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...
| Auteur principal: | |
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| Format: | Thèse |
| Langue: | anglais |
| Publié: |
2003
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| Sujets: | |
| Accès en ligne: | https://etd.uum.edu.my/993/1/HANITA_BT._KADIR_%40_SHAHAR.pdf |
| _version_ | 1846511907645685760 |
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| author | Hanita, Kadir @ Shahar |
| author_facet | Hanita, Kadir @ Shahar |
| author_sort | Hanita, Kadir @ Shahar |
| 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.
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| format | Thesis |
| id | oai:etd.uum.edu.my:993 |
| institution | Universiti Utara Malaysia |
| language | English |
| publishDate | 2003 |
| record_format | eprints |
| spelling | oai:etd.uum.edu.my:9932013-07-24T12:09:58Z https://etd.uum.edu.my/993/ Market Reaction on Fixed Price Tender Offer Shares Buyback Announcement : An Analysis of the MAR and SIMM Approach Hanita, Kadir @ Shahar 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. 2003-06-30 Thesis NonPeerReviewed application/pdf en https://etd.uum.edu.my/993/1/HANITA_BT._KADIR_%40_SHAHAR.pdf Hanita, Kadir @ Shahar (2003) Market Reaction on Fixed Price Tender Offer Shares Buyback Announcement : An Analysis of the MAR and SIMM Approach. Masters thesis, Universiti Utara Malaysia. |
| spellingShingle | HG Finance Hanita, Kadir @ Shahar Market Reaction on Fixed Price Tender Offer Shares Buyback Announcement : An Analysis of the MAR and SIMM Approach |
| title | 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_short | 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 |
| topic | HG Finance |
| url | https://etd.uum.edu.my/993/1/HANITA_BT._KADIR_%40_SHAHAR.pdf |
| url-record | https://etd.uum.edu.my/993/ |
| work_keys_str_mv | AT hanitakadirshahar marketreactiononfixedpricetenderoffersharesbuybackannouncementananalysisofthemarandsimmapproach |