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Market Reaction on Fixed Price Tender Offer Shares Buyback Announcement : An Analysis of the MAR and SIMM Approach

Hanita, Kadir @ Shahar (2003) Market Reaction on Fixed Price Tender Offer Shares Buyback Announcement : An Analysis of the MAR and SIMM Approach. Masters thesis, Universiti Utara Malaysia.

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Abstract

This dissertation attempts to investigate stock market reactions on shares buyback announcement, specifically with fixed price tender offer mechanism. A standard event study methodology is used to examine price reaction of 30 observations, involving 21 listed companies from 60 days surrounding the announcement dates. Two approaches in this study namely MAR and SIMM are adopted and compared in the analysis. Even though most literatures in the western market found positive abnormal returns from this announcement, this study, however, reveal that investors gain zero abnormal returns out of this announcement. Result of post-announcement shows that Malaysian stock market is semi-strongly efficient. In addition, evidence shows that none of the theories implication forwarded in this study could be supported by the result.

Item Type: Thesis (Masters)
Uncontrolled Keywords: Securities, Stock Market Reactions, Shares Buyback Announcement, Fixed Price Tender
Subjects: H Social Sciences > HG Finance
Divisions: Faculty and School System > Sekolah Siswazah
Depositing User: Mrs Shamsiah Mohd Shariff
Date Deposited: 16 Dec 2009 04:09
Last Modified: 24 Jul 2013 12:09
URI: http://etd.uum.edu.my/id/eprint/993

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