Market Reaction on Fixed Price Tender Offer Shares Buyback Announcement : An Analysis of the MAR and SIMM Approach
This dissertation attempts to investigate stock market reactions on shares buyback announcement, specifically with fixed price tender offer mechanism. A standard event study methodology is used to examine price reaction of 30 observations, involving 21 listed companies from 60 days surrounding the...
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2003
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my-uum-etd.9932013-07-24T12:09:58Z Market Reaction on Fixed Price Tender Offer Shares Buyback Announcement : An Analysis of the MAR and SIMM Approach 2003-06-30 Hanita, Kadir @ Shahar Sekolah Siswazah Graduate School HG Finance This dissertation attempts to investigate stock market reactions on shares buyback announcement, specifically with fixed price tender offer mechanism. A standard event study methodology is used to examine price reaction of 30 observations, involving 21 listed companies from 60 days surrounding the announcement dates. Two approaches in this study namely MAR and SIMM are adopted and compared in the analysis. Even though most literatures in the western market found positive abnormal returns from this announcement, this study, however, reveal that investors gain zero abnormal returns out of this announcement. Result of post-announcement shows that Malaysian stock market is semi-strongly efficient. In addition, evidence shows that none of the theories implication forwarded in this study could be supported by the result. 2003-06 Thesis https://etd.uum.edu.my/993/ https://etd.uum.edu.my/993/1/HANITA_BT._KADIR_%40_SHAHAR.pdf application/pdf eng validuser masters masters Universiti Utara Malaysia |
| institution |
Universiti Utara Malaysia |
| collection |
UUM ETD |
| language |
eng |
| topic |
HG Finance |
| spellingShingle |
HG Finance Hanita, Kadir @ Shahar Market Reaction on Fixed Price Tender Offer Shares Buyback Announcement : An Analysis of the MAR and SIMM Approach |
| description |
This dissertation attempts to investigate stock market reactions on shares buyback announcement, specifically with fixed price tender offer mechanism. A standard
event study methodology is used to examine price reaction of 30 observations, involving 21 listed companies from 60 days surrounding the announcement dates. Two approaches in this study namely MAR and SIMM are adopted and compared in the analysis. Even though most literatures in the western market found positive abnormal returns from this announcement, this study, however, reveal that investors
gain zero abnormal returns out of this announcement. Result of post-announcement shows that Malaysian stock market is semi-strongly efficient. In addition, evidence
shows that none of the theories implication forwarded in this study could be supported by the result.
|
| format |
Thesis |
| qualification_name |
masters |
| qualification_level |
Master's degree |
| author |
Hanita, Kadir @ Shahar |
| author_facet |
Hanita, Kadir @ Shahar |
| author_sort |
Hanita, Kadir @ Shahar |
| title |
Market Reaction on Fixed Price Tender Offer Shares Buyback Announcement : An Analysis of the MAR and SIMM Approach |
| title_short |
Market Reaction on Fixed Price Tender Offer Shares Buyback Announcement : An Analysis of the MAR and SIMM Approach |
| title_full |
Market Reaction on Fixed Price Tender Offer Shares Buyback Announcement : An Analysis of the MAR and SIMM Approach |
| title_fullStr |
Market Reaction on Fixed Price Tender Offer Shares Buyback Announcement : An Analysis of the MAR and SIMM Approach |
| title_full_unstemmed |
Market Reaction on Fixed Price Tender Offer Shares Buyback Announcement : An Analysis of the MAR and SIMM Approach |
| title_sort |
market reaction on fixed price tender offer shares buyback announcement : an analysis of the mar and simm approach |
| granting_institution |
Universiti Utara Malaysia |
| granting_department |
Sekolah Siswazah |
| publishDate |
2003 |
| url |
https://etd.uum.edu.my/993/1/HANITA_BT._KADIR_%40_SHAHAR.pdf |
| _version_ |
1747827062293397504 |