Impact on Shareholders Returns on Announcement of Bonus Issue of Indian listed companies

This Research Paper show what impact on announcement of corporate event such a Bonus Issue on shareholder
return. This means when companies announce Bonus Share than what its impacts on shareholder return. This is event study
methodology so here event is to declare as Bonus Share. This study explores impact of Bonus Share event by Indian listed
companies. This study focuses on the performance of Bonus Share Issues in Bombay Stock Exchange (BSE) Mumbai form
2012 to November 2014. The main objective of study is whether shareholder can gain or loss on event like announcement on
Bonus Share. This studies also examines the share price reactions on information regarding Bonus Share with finding market
represents semi – strong efficient or not. This study is based on CAPM Module with help of Event studies and also tests
whether there is an abnormal return exists during event window announcement. This study defines statistically significant on
abnormal returns on the announcement and its surrounding dates during event.