This study examines the stock market reaction to stock splits between 2002 and 2013 of 6 sectors of BSE-Auto, Bankex, Consumer Durables, FMCG, Health Care and IT sectors to find out if the Indian stock market is semistrong efficient or not. The methodology used is event study under the market model. Samples of 14 stock splits are considered spread across 6 sectors. The results indicate that there are significant positive abnormal returns prior to split announcements. On the day of split announcement, 1 sector reacts positively (Health Care-3.3%) and the 5 react negatively (Auto -1%, Bankex -0.9%, CD -0.3%, FMCG -1%, and IT-1%). The results indicate that the null hypothesis, H 0 1, that there is no significant AAR around the stock split announcement dates is accepted.
Major catalysts, e.g. deregulation, global competition, technological breakthroughs, changing customer expectations, structural changes, excess capacity, environmental concerns, less protectionism, etc., are reshaping the landscape of corporations worldwide. Assumptions about predictability, stability and clear boundaries are becoming less valid as two key actors have a clear impact on the nature of competitive space: agents with knowledge and interactions. IJIE covers new concepts of strategy and organisation as competitiveness of companies increasingly depends upon exploiting the new strategic potentials of intellect/service technologies. Contents: IJIE publishes high-quality original papers and it is double blind peer-reviewed. It presents strategies, resources, methodologies, tools, and techniques, aimed to unfold key aspects related to intellect and service technologies, relevant for research and practice. Both theoretical and empirical papers are welcome as well as qualitative and quantitative studies. Special Issues devoted to important topics within the aims and scopes of the Journal are also considered.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.