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| Received
16-Sep-2012 |
Accepted
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Published
16-Sep-2012 |
Abstract
Volatility and uncertainty persists in the financial markets
across the world. In this environment, each small and big
event affects the markets. Therefore, it becomes essential to
analyse the impact of events, which may affect the
sentiments of the investors. The review of literature clearly
indicates the unanimous agreement among researchers
that information driven by political, social & financial
events affects the sentiments of the investors. In this paper
an important financial event buyback of shares has been
analyzed with an aim to evaluate the impact of their
announcement on stocks listed on National Stock Exchange
S&P CNX 500 (index). Many studies have found numerous
stock market effects associated with buyback of shares. We
use the event study methodologies. The abnormal returns
are calculated using the Single Index Pricing Model and
then t-tests are conducted to test the significance.
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