Rights offering announcements and the efficiency of the Kuwaiti market

Bader S. Alhashel

Applied Economics Letters, 2016, vol. 23, issue 17, 1192-1196

Abstract: This study tested the semi-strong form of the EMH in the Kuwait Stock Exchange. This test is conducted by examining the behaviour of stock prices around the date of rights offering announcements. Based on a sample of 69 rights offerings over the period 2004–2013, we find that prices incorporate new information within an average of 4 days. We take this observation as evidence that the Kuwaiti market is semi-strong efficient.

Date: 2016
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DOI: 10.1080/13504851.2016.1142650

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