Financial Economics of Bonus Shares

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The focus of this study is on analysing the query : do bonus shares have any causative implications for the changes in share prices ? This includes an analysis of the bonus issues made by the Indian Private Corporate sector and the Post-bonus dividend changes. The Main Issues discussed include : Legal Underpinnings Dividend Changes and the Valuation Effects of Bonus Shares. This study analyses post-bonus-dividend tracks of 415 bonus issues of 249 companies. Using a sample of 121 bonus issues of 79 companies the valuation effects of bonus issues have been examined at different time points." …the real fundamental factor behind price movements is the dividend expectation which, inter alia, may be influenced by the current rate and quantum of bonus issue. Dr. S.N. Sarma’s work incorporates these market intonations which he gleaned through a survey. The respondents were company-level finance officials and eminent brokers and other market participants. The collection of daily price quotations for a long period of over one year has, indeed, been an uphill task but the research performed it assiduously.

ABOUT THE AUTHOR S. Narasimha Sarma

Dr. S.N. Sarma is currently a faculty member, Department of Business Management, Osmania university, Hyderabad. He holds an Intermediate Certificate of ICWAI (Institute of Cost & Works Accountants of India) and is associated with Management Development Programmes. Dr. Sarma has, to his credit, a number of research articles and papers published in leading professional journals.

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Bibliographic information

Title
Financial Economics of Bonus Shares
Author
Edition
1st ed.
Publisher
ISBN
8171880789
Length
144p.
Subjects