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A stock split is when a company’s outstanding shares are divided into multiple shares by issuing more shares to current shareholders without eroding their stake’s value. The company typically takes these actions to increase liquidity and marketability, lower stock prices, attract new investors and so on. The purpose of this study is to examine the impact of stock splits on the stock returns during the study period. Companies listed on the Bombay Stock Exchange (BSE) and those included in the S&P BSE 500 Index are included in the stock split data. The study period covers 14 years, between 2008 and 2021. Market model event study methodology is being employed to analyze the average abnormal returns (AARs), cumulative abnormal returns (CARs) and cumulative AAR (CAARs) using an event window period consisting of 31 days ($-15,+15$). The study is largely based on secondary information from the CMIE Prowess IQ Database and the official BSE website. The $t$-test, mean and standard deviation were used to investigate the influence of stock split announcements on share prices and the performance of stock splits before and after the announcement. The study found that on ($t-13$), ($t-7$), ($t-2$) and ($t-3$) and on the day of the announcement ($t0$), the market reacted favorably with significant positive abnormal returns. On ($t+1$) and ($t+10$) days, however, there were significant negative abnormal returns. The null hypothesis is accepted as the CAR for the whole 31-day event window, which is 0.0221, with a $t$-statistic of 1.692, which is insignificant.

This paper investigates the impact of the 1986 US-Japan Semiconductor Trade Agreement (STA) and antidumping actions by the US on Japanese firms. We conduct an event study employing WLS and OLS estimations on the daily returns of eight large electronics firms over roughly a two year period. We find that the STA had a positive effect on the daily returns while the antidumping rulings were found to be insignificant. These results are consistent with some authors' views that the STA policy may have facilitated collusive behavior to the benefit of not only US, but Japanese firms as well. These results shed some light on the ambiguous results found in the Voluntary Import Expansion (VIE) literature.

This paper examines the impact of 410 terrorist attacks on the performance of five Asian stock markets. The empirical findings indicate that terrorism has a significant impact on the stock markets. Furthermore, the magnitude of these effects varies with respect to country, attack type, target type and severity of the attacks. In target type, terrorist attacks on business sector and security forces are particularly destructive for the stock markets. Likewise, in attack type, suicide attacks and bomb blasts particularly generate a significant downward movement in the stock markets. Furthermore, the more severe attacks have larger negative impact on market returns.