasus pertama covid-19 di Indonesia. Hal ini ditunjukkan dengan nilai signifikasi 0,00 < 0,05. Dimana harga saham mengalami penurunan dibandingkan sebelum adanya kasus covid-19. Sedangkan pada saat diberlakukannya kebijakan PSBB dan pengumuman dijalankannya kembali moda transportasi, tidak terjadi perbedaan yang signifikan pada harga saham sebelum dan sesudah event tersebut.

Spatial tale of G-7 and BRICS stock markets during COVID-19: An event study

The unprecedented outbreak of COVID-19 has affected every aspect of the human life, be it health, social, or economic dimensions. The anxiety and uncertainty wobbled the economies of affected countries worldwide. This study attempts to quantify the impact of COVID-19 on the performance of major stock markets of G-7 nations vis-à-vis BRICS nations. An event study methodology is employed to capture the effect of the systematic event in the form of Buy and Hold Abnormal Returns (BHAR) and Average Buy and Hold Abnormal Returns (ABHAR). The study considers a 90-day observation window, consisting of six sub-event windows after the COVID-19 news up-doves the world, and 120 days prior to the selected event date to estimate average expected returns. BHAR values in the four event windows are statistically significant, covering stock markets from panic and nosedive to their correction and recovery. ABHAR values reported are significantly negative in the event window ranging from –0.15% to –38.43% for G-7 and –0.06% to –37.12% for BRICS nations. Despite similar ABHAR trends, the BHAR values and correlation matrix exhibit a diverse reaction in BRICS nations compared to the highly synchronized reaction in the G-7 group of nations in the COVID period.