Impact of Bonus Share Announcements on Share Prices An ...cmrcetmba.in/SUMEDHA_ADMIN/journal_attachment/1548264271_6… · the companies listed in BSE and NSE. The scope of study

SUMEDHA Journal of Management

32

* Assistant Professor, Dept. of Commerce, S.D. College for Women, Moga, Punjab, PIN: 142001,

** Assistant Professor, Dept of Distance Education (Commerce), Punjabi University, Patiala.

Impact of Bonus Share Announcements on Share PricesAn Empirical Study of BSE & NSE Companies

– Swati Goyal*

– Dr. Harpreet Kaur Kohli**

Abstract

This study examined share price reaction to the announcement of bonus issue for a

sample of Indian 80 companies such as, 30 index companies of BSE and 50 index companies

of NSE. Out of these 80 Indian companies the study covers only those which announced the

bonus share during the period of 2007 to 2011 Standard event study methodology has been

used for the purpose of studying the Bonus issue announcement reaction. Bonus issue

announcement yields abnormal returns around the announcement date. The study found

that Indian stock market is semi strong in nature because it reflects the bonus share

announcement in the share prices of the company.

Introduction

A bonus share is a free share of stock given to current shareholders in a company, based

upon the number of shares that the shareholder already owns. While the issue of bonus shares

increases the total number of shares issued and owned, it does not increase the value of the

company. Although the total number of issued shares increases, the ratio of number of shares held

by each shareholder remains constant. This usually happens after a company has made profits,

thus increasing its employed capital. Therefore, a bonus issue can be seen as an alternative to

dividends. The whole idea behind the issue of Bonus shares is to bring the Nominal Share Capital

into line with the true excess of assets over liabilities.

Bonus shares are issued by cashing in on the free reserves of the company. The assets of a

company also consist of cash reserves. A company builds up its reserves by retaining part of its

profit over the years (the part that is not paid out as dividend). After a while, these free reserves

increase, and the company wanting to issue bonus shares converts part of the reserves into capital.

Meaning of Efficient Market Hypothesis

In finance, the Efficient-Market Hypothesis (EMH) asserts that financial markets are

"informational efficient", or that prices on traded assets, e.g., stocks, bonds, or property, already

reflect all known information. The efficient-market hypothesis states that it is impossible to

consistently outperform the market by using any information that the market already knows, except

Vol.2, No.2, April - June 2013

33

through luck. Information or news in the EMH is defined as anything that may affect prices that is

unknowable in the present and thus appears randomly in the future.

The objective of the study is to study the impact of bonus announcement on share price of

the companies listed in BSE and NSE. The scope of study is limited to bonus announcement

information in the stock market. There are many more types of information or announcements

which affect the share prices of the companies such as stock splits, buy back and merger &

acquisitions. So, our study is limited to the information about bonus share announcement.

Review of Literature

Raja M. and Sudhahar J. Clement (2010) examined the effect of bonus announcement in IT

industry and found that a capital market was said to be efficient with respect to an information item

if the prices of securities fully impound the return implications of that item. The efficiency with

which the capital formation was carried out depends on the efficiency of the capital markets and

financial institutions. Sherbet Mandar (2009) studied who benefits most from bonus issue the

shareholder. One of them was a boost in the sentiment in the stock of the company which had

announced a Bonus. The other positive effects of a Bonus were: the share price of the company

becomes more affordable because of the price adjustment & the liquidity increases because of

more number of shares being available for trading. Both these factors help increase the activity in

the stock. Dhar Satyajit and Chhaochharia Sweta (2008) examined that stock splits and bonus

issues were purely cosmetic events. This paper examined the effects of these two types of events

for the Indian stock market. They had that the two events were associated with significantly

positive announcement effect. For bonus issues, the abnormal returns were about 1.8% and for

stock splits, it was about 0.8%. On a whole, the paper found evidence of semi-strong form efficiency

in the Indian stock market. Kumar G. Arun, Malhotra Madhuri and Thenmozhi M (2007) examined

share price reaction to the announcement of Bonus Issue for a sample of Indian Software and

Finance firms. Bonus issue announcement yields negative abnormal returns around the announcement

date in the case of finance sector. The market was semi strong form efficient for finance sector but

it was not so, for the software sector. The announcement yields no significant returns for the

software sector, which implies that bonus issue announcement had no significant impact on the

investors' sentiments. Malhotra Madhuri, Thenmozhi M. and Kumar G. Arun (2007) examined

share price reaction to the announcement of Bonus Issue for a sample of Indian Companies. There

was a negative reaction after the bonus issue announcement conveying that the market under

reacted after the announcement. Bhattacharya S. Prasad and Singh Harminder (2006) examined

the Indian stock futures data to explore efficient market hypothesis and biasedness. They had

experienced voluminous transactions within a short time span after its establishment; the Indian

stock futures market provides an unparalleled case for exploring these issues involving expectation

and efficiency. The results based on Markov switching analysis showed that relatively longer time


34

horizon was more effective in eliminating arbitrage opportunities than the short run Mishra A.K,

(2006) examined the stock price reaction to the information content of bonus issues with a view

of examining the Indian stock market was semi-strong efficient or not. The period of the study

was June 1998 to August 2004. Samples of 46 bonus issues had been used to study the

announcement effect by using event study methodology. The results indicated that there were

significant positive abnormal returns for a five-day period prior to bonus announcement in line

with evidence from developed stock market. On the announcement day the average abnormal

return of -0.10% was observed. The results provided stronger evidence of semi-strong market

efficiency of the Indian stock market. Srinivas Shirur (2006) examined many a times that the

market react positively to the announcement of bonus shares. In this study it is attempted to analyze

reasons issuance of the bonus shares. Period of the study is January 2000 to September 2006 in

which 165 companies had issued bonus shares. All the companies listed on National Stock Exchange

and which had issued bonus shares within the concerned period have been included. Gupta Amitabh

(2006) investigated the stock market reaction associated with earnings announcements in the Indian

stock market, and to verify whether these announcements possess any informational value. An

event study was conducted on 50 companies, comprising the CNX Nifty Index, which made earnings

announcements in March 2004. The sample was divided into two sub-samples of `good' and `bad'

news announcements respectively. The results of the study indicated that earnings announcements

contained important information which causes stock prices to change. Gupta Vandana (2003)

examined the announcement effects of bonus issues on equity share prices in India during the six-

year period January 1, 1995 to December 31, 2000 with a view to testing the semi-strong efficiency

of the Indian stock market. Using a sample of 145 bonus issues, the announcement effects had

been studied in terms of the event study methodology. The results for the full sample indicate that

there were significant abnormal returns for a seven-day period before bonus announcements.

There was no abnormal return on the day of the bonus announcement. Lukose Jijo P. J. and Rao

S Narayan (2002) examined the operating performance behavior around bonus distribution for a

large sample of firms listed on Bombay Stock Exchange (BSE) to examined the relevance of

signaling hypothesis in India. Consistent with the signaling hypotheses, bonus issuers exhibit superior

operating performance relative to control firms with similar pre-event performance. The operating

performance of firms issuing bonus shares was superior to their industry peers both prior to and

subsequent to the bonus issue. They linked the impact of corporate control mechanism on signaling

by documenting the relationship between ownership-structure and post bonus issue operating

performance.

Research Methodology

This study is based upon the Empirical Research design. The study intends to cover the 80

companies such as, 30 index companies of BSE and 50 index companies of NSE. Out of these 80

Indian companies the study covers only those which announced the Bonus share during the period

of 2007 to 2011. These companies are belongs to A category and represent the Indian stock market.


35

In our sample size, Reliance Power has been excluded because the bonus issue was announced

after the listing of 14 days. So the data related to share prices for an estimation window was not

available. In this study, we have analyzed 22 companies who announce bonus issue. The secondary

data has been collected from various websites such as NSE, BSE, SEBI, books, journals, newspapers

& magazines etc. The bonus announcement dates are collected from CapitalinePlus and the share

prices are taken from NSE, BSE and Yahoo Finance.

Tools of Analysis: Tool used to analyze the collected data are:

1. Event Study

• Event window is 14 days before and after the announcement.(t = -14 to t = +14)

• Estimation window is t = -214 to t = -14

• Collect daily return around the announcement.

• Step for applying the event study are: -

An event study is designed to examine market reactions to, and abnormal returns around

specific information events. The information events can be market-wide, such as macro-economic

announcements, or firm-specific, such as bonus announcements. The steps in an event study are as

follows -

(1) The event to be studied is clearly identified, and the date on which the event was announced

pinpointed. The presumption in event studies is that the timing of the event is known with a

fair degree of certainty. Since financial markets react to the information about an event,

rather than the event itself, most event studies are centered around the announcement date

for the event.

Announcement Date

___________________________________|___________________________________

(2) Once the event dates are known, returns are collected around these dates for each of the

firms in the sample. In doing so, two decisions have to be made. First, the analyst has to

decide whether to collect weekly, daily or shorter-interval returns around the event. This will,

in part, be decided by how precisely the event date is known (the more precise, the more

likely it is that shorter return intervals can be used) and by how quickly information is reflected

in prices (the faster the adjustment, the shorter the return interval to use). Second, the analyst

has to determine how many periods of returns before and after the announcement date will

be considered as part of the 'event window'. That decision also will be determined by the

precision of the event date, since more imprecise dates will require longer windows.

-14 -13 -12 -11 -10- 9- 8- 7- 6 -5 -4 -3 -2 -1 (Rj0) 1 2 3 4 5 6 7 8 9 10 11 12 13 14

Return window: -14 to +14


36

where,

Rjt = Returns on firm j for period t (t = –14, ...,0, .... +14)

(3) The returns, by period, around the announcement date, are adjusted for market performance

and risk to arrive at abnormal returns for each firm in the sample. For instance, if the capital

asset pricing model is used to control for risk - Abnormal Return on period t = Return on day

t – (Riskfree rate + Beta * Return on market on day t)

(ER-jn) (Rj0) (ER+jn)

____________|_______________________|________________________|_________

Return window: -14 to +14

where,

ERjt = abnormal Returns on firm j for period t (t = –14, ...,0, .... +14)

(4) The abnormal returns, by period, are averaged across all firms in the sample and a standard

error is computed.

Average abnormal return on day t = 1

j N

jt

j

ER

N

Where, N = Number of events in the event study

(5) Cumulative Abnormal Returns (CAR): The cumulative of the daily abnormal returns

over the time period under observation is the CAR.

2

1 2

1

, ,

t

j t t jt

t t

CAR AR

(6) Degree of Freedom: The concept of degrees of freedom is central to the principle of

estimating statistics of populations from samples of them. "Degrees of freedom" is commonly

abbreviated to df. Estimates of parameters can be based upon different amounts of information.

The number of independent pieces of information that go into the estimate of a parameter is

called the degrees of freedom (df). In general, the degrees of freedom of an estimate is

equal to the number of independent scores that go into the estimate minus the number of

parameters estimated as intermediate steps in the estimation of the parameter itself. For

example, if the variance, σ², is to be estimated from a random sample of N independent

scores, then the degrees of freedom is equal to the number of independent scores (N) minus

the number of parameters estimated as intermediate steps (one,μ estimated by M) and is

therefore equal to N-1.


37

Hypotheses of the Study

H0(1) : There is no significant relation between bonus issue announcements & share prices.

H1 (1): There is a significant relation between bonus issue announcements & share prices.

Data Interpretation and Analysis

Table-1: Bonus Announcements

Event

Window AAR Z- value CAAR Z-value

-14 0.0055 0.03 0.01 0.03

-13 -0.003 -0.01 0.00 0.01

-12 0.00 -0.02 0.00 -0.01

-11 0.00 0.00 0.00 -0.01

-10 0.00 -0.01 0.00 -0.02

-9 0.01 0.03 0.00 0.02

-8 -0.01 -0.06 -0.01 -0.05

-7 0.00 -0.01 -0.01 -0.06

-6 0.00 0.00 -0.01 -0.06

-5 0.00 0.00 -0.01 -0.06

-4 -0.01 -0.03 -0.02 -0.09

-3 0.00 -0.01 -0.02 -0.10

-2 0.01 0.03 -0.01 -0.07

-1 0.00 0.01 -0.01 -0.06

0 0.01 0.03 -0.01 -0.03

1 0.00 0.02 0.00 -0.01

2 0.00 -0.01 0.00 -0.02

3 0.00 -0.01 -0.01 -0.03

4 0.00 0.00 0.00 -0.03

5 -0.01 -0.03 -0.01 -0.06

6 0.00 0.00 -0.01 -0.06

7 0.01 0.04 0.00 -0.02

8 0.00 -0.01 -0.01 -0.03

9 -0.01 -0.03 -0.01 -0.06

10 0.00 -0.01 -0.01 -0.07

11 0.00 0.01 -0.01 -0.06

12 0.01 0.03 -0.01 -0.03

13 0.00 0.00 -0.01 -0.03

14 0.00 0.01 0.00 -0.02


38

Interpretation

Table 1 Highlights the AAR, CAAR and the corresponding Z value for each of the day 29

days of the event window for all the 21 companies announced the bonus issue during 2007 to 2011.

On the day of bonus issue announcement, the AAR is .005 with Z value .029 and CAAR is -.006

with Z value -0.0332 both are significant at 95% degree of freedom(value lay b/w -1.96 to +1.96).

Further analysis indicate that the AAR and CAARs for each day prior to and post announcement

day are equally significant at 95% degree of freedom. So, it is expected that the share price

reaction to bonus announcements should be statistically significant.

Figure - 1

Interpretation

Figure 1 showed that AARs is fluctuating randomly prior to and post announcement event

period and influence can be made that the abnormal return are having increase/decrease trend due

to Bonus issue announcement. As we have find that all the values are lying between the -1.96 to

+1.96 it means that the announcement is impacting the share price around the event day and

investor get abnormal return on their investment.

Figure - 2


39

Interpretation

Figure 2 showed that CAARs is fluctuating randomly prior to and post announcement event

period and influence can be made that the abnormal return are having increase/decrease trend due

to Bonus issue announcement. As we have find that all the values are lying between the -1.96 to

+1.96 it means that the announcement is impacting the share price around the event day and

investor get abnormal return on their investment.

Conclusion

This study examined the impact of bonus issue announcement of the 80 index companies

from NSE & BSE such as, 30 index companies of BSE and 50 index companies of NSE. Out of

these 80 Indian companies the study covers only those which announced the bonus share during the

period of 2007 to 2011. To study impact of the announcement, the degree of freedom and Z-value

is calculated. The Z value of AARs and CAARs of all samples are equally significant at 95%

degree of freedom which means that the share price reflect the bonus issue announcements. The

reason for such an observation could be that the index companies are subjected to greater attention

by the market participants and therefore public information is quickly incorporated into prices and

leaving a scope for systematically superior returns. So, the study found that Indian stock market is

semi strong in nature because it reflects the Bonus Issue announcement in the share prices of the

company.

References

• Bhattacharya S. Prasad and Singh Harminder, (2006) "An Explanation of Efficient Market

Hypothesis and Unbiasedness Using Markov Switching Framework".

• http://papers.ssrn.com/sol3/papers.cfm?abstract_id=943354 [Viewed on 23/02/10]

• Dhar Satyajit and Chhaochharia Sweta, (2008) "Market Reaction around the Stock Splits

and Bonus Issues: Some Indian Evidence". http://papers.ssrn.com/sol3/

papers.cfm?abstract_id=1087200 [viewed on 3/03/10]

• Gupta Vandana (2001) "Announcement Effects of Bonus Issues on. Equity Prices: The

Indian Experience".

• http://www.indianjournals.com/ijor.aspx?target=ijor:ijfr&volume=13&issue=1and2

&article=004 [viewed on 26/03/2010].

• Gupta Amitabh (2006) "Impact of earnings announcement on stock Prices: Some Empirical

Evidences from India", The Icfai Journal of Applied Finance, March, vol.12 (3) pp. 5-17.

• http://www.bseindia.com/


40

• http://www.nseindia.com/

• http://in.finance.yahoo.com/

• http://dpe.nic.in/newgl/glch0312.htm

• http://www.rediff.com/money/2004/sep/18tutorial.htm

• http://www.bcvaz.in/financial_management/bonus_shares.htm

• http://financeonline.in/index.php/component/content/article/93.html

• Kothari R.C .(1990) , Research Methodology, New Age International Publishers Ltd., New

Delhi

• Kumar G. Arun, Malhotra Madhuri and Thenmozhi M, (2007) "Effect of bonus issue

announcement on stock returns using market model", Journal of International Finance and

Economics, Volume V, Number 1, 2007.

• Lukose Jijo P. J. and Rao Narayan S, (2002) "Does bonus issue signal superior profitability?

a study of the BSE Listed Firms".

• http://papers.ssrn.com/sol3/pap[ers.cfm?abstract_id=428122] [Viewed on 25/02/10]

• M. Raja & Sudhahar J. Clement,(2010) "An empirical test of Indian stock market efficiency

in respect of bonus announcement", Asia Pacific Journal of Finance and Banking Research,

Vol. 4., No. 4, 2010.

• Mishra A.K, (2006) "An empirical analysis of market reaction around the bonus issues in

India".

• http://econpapers.repec.org/paper/wpawuwpfi/0507003.htm [Viewed on 26/02/10].

• Malhotra Madhuri, Thenmozhi M. and Kumar G. Arun,(2007) "Stock market reaction and

liquidity changes around bonus issue announcement: evidence from India".

• http://papers.ssrn.com/sol3/papers.cfm?abstract_id=962830, [Viewed on 1/03/10].

• Sherbet Mandar (2009) "Bonus issue: Who Benefits the Most from it?"

• http://www.valueandgrowth.in/Learning/Files/BonusIssue.pdf. [Viewed on 20/03/2010]

• Shrinivas, S (2006), "Why do companies issue bonus shares?", Management & Change,

Volume : 10, Issue : 2


41

ANNEXURE

Abnormal returns of those companies which have announced bonus issue

Days Siemens Cipla GAIL

(India)

Kotak

Mah.

Bank

Ambuja

Cem.

Unitech

2008

Unitech

2009

HCL

Technologies

-14 -0.006 -0.007 -0.015 0.000 0.016 0.028 -0.001 0.022

-13 -0.011 -0.003 -0.043 0.001 0.014 0.028 0.004 -0.015

-12 0.012 -0.018 0.012 0.003 0.010 -0.011 0.001 -0.007

-11 0.007 0.014 -0.020 0.001 -0.008 0.051 -0.007 -0.033

-10 0.016 -0.002 -0.029 0.001 -0.019 0.006 0.003 0.006

-9 0.009 -0.002 -0.005 -0.002 -0.001 0.069 -0.002 0.011

-8 -0.273 -0.005 -0.012 -0.001 -0.012 0.028 0.008 0.003

-7 -0.037 0.000 -0.004 0.000 0.001 0.028 0.013 0.020

-6 -0.024 0.001 -0.026 0.018 0.016 0.028 -0.002 0.002

-5 -0.008 0.001 0.014 0.008 0.004 0.016 -0.003 0.029

-4 -0.034 -0.002 -0.013 -0.002 -0.016 0.040 -0.003 -0.002

-3 -0.032 0.002 0.054 -0.004 0.000 0.028 -0.001 -0.009

-2 0.020 0.064 0.012 0.001 0.006 0.028 -0.006 -0.012

-1 0.020 0.010 0.000 0.005 0.013 0.028 -0.004 -0.010

0 -0.034 0.000 -0.010 0.003 -0.003 0.028 0.003 -0.020

1 -0.008 0.018 -0.035 -0.001 0.009 0.028 0.007 -0.013

2 -0.020 0.042 0.006 -0.002 0.001 -0.011 -0.008 -0.016

3 0.006 0.048 0.037 0.000 -0.007 -0.049 -0.007 0.009

4 0.022 0.004 0.035 -0.001 0.001 0.027 -0.001 0.042

5 -0.017 -0.032 0.016 -0.001 -0.011 -0.047 -0.004 0.015

6 0.024 -0.009 -0.021 0.000 0.005 0.011 -0.005 0.020

7 -0.002 -0.007 0.015 -0.001 -0.008 -0.017 -0.004 -0.002

8 -0.005 -0.014 0.017 -0.005 -0.005 0.067 -0.007 0.014

9 -0.003 0.010 -0.029 0.001 -0.012 0.024 -0.008 -0.011

10 -0.025 -0.001 -0.005 -0.002 -0.002 0.032 -0.004 0.016

11 -0.014 0.009 -0.002 0.004 0.003 0.028 -0.007 -0.003

12 0.002 0.013 0.017 0.004 0.018 0.028 -0.003 0.002

13 -0.021 -0.012 0.010 0.002 0.001 -0.011 0.004 0.001

14 -0.002 -0.004 -0.062 0.001 0.004 0.054 0.002 0.001

15 -0.005 -0.006 -0.010 -0.001 -0.029 0.003 -0.006 -0.015


42


Days Wipro TCS

2008

TCS

2009

Sterlite

Inds.

Reliance

Inds.

O N G C M & M

-14 0.011 0.003 -0.002 0.006 -0.001 0.015 0.017

-13 0.023 -0.005 0.012 0.000 -0.001 -0.004 0.014

-12 -0.021 0.003 0.008 -0.005 -0.001 0.011 -0.004

-11 0.005 -0.001 -0.007 -0.009 -0.001 0.004 0.009

-10 0.021 -0.006 -0.004 -0.001 -0.001 -0.009 0.013

-9 -0.010 0.027 0.002 0.002 -0.001 0.012 -0.004

-8 -0.017 -0.007 0.014 -0.005 -0.001 -0.009 -0.006

-7 -0.017 -0.004 0.008 0.006 -0.001 -0.034 0.007

-6 0.004 0.004 0.000 -0.001 -0.001 -0.024 0.009

-5 -0.034 -0.006 0.009 0.006 -0.001 0.013 -0.002

-4 -0.038 -0.002 -0.003 0.019 -0.001 -0.006 0.001

-3 -0.009 -0.018 -0.008 0.003 -0.001 0.009 0.028

-2 -0.002 -0.030 0.002 -0.005 -0.001 0.000 0.004

-1 0.016 -0.029 0.003 -0.003 -0.001 0.023 0.003

0 0.073 0.042 -0.002 0.001 -0.001 0.015 0.018

1 0.019 0.077 0.003 -0.013 -0.001 0.043 0.002

2 -0.007 -0.011 -0.009 -0.016 -0.001 0.006 -0.004

3 -0.009 -0.009 0.006 -0.004 -0.001 0.002 0.006

4 0.007 -0.006 0.004 -0.007 -0.001 -0.011 0.015

5 -0.008 -0.005 0.005 -0.009 -0.001 0.013 0.002

6 0.007 -0.020 0.007 -0.012 -0.001 0.006 0.016

7 -0.003 -0.002 0.007 0.005 -0.001 -0.002 0.005

8 -0.003 0.013 0.012 0.002 -0.001 -0.013 -0.003

9 0.015 -0.028 0.001 -0.005 -0.001 -0.007 0.007

10 -0.005 0.035 -0.003 -0.005 -0.001 0.017 -0.012

11 -0.020 0.001 -0.004 0.014 -0.001 0.001 -0.018

12 0.042 0.007 0.002 -0.011 -0.001 -0.003 0.002

13 -0.004 0.001 0.000 -0.003 -0.001 0.012 0.008

14 0.000 -0.004 0.000 0.010 -0.001 0.019 0.025

15 -0.001 -0.004 0.004 0.013 -0.001 -0.011 -0.003


43


Days Larsen &

Toubro

2007

Larsen

&

Toubro

2008

JP

Associates

ITC Infosys

Tech.

B H E L

-14 -0.028 -0.029 -0.001 -0.001 0.039 0.049

-13 -0.039 -0.011 -0.009 -0.005 0.001 -0.009

-12 -0.058 -0.021 -0.001 0.009 -0.014 0.000

-11 0.005 0.011 -0.015 0.006 0.003 -0.001

-10 -0.005 -0.012 -0.013 0.003 -0.014 -0.002

-9 -0.002 0.027 0.006 0.025 -0.025 0.001

-8 0.028 0.021 0.000 -0.011 0.007 -0.005

-7 -0.001 -0.013 -0.004 -0.009 -0.007 0.010

-6 0.013 0.002 -0.010 0.013 -0.029 -0.009

-5 -0.034 -0.013 0.006 0.008 0.028 -0.035

-4 -0.033 -0.012 0.003 0.004 0.002 -0.034

-3 -0.031 -0.033 -0.003 0.015 -0.008 -0.014

-2 0.023 -0.006 0.002 -0.008 0.007 0.029

-1 -0.029 -0.015 -0.005 -0.003 0.004 -0.002

0 -0.036 0.032 -0.009 0.008 0.002 -0.002

1 -0.050 0.039 -0.021 0.003 -0.003 -0.011

2 0.010 -0.007 -0.020 0.016 0.006 -0.013

3 0.008 -0.032 -0.012 0.000 -0.003 -0.010

4 -0.055 -0.012 -0.023 -0.012 -0.006 -0.010

5 -0.003 -0.027 -0.010 0.019 -0.015 -0.009

6 0.039 -0.001 -0.013 -0.013 -0.016 -0.037

7 0.054 -0.032 -0.002 -0.013 0.019 0.150

8 -0.030 -0.013 -0.027 -0.019 -0.035 0.010

9 -0.029 0.014 0.001 -0.019 -0.017 -0.009

10 -0.002 0.001 0.004 -0.007 -0.044 -0.035

11 0.048 0.021 0.014 0.006 -0.021 -0.034

12 -0.009 0.009 0.000 0.012 0.005 -0.014

13 0.022 0.009 -0.007 -0.002 -0.017 0.029

14 -0.021 0.000 0.005 -0.004 0.031 -0.002

15 -0.013 -0.038 0.001 0.004 0.008 -0.002

Documents

Impact of Bonus Share Announcements on Share Prices An ...cmrcetmba.in/SUMEDHA_ADMIN/journal_attachment/1548264271_6… · the companies listed in BSE and NSE. The scope of study