This unique feature provides an additional motivation for the researcher to explore the reasons why Pakistani firms pay dividends despite the tax penalty associated with such disbursements. Moreover, most of these studies have been conducted in countries with developed markets; relatively little research has been conducted in the emerging stock markets of Southern Asia, such as Pakistan. Account Opening Checklist. As mentioned earlier, it is important to have a diversified portfolio of investments. Nonetheless, the disaggregated results of the event study showed significant unexpected returns for the dividend increase and no-change sub-groups — usually before the actual dividend announcement date. This is not surprising as the KSE like other emerging stock markets is characterised by day trading tax return etrade future trading information disclosures, insider trading and market manipulation Mustafa and Nishat, Nishat, M. Log In Sign Up. Limited Aftab Q. Topline Securities Private Limited www. By contrast, Mubarik and Akbar and Baig documented negative unexpected returns around dividend announcement dates. Local Banks. The total of dividend announcements were split into increases in dividend per share Fidelity technical indicators gravestone doji statisticallydecreases in dividend per share DD and cases where no change occurred in the dividend DnC. By contrast, Farre-Mensa et al. The authors took a sample of non-financial firms listed on the KSE from — The final sample therefore comprised dividend announcements made by firms listed on the KSE over a period — A lot of investors are usually confused when to enter the market and when to exit it.
Start investing. Similiarly, it may be profitable to exit the market when the opposite conditions are true. Need an account? Similarly, equation 10 in Table 4 reveals a number of findings. Secondly, interviews were conducted with 23 company executives to ascertain their views about the determinants of dividend policy and its perceived impact on share prices. Share price behaviour around dividend announcements in Pakistan Baker, H. By contrast, news that dividends are to remain unchanged should be best forex analyst custom forex indicator for android with normal returns. List of authorized signatories. Lonie, A. The current study considers only cash dividend announcements and ignores stock dividend and contemporaneous stock and cash dividends. Get clear information on the commission rates and services provided and compare these with those of other brokers. Azhagaiah, R. Amir, M. An IPO or Initial Public Offering Primary market is the issuance of shares by a company in the stock market in order that its can i sell bitcoin using coinbase internship process are purchased by the general public. Cedar Capital Private Limited www. Related Downloads. This finding also contradicts the previous evidence in Kane et al. Using a regression model to predict future earnings the author found a positive but insignificant relationship between current dividend changes and future variations in earnings4; the mean value of the coefficient of current dividend was 0.
This thesis tries to fill the gap in the literature by investigating both the impact of dividend announcements on the share prices of Pakistani firms and the behavioural determinants of dividend policy. Moreover, the F-statistics for equation 9 also show a value of 0. Lukman, M. Mubarik, F. As the paper examines the impact of dividend disclosures on the share prices for Pakistani listed firms, an event study was therefore used to calculate any unexpected returns around the announcements dates Pettit, ; Brown and Warner, ; Strong, How much risk can you take in terms of market downturns? The result of this model was consistent with the previous regression model of a positive and weak relationship between unexpected changes in dividend and changes in future earnings. Brown, S. Strike out any inapplicable clause and sign the same.
Secondly, interviews were conducted with 23 company executives to ascertain their views about the determinants of dividend policy and its perceived impact on share prices. Strike out any inapplicable clause and sign the same. Easton, S. In his seminal work, Lintner argued that firms tended to increase their dividends once they were certain about the future earnings. So, annual dividend announcements were selected for testing the information content hypothesis DeAngelo and DeAngelo, References Abeyratna, G. He was awarded his doctorate degree from the University of Dundee, UK. Aharony, J. This is done either through an Initial Public Offering or Rights issue. Arif, A. If the signalling hypothesis is correct, the unexpected returns on the announcement date day t0 should be significantly different from zero. This scheme allows investors to invest into various instruments such as equities, government bonds, and TFCs. Cedar Capital Private Limited www. Nonetheless, the disaggregated results of the event study showed significant unexpected returns for the dividend increase and no-change sub-groups — usually before the actual dividend announcement date. Optimally, you may want to invest in stocks for the long term, in order to earn dividends periodically, through dividend yielding stocks and for capital growth gain in share price over a number of years.
The study found that dividend yield was positively associated with share prices. McCluskey, T. For example, Zaman found that share prices reacted positively around dividend announcements. Log In Sign Up. Avoid discretionary trading accounts whereby the brokerage firm is given the freedom to execute trades for you. He was awarded his doctorate degree from the University of Dundee, UK. Farre-Mensa, J. This portfolio is formed and selected on the basis of:. According to this method the cumulative abnormal returns for different periods are regressed against changes in DPS and EPS without or along with dummy variables for each dividend-earnings group. Listed companies are those which issue shares in the position trading lol forex leverage explained market to raise capital. So you must focus on compounding your earnings, reinvesting your dividends, and achieving capital gain. Moreover, there is some evidence of information leakage as significant unexpected returns were uncovered two days before the dividend announcements. Many academics have studied the share price reaction of firms listed on the Pakistani stock exchanges around why is gm stock so low bull call spread earnings announcement dates. To help you safeguard your interest and to avoid complaints against the stock-broker, here are some easy tips:. A t-test was used to determine the statistical significance of mean values while a non-parametric Best place to buy bitcoins uk unable to verify identity signed rank test28 was employed to investigate whether median measures were different from zero. Finance and Accounting, Vol. The method first proposed by Kane et al.
KSE Index stocks provided compounded annual returns of According to this method the cumulative abnormal returns for different periods are regressed against changes in DPS and EPS without or along with dummy variables for each dividend-earnings group. This is not surprising as the KSE like other emerging stock markets is characterised by poor information disclosures, insider trading and market manipulation Mustafa and Nishat, Optimally, you may want to invest in stocks for the long term, in order to earn dividends periodically, through dividend yielding stocks and for capital growth karachi stock exchange dividend announcement stock trading courses uk can you trade coin on coinbase how to open a coinbase wallet share price over a number of years. However, according to KSE statistics, less than In Pakistan, announcements about dividend decisions as well as earnings announcements are disclosed to the market after a board of directors meeting. The current study considers only cash dividend announcements and ignores stock dividend and contemporaneous stock and cash dividends. Kemal, A. In order to investigate the signalling potential of dividend announcements, several studies have looked at the behaviour of share prices around the time of dividend news. How much are you able to invest in the stock market in the face of the downturns and volatility it is undergoing? Rmt was proxied for by the KSE index in the current study. The author used abnormal return as his dependent variable and unexpected earnings, unexpected dividends and dummy variables as independent variables to examine interactions between the two signals. Dalal Securities Pvt. Numerous academics, adopting either a behavioural or empirical approach, have provided rationales to address the issue of why companies pay dividends and whether the market response to the announcements can be predicted.
Second, Table 4 shows an insignificant value of the interaction F-statistic which reveals that the dummies did not jointly explain the variability in abnormal returns on the announcement date. Kanwer, A. Once the IPO has taken place, the shares continue to be traded in the stock market Secondary market , changing hands between buyers and sellers. Finally, the research should provide some insights for policy makers and legislators concerned with laws about corporate disclosures and the speed at which dividend announcements reach the stock exchanges in Pakistan. In addition, the dividend signal is often one of the few pieces of information studied by the sizeable number of relatively unsophisticated investors who tend to dominate emerging market investment Tijjani, Moreover, the F-statistics for equation 9 also show a value of 0. Bruce Burton. This unique feature provides an additional motivation for the researcher to explore the reasons why Pakistani firms pay dividends despite the tax penalty associated with such disbursements. Third, the first-order F-statistic shows the joint significant of magnitude of dividend and earnings changes in equation The main purpose of the stock market is raising of capital through investment in shares of listed companies.
However, the growth in trading volume on the KSE declined as a result of political unrest in the s leading up to the independence of Bangladesh and the nationalisation of many companies Iqbal, He has published widely in the areas of corporate finance and financial markets. Get the deleted clauses signed by the brokerage firm as well. Local Banks. WE Financial Services Limited www. Click here to sign up. Spectrum Securities Private Limited www. Amir, M. However, the findings for the DnC sub-group panel C , suggest that there is some support for the signalling hypothesis as only normal returns were documented by the event study McCluskey et al. The study found that dividend yield was positively associated with share prices. The authors used various research methods to examine the information content of dividend such as an event study, ANOVA tests and multiple regression analysis. Spinzer Equities Private Limited www. The mean median abnormal return was small at 0. List of authorized signatories. The results of the regression model showed that the dummy variable was positively correlated with dividend yield which supported the signalling theory that future earnings tended to be associated with increased current dividend yield Pettit, ; Lonie et al. Third, the first-order F-statistic shows the joint significant of magnitude of dividend and earnings changes in equation Financial Literacy Initiative. Miller, M. Following the first method of calculating the interaction effect between dividends and earnings, the sample was split into different groups on the basis of the nature of the dividend and earnings change. In this analysis, which is consistent with that used in previous studies Lonie et al.
The F-ratios for earnings announcements had insignificant p-values of 0. Stock trade limit definition cisco tech stock, A. Brown, S. Mir, S. Select the companies to invest into based on some or all simple price action trading method how to access td ameritrade think or swim platform the parameters mentioned in the Basic Guidelines for Stock Investment, your preferences and discussing the same with your stock-broker. His PhD was in the area of stock market overreaction from the University of Dundee. To browse Academia. Start investing. JS Global Capital Limited www. You want to live your life and follow your dreams. Finally, it is apparent from Table 1 that the standard deviation values are large relative to their mean abnormal and excess return counterparts. The Initiative also seeks to educate the general public about the operational, strategic and regulatory developments taking place at PSX.
Hussain, F. He has published widely in the areas of corporate finance and financial markets. So attempting to study the impact of the dividend announcement without considering any confounding earnings create ea forex free forex better tillson moving average indicator may be problematic. Finally, the research should provide some insights for policy makers and legislators concerned with laws about corporate disclosures and the speed at which dividend announcements reach the stock exchanges in Pakistan. Share price behaviour around dividend announcements in Pakistan Third, there is also some support for the argument that the market took time to fully assimilate the news contained in the dividend announcement; the largest mean abnormal return of 0. Secondly, interviews ichimoku futures trading amibroker vs tradestation conducted with 23 company executives to ascertain their views about the determinants of dividend policy and its perceived impact on share prices. The findings reported should therefore add to a literature that has concentrated mainly on the information content of dividend announcements in developed markets. Husain, I. As mentioned earlier, it is important to have a diversified portfolio of investments. Thoroughly read and understand the terms and conditions of the form of the Brokerage Account.
In order to invest, we begin with savings. Aharony, J. The p-values for the means are based on a one-sample t-test and for the medians are based on the Wilcoxon signed rank test. So attempting to study the impact of the dividend announcement without considering any confounding earnings signal may be problematic. This sample period was selected in order to avoid contamination of the dividend signal with a capital gains tax effect since a capital gains tax was introduced in Pakistan from onward. Know your financial capacity and needs well. Do you want to invest for dividends or for capital gain or for both? By Naimat Ullah Khan. By purchasing the shares of a company, you become a shareholder of that company and are entitled to dividends and other payouts such as bonus or right shares issued by the said company, along with the advantage you can have of capital gain from increase in price of the shares.
We must invest our savings to ensure: We beat the effects of inflation which eats up the plus500 ltd dividend history emini futures trading reddit of our money. Moreover, the F-statistics for equation 9 also show a value of 0. The actual test of interaction is given by an F-statistic Kane et al. Equation 3 was estimated for a period of trading days, i. This finding also contradicts the previous evidence in Kane et al. If you keep your money in a bank account, you will get nominal returns on your savings. The above are some of the guidelines you may want to go by in order to select the companies you want to invest. You will also need to deposit initial funds to purchase shares. Therefore, the research assumed a negative value for the intercept to represent the joint bad news of DDED firms. Enclosures for corporate entities : Certified true copy of Board Resolution specimen provided as per Annexure-A. However, in many countries such as the UK, Ireland, Austria and Pakistanthe dividend and earnings announcements come to the market at same time. The total Market Capitalisation volume of outstanding shares times share price was Rs 7. Deposit funds in your account through cheque. Stock prices keep falling and rising. The first-order F-statistic depicts an insignificant value of 0. Fourth, invest stock divicend income broker hobart expected, the sign of the constant term is negative although insignificant which is used to represent the dummy variable where dividends decrease and earnings decrease. Get the deleted clauses signed by the brokerage firm as. Remember me on this computer. Shortlist binance exchange login bitcoin wallet other than coinbase number of registered and licensed brokerage firms based on your preferences.
Rafi Securities Private Limited www. Limited Aftab Q. Skip to main content. After placing the order and execution of the same, you should get a Trade Confirmation against your executed order. For example, Zaman found that share prices reacted positively around dividend announcements. From an inspection of the announcement data it appears that most listed Pakistani firms declare their earnings and dividend announcements simultaneously. Using a regression model to predict future earnings the author found a positive but insignificant relationship between current dividend changes and future variations in earnings4; the mean value of the coefficient of current dividend was 0. To help you safeguard your interest and to avoid complaints against the stock-broker, here are some easy tips:. These may include goals for the near future like: Planning the next vacation Buying a home theater Planning a destination wedding Renovating your house Upgrading your car There is also a list of things you have to do in the distant future. If you are risk-averse, your investment portfolio of stocks should be passive. The figures in parentheses are p-values. He was awarded his doctorate degree from the University of Dundee, UK. The analysis of the results in Table 2 for the three sub-groups shows a picture similar to Table 1; abnormal returns are insignificant on the announcement day for the three sub-groups — DI, DD and DnC. More generally, Table 3 documents significant values before and after, but not on, the announcement date for most groups, implying that investors seem to both anticipate and react to dividend and earnings in a specific fashion; the KSE appears, therefore, not to be weak-form efficient with regard to dividend news despite the lack of price movement on the formal announcement day.
If you keep your money in a bank account, you will get nominal returns on your savings. However, the results resemble the findings of emerging stock markets such as Mollah , Uddin and Rishma et al. Stand by your decisions. Numerous academics, adopting either a behavioural or empirical approach, have provided rationales to address the issue of why companies pay dividends and whether the market response to the announcements can be predicted. Kane, A. Furthermore, with many owner-manager firms, the news component of the dividend announcement may be relatively small since any information being conveyed may already be impounded in share prices because of insiders transacting on their privileged knowledge Hassan and Power, The Pakistani market was characterised by a unique tax system, with capital gains totally exempted from taxation before June The trading of shares on the KSE has continued to increase in s following the liberalisation policy of Kemal et al. The results of the interviews indicated that Pakistani executives primarily base their dividend decisions on earnings, followed by liquidity. You can start saving as early as possible.
The stock market is a place where companies list themselves to make their shares available to a broad range of investors to purchase these shares. Notes 1 Of course, an alternative line of argument exists where shares in emerging market are thinly traded Al-Abdulqader, and the detection of btc futures trading hours binary.com faq stock market response to dividend announcements is unlikely. Husain, I. Links Link to Authorization registered rep to open brokerage account etfs to swing trade Search. Try to gauge the reputation of the brokerage firm by talking to people you meet. In addition, the dividend signal is often one of the few pieces of information studied by the sizeable number of relatively unsophisticated investors who tend to dominate emerging market investment Tijjani, Using a regression model to predict future earnings the author karachi stock exchange dividend announcement stock trading courses uk a positive but insignificant relationship between current dividend changes and future variations in earnings4; the mean value of the coefficient of current dividend was 0. Studies of the interaction effect between earnings and dividends announcements were conducted by Kane et al. Farre-Mensa, J. Related Downloads. Skip to main content. Reference to this paper should be made as follows: Khan, N. Thus strategies which may provide profitable opportunities in other markets if dividend change is correctly anticipated will not work in Pakistan. Foundation Securities Pvt Limited www. Third, the first-order F-statistic shows the joint significant of magnitude of dividend and earnings changes in equation Enclosures for individuals : Attested copies of National Identity Card of the applicant. For example, Easton analysed the interaction effect between dividends and earnings using a regression model. Khan Road, Karachi. The paper contributes significantly kotak gold etf stock price etrade clearing llc federal id number literature about the Pakistani market which has a unique institutional background. This portfolio is formed and selected on the basis of:. A t-test was used to determine the statistical significance of mean values while a non-parametric Wilcoxon signed rank test28 was employed to investigate whether median measures were different from zero. Share price behaviour around best forex oscillator algo order to trade ratio announcements in Pakistan Table 4 Regression analysis for interaction using ARt0 as dependent variable continued Explanatory variables Equation 9 Equation 10 N F-statistics 0.
Ltd www. Naeem, S. Khan Road, Karachi. However, in reality, these assumptions may not be realistic and news about a dividend payment may affect the share price of a firm Pettit, ; Lonie et al. From an inspection of the announcement data it appears that most listed Pakistani firms declare their earnings and dividend announcements simultaneously. His principal research interests lie in the field of corporate finance and investigating the impact of dividend announcements on share prices in the emerging stock market of Pakistan using mixed research methods. To help you safeguard your interest and to avoid complaints against the stock-broker, here are some easy tips:. Notes 1 Of course, an alternative line of argument exists where shares in emerging market are thinly traded Al-Abdulqader, and the detection of a stock market response to dividend announcements is unlikely. The findings reported should therefore add to a literature that has concentrated mainly on the information content of dividend announcements in developed markets. Foundation Securities Pvt Limited www. We all have a list of things that we want to achieve in our lives which require money to attain them. The figures in parenthesis are p-values. Whereas Hassan et al. University of Dundee. In this analysis, which is consistent with that used in previous studies Lonie et al. Watts, R.
Listed companies are those which issue shares in the stock market to raise capital. Husain, I. For example, McCluskey et al. Therefore, Table 2 examines the share price performance of the sample firms around a 2-day event window for DI events in panel A, DD announcements in panel B and DnC sub-group in panel C. The mean median abnormal return was small at 0. You, as an investor, have the option to choose from multiple stocks of different companies to buy in order to build your investment portfolio. Similar studies from the UK Lonie et al. KSE Index stocks provided compounded annual returns of More generally, Table 3 documents significant values before and after, but not on, the announcement date for most groups, implying that investors seem to both anticipate and react to dividend and earnings in a specific fashion; the KSE appears, therefore, not to be weak-form efficient with regard to dividend news despite the lack of price movement on the formal announcement day. Secondly, and more generally, the information successful binary options trading system how to increase trade node profit eu4 of dividends has been comprehensively studied in developed stock markets throughout the world; relatively little work has been conducted regarding the news conveyed by dividend announcements in emerging stock markets. The author used a regression model14 with dividend yield measure as the dependent variable; a dummy variable was used as a proxy for the signalling effect based on whether earnings increased or decreased in the future. By contrast, Farre-Mensa et al. Managerial views about dividend policy in Pakistan. Foreign persons and institutions as well as non-resident Pakistanis can invest in securities listed on Pakistan Stock Exchange.
Fourth, understanding binary option simulator mt4 free download expected, the sign of the constant term is negative although insignificant which is used to represent the dummy variable where dividends decrease and earnings decrease. Many researchers have analysed the relationship between dividends and share prices using regression analysis. So attempting to study the impact of the dividend announcement without considering any confounding earnings signal may be problematic. The findings show that no significant unexpected returns can zerodha kite amibroker how to make nice trading charts earned on the announcement date by trading on dividend news in Pakistan. The interaction F-statistic of 0. So, annual dividend announcements were selected for testing the information content hypothesis DeAngelo and DeAngelo, In this analysis, which is consistent with that used in previous studies Lonie et al. JS Global Capital Limited www. Iqbal, J. However, these endeavours have failed to achieve unanimity on either issue. Tijjani, B. Share price behaviour calgo ctrader brokers double donchian channel strategy dividend announcements in Pakistan Baker, H. However, the findings for the DnC sub-group panel Csuggest that there is some support for the signalling hypothesis as only normal returns were documented by the event study McCluskey et al. Similarly, equation 10 in Table 4 karachi stock exchange dividend announcement stock trading courses uk a number of findings. Consider this that Pakistan Stock Exchange has performed better over the last several years, above and beyond other investment vehicles available in the country Returns earned from the Stock Exchange as compared to other asset classes over the ten year period, Mar to Mar KSE Index stocks provided compounded annual returns of
Equation 3 was estimated for a period of trading days, i. From the population of firms, adjusted prices were not available for companies; therefore, the sample was reduced to companies whose price data were adjusted for stock splits and share issues. For those investors who want to invest in Shariah compliant companies, there are listed companies on the Stock Exchange which are Shariah compliant. The total Market Capitalisation volume of outstanding shares times share price was Rs 7. Almujamed, H. Similarly, Akbar and Baig found that the cumulative abnormal return for the day before to the day after the dividend announcement was —0. Returns earned from the Stock Exchange as compared to other asset classes over the ten year period, Mar to Mar List of Brokerage Firms. You stay in control of your securities because they can only move once you give a transaction order. Fourth, as expected, the sign of the constant term is negative although insignificant which is used to represent the dummy variable where dividends decrease and earnings decrease. Foundation Securities Pvt Limited www. In the s, share trading started to increase again as a result of these nationalised companies being privatised and individual investment being encouraged Hussain and Qasim, In Pakistan, announcements about dividend decisions as well as earnings announcements are disclosed to the market after a board of directors meeting. Foreign persons and institutions as well as non-resident Pakistanis can invest in securities listed on Pakistan Stock Exchange. Dividend policy and the stock market reaction to dividend announcements in Pakistan. The median as well as mean abnormal return was computed in case any outliers in the data biased the average values reported. However, these endeavours have failed to achieve unanimity on either issue. According to the dividend signalling hypothesis, the announcement of an increase decrease in dividends should have a positive negative impact on share prices. SD is the standard deviation around the mean values. Section 2 outlines the relevant literature.
Numerous academics, adopting either a behavioural or empirical approach, have provided rationales to address the issue of why companies pay dividends and whether the market response to the announcements can be predicted. Invest on PSX from Overseas. From the population of firms, adjusted prices were not available for companies; therefore, the sample was reduced to companies whose price data were adjusted for stock splits and share issues. There is also evidence of some share price reactions buy ether vs bitcoin reddit decentralized crypto exchange 3 to 5 days after the dividend announcement. From an inspection of the announcement data it appears that most listed Pakistani firms declare their earnings and dividend announcements simultaneously. The median abnormal return values are generally very small in absolute terms, ranging from a low of —0. Kanwer, A. This result contradicts those reported in previous studies such as Kane et al. You may select your brokerage firm depending on:. If you have decided to invest in the stock market, then it is a decision well worth taking. By contrast, Farre-Mensa et al. Section 2 outlines the relevant literature. There are a number of reasons why dividend changes may act as a signal. In this analysis, which is consistent with that used in previous studies Lonie et al. Know your financial capacity and needs. So attempting to study the impact of the dividend announcement without considering any confounding earnings signal may be problematic Kane et al. Al Habib Capital Markets Pvt. The authors used various research methods to examine the information content of dividend such as an event study, ANOVA tests and multiple regression analysis. You stay in control of your securities because stock research report on sun pharma how to join etf can only move once you give a transaction order.
Consider this that Pakistan Stock Exchange has performed better over the last several years, above and beyond other investment vehicles available in the country Returns earned from the Stock Exchange as compared to other asset classes over the ten year period, Mar to Mar KSE Index stocks provided compounded annual returns of As already mentioned, the reason behind choosing a sample period before is because capital gains taxation was imposed from July for the first time in Pakistan. List of authorized signatories. Similarly, Akbar and Baig found that the cumulative abnormal return for the day before to the day after the dividend announcement was —0. Managerial views about dividend policy in Pakistan. Chundrigar Road, Karachi. Share price behaviour around dividend announcements in Pakistan The results of regression and correlation analysis showed a significant positive correlation of 0. In order to disentangle these confounding signals, previous studies have focused on: 1 identifying the unexpected returns earned by different divided-earnings change groups 2 using regression analysis in order to analyse the interaction between earnings and dividend signals. The interaction F-statistic of 0. By Viet Nguyen. Moreover, the F-statistics for equation 9 also show a value of 0. The signalling effect of dividends in Pakistan: executive and analyst perspectives. Foreign persons and institutions as well as non-resident Pakistanis can invest in securities listed on Pakistan Stock Exchange. The stock market is a place where companies list themselves to make their shares available to a broad range of investors to purchase these shares. This portfolio is formed and selected on the basis of:. He was awarded his doctorate degree from the University of Dundee, UK.
The remainder of the paper is organised as follow. JS Global Capital Limited www. You stay in control of your securities because they can only move once you give a transaction order. List of Brokerage Firms. Second, Table 4 shows an insignificant value of the interaction F-statistic which reveals that the dummies did not jointly explain the variability in abnormal returns on the announcement date. It is important that you open the account s in your name. Enclosures for corporate entities : Certified true copy of Board Resolution specimen provided as per Annexure-A below. Topline Securities Private Limited www. Contact Us. The stock market is one such avenue where there is good upside potential, historically, and where the returns have been higher than those from other investment avenues. Start investing. Moreover, the results documented a significant positive abnormal return of 2.