Unexpected Political News And Its Impact On Stock Returns: Evidence From Karachi Stock Exchange
Quratul ain Hafeez, Chowdhery (2010) Unexpected Political News And Its Impact On Stock Returns: Evidence From Karachi Stock Exchange. [Dissertation (University of Nottingham only)] (Unpublished)
The study examines the effect of unexpected, surprise political events on stocks in the Karachi stock exchange. The study used daily closing prices on a sample portfolio of the 50 most performing stocks on the exchange, ranging over a time span of almost 26 months from August of 2006 till the August of 2008. In the empirical analysis, the non regressive event study methodology was used to calculate abnormal returns on the stocks by using the returns on the market index as a proxy, followed by a paired t-statistic to test for significant changes in stock returns.
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