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- W49385615 abstract "This study examined the effect of events announcement by The Securities Commission andThe Central Bank on the Kuala Lumpur Stock Exchange Composite Index and SectoralIndices. The data and information on the event announced and market index was obtainedfrom the Kuala Lumpur Stock Exchange Library, newspaper reports, etc. The period of studywas from March 1, 1993 to August 31, 1997 for The Securities Commission eventannouncement, whereas for The Central Bank Event announcement, the period was fromJanuary 1, 1994 to February 28, 1994.An event study method was employed to estimate the market return and average return. Thestatistical significance of the average return were ascertained at 5 percent level. A sample of16 events for The Securities Commission and a sample of 7 events for The Central Bank wereanalyzed.The findings showed that there was no evidence of significant abnormal returns due to theevents announced by The Securities Commission. This implies that events announced by TheSecurities Commission are of non-event and no 'news' to the market (Composite Index).F or the events announcement by The Central Bank, the finding showed some evidence ofsignificant average returns both on the Composite Index and Sectoral Index (Finance Sector).This means the event announcement by The Central Bank are considered 'news' to the market.An interesting point to note is that, The Central Bank's announcement were leaked to the marketa week before the announcement.In conclusion, though the general events announcement by the authority were no 'news' to themarket, the specific event announcement by the authority are considered 'news' to the market andmarket will react accordingly towards the information content of such specific eventannouncement. An interesting point noted was the leakage of early information prior to the eventannouncement." @default.
- W49385615 created "2016-06-24" @default.
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- W49385615 date "1997-01-01" @default.
- W49385615 modified "2023-09-24" @default.
- W49385615 title "The Wealth Effect of the Securities Commission and the Central Bank Announcement" @default.
- W49385615 hasPublicationYear "1997" @default.
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