The Effect of Quarterly Earnings Announcements on Sensex:A Case with Clustering of Events

Santu Das, J K Pattanayak and Pramod Pathak

The IUP Journal of Accounting Research and Audit Practices, 2008, vol. VII, issue 4, 64-78

Abstract: An event study examines the return behavior of a sample of firms experiencing common type of event, for e.g., earning announcement, stock split, issue of new debt or equity, merger and acquisition and so on. The objective is to asses the significance of the economic event on the market value of the firm. This paper investigates the impact of quarterly earnings announcements on the stock price movement of the firms constituting the BSE-Sensex. Daily return data has been used to study the mean stock price effect. The effect of clustering of events has been accommodated to analyze the effect of announcements. The study also examines the drifting up of share prices with reference to ‘good announcement’ and ‘bad announcement’.

Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:icf:icfjar:v:07:y:2008:i:4:p:64-78

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