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Market performance on resale of treasury shares


Abdul Latif, Rohaida and Taufil Mohd, Kamarun Nisham and Kamardin, Hasnah (2015) Market performance on resale of treasury shares. International Journal of Business and Social Science, 6 (12). pp. 147-155. ISSN 2219-1933

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Abstract

The study examines the announcement effects on resale of treasury shares among publicly listed firms in Malaysia.All firms that resale their treasury shares between 2001 and 2012 are analyzed using standard event methodologies namely market adjusted return (MAR) and market model (MM).We find that resale firms experience significant positive 4% abnormal returns in the 5 days prior to the actual resale of treasury shares.However, there are no abnormal gains realized following the actual resale of treasury shares date, suggesting that the market is semi-strongly efficient where prices can fully reflect all publicly available information.

Item Type: Article
Uncontrolled Keywords: Share buybacks, market performance, efficient market hypothesis, firm performance, Malaysia
Subjects: H Social Sciences > HB Economic Theory
Divisions: Tunku Puteri Intan Safinaz School of Accountancy (TISSA)
Depositing User: Dr. Rohaida Abdul Latif
Date Deposited: 17 Apr 2016 04:12
Last Modified: 17 Apr 2016 04:12
URI: http://repo.uum.edu.my/id/eprint/17909

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