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The objective of the present is to investigate the effect of the stock return of the firm on bonus announcements in a short-run period. Sample of fifty listed companies collected for bonus announcement during the period 2004-2015. The study has examined the effect of bonus announcement on a share price around the announcement period by using event study methodology. The study has used a market model based to evaluate the abnormal return of stock return to the shareholder. The study shed light on whether abnormal return generated by the shareholder in short term or not by bonus announcement reaction on the capital market of Indian companies by using different event window periods.
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