dc.contributor.author | Ong’ayo, Denis N | |
dc.date.accessioned | 2014-12-16T08:23:18Z | |
dc.date.available | 2014-12-16T08:23:18Z | |
dc.date.issued | 2014 | |
dc.identifier.citation | A research thesis submitted in fulfillment for the requirement of the award of the degree of doctor of philosophy in Business Administration, School Of Business, University Of Nairobi | en_US |
dc.identifier.uri | http://hdl.handle.net/11295/77671 | |
dc.description.abstract | The Annual General Meeting constitutes one of the main instruments that companies
have to release information to stockholders and financial markets.The objective of the
study was to assess AGM information content in the Nairobi Securities Exchange. The
study employed descriptive research design using event study methodology which
enabled the researcher to find an association between information released on the annual
general meeting and stock returns. The target population consisted all 62 companies
listed at the NSE. The study used secondary data from the Nairobi securities Exchange,
Capital Markets Authority and Annual reports of the firm. The study followed the
classical Brown and Warner (1985) event study’s methodology that computes abnormal
returns (AR) as the difference between actual and expected returns. The findings of the
study show that both the average abnormal returns and cumulative average abnormal
returns are significantly different from zero. The market overreacts in anticipations of
AGM announcement but corrects itself after the AGM news has been realised. | en_US |
dc.title | The information content of annual general meetings: evidence from the nairobi securities exchange | en_US |
dc.type | Thesis | en_US |
dc.type.material | en_US | en_US |