Indian Cross Listed Fi RMS: Dividend Declaration and Its Impact On Share Prices

Submitted By:
Ankit Singh 10BSPHH010104

Rohan Awtani 10BSPHH010647
Batch 2010-2012
IBS Hyderabad
International Foreign Trade
Submitted to : Prof. Trilochan Tripathy
Indian Cross Listed Firms:

Dividend Declaration and its Impact
on Share Prices
Indian Cross Listed Fi rms: Dividend Declaration and its Impact on Share Prices
IBS 2010- 2012
Table of Contents
Event Study ..................................................................................................................................... 3
Types of Events ........................................................................................................................... 3
Corporate Actions ................................................................................................................... 3
Street Actions .......................................................................................................................... 3
Market & Economy ................................................................................................................. 4
Dividend Event ............................................................................................................................ 4
Types of Dividends .................................................................................................................. 4
Data Collection ............................................................................................................................ 5
Scope of Project .......................................................................................................................... 5
Literature Review ............................................................................................................................ 6
Objective Study ............................................................................................................................... 7
Methodology................................................................................................................................... 7
Event Window ............................................................................................................................. 7
Estimation Window..................................................................................................................... 7
Abnormal Return......................................................................................................................... 8
Hypothesis Testing .......................................................................................................................... 9
Null Hypothesis (H0): ................................................................................................................... 9
Alternative Hypothesis (H1): ....................................................................................................... 9
Result........................................................................................................................................... 9
Inference ....................................................................................................................................... 10
Conclusion and Finding ................................................................................................................. 10
Recommendation.......................................................................................................................... 10
Limitations..................................................................................................................................... 10
Data ............................................................................................................................................... 11
IFT| Ankit Singh | Rohan Awtani| Event Study 2
IBS 2010- 2012
Event Study
An Event study is a statistical method to assess the impact of corporate actions or
announcement on the price of a share of a firm. Event studies have been used in a large variety
of studies, including corporate actions like mergers and acquisitions, board changes, earning
release, share repurchase, investment decisions etc which are highly influential and have higher
impact on share price. On the other hand some street actions like addition or removal from
important indices, analysts comments on particular stocks, etc are also sometimes analyzed.
For example, the announcement of a Dividend announcement by a firm can be analyzed to see
how it affects the share price of that company and whether investors can benefit from this type
of event or not. Here the basic idea is to find the abnormal return attributable to the event
being studied by adjusting for the return that stems from the price fluctuation of the market as
a whole.
Investors in financial markets bet their money on whether an event will raise or lower prices.
Evidence from financial markets can be used to predict market price effects when significant
events have taken place. This can be applied for any corporate actions which are referred as
events in this project.
The main focus in this project is on the event dividend announcement.
Types of Events
The event that affects a firm's market value may be within the firm's control, such as the event
of the announcement of a stock split. Or the event may be outside the firm's control, such as
the event of a legislative act being passed, or a regulatory ruling being announced, that will
affect the firm's future operations in some way.
We can classify events as follows:
Corporate Actions
Events that are taking place inside the company. For example: Mergers and acquisition,
Buyback, Dividend etc.
Street Actions
Events that are not in the firm specific but they are not in firms control. For example: Analyst
upgrade / downgrade, comments on a firm etc.
IBS 2010- 2012
Market & Economy

These are the general market news or economical news. For example: Change of interest rate,
change in gold price, change in oil price etc.
Dividend Event
To use the excessive money company has two options, either to invest it in business expansion
or return it to claimholders.
Dividend is one type of corporate actions. Dividends are the transactions made by a corporation
for its shareholder members. It is the section of corporate profits rewarded out to stockholders.
When a corporation earns a profit or surplus, that money can be put to two uses: it can either
be re-invested in the business in the form of retained earnings, or it can be distributed to
shareholders. There are two ways to give out cash to shareholders: s hare repurchases or
dividends. Many corporations hold a portion of their earnings and pay the rest as a dividend.
Types of Dividends
1. Cash dividends are those paid out in currency, usually via electronic funds transfer or a
printed paper check. Such dividends are a form of investment income and are usually
taxable to the recipient in the year they are paid. This is the most common method of
sharing corporate profits with the shareholders of the company.
IBS 2010- 2012
2. Stock or script dividends are those paid out in the form of additional stock shares of the
issuing corporation, or another corporation. They are usually issued in proportion to
shares owned by the stockholder.
3. Property dividends or dividends in specie are those paid out in the form of assets
from the issuing corporation. They are relatively uncommon and most frequently are
securities of other companies owned by the issuer, however they can take other forms,
such as products and services.
4. Other dividends can be used in structured finance. Financial assets with a known
market value can be distributed as dividends; warrants are sometimes distributed in this
way. A common technique for "spinning off" a company from its parent is to distribute
shares in the new company to the old company's shareholders. The new shares can then
be traded independently.
Here in the project we consider announcement of Stock or Script dividend as an event.
Data Collection
We collected recent Dividend of 9 NYSE firms. Dividend events taken in to consideration are
from the date range January 01, 2012 to January 01, 2007.
We collected company name that announced dividend during this period, date of event, daily
share price of company and Index price.
All data related to NYSE companies have been collected directly from:
1. www.finance.yahoo.com
Data for historic dividend announcements along with dates have been collected from website:
1. http://www.equitymaster.com/stockquotes/adr.asp
2. www.finance.yahoo.com
Scope of Project
This project can be developed to understand the effect of dividend announcements on the ADR
prices of the Indian companies on NYSE. We can also study the impact of a dividend
announcement on the ADR prices of Indian Companies.
IBS 2010- 2012
Literature Review
Although there is abundant theoretical and empirical research on the relevance of and
relationship between stock prices and dividends, it is inconclusive. Graham and Dodd (1951)
point toward the relevance of and hence investors preference for dividends. Contrary to this,
Miller and Modigliani (1961) propose that, in a world of no taxes and transaction costs,
dividends are irrelevant to investors. However, empirical research has revealed findings that
support the relevance of the dividends proposition.
In his seminal investigation of dividends policy, Lintner (1956) suggests that a firms
management will resort to increasing dividends if it believes that the increase will be
permanent. Bhattacharaya (1979) explains that there exists asymmetric information between a
firms management and its shareholders: hence, an increase or decrease in dividends conveys
price-sensitive information to shareholders and prospective investors. Miller and Rock (1985)
and John and Williams (1985) also support the signaling or information content proposition.
Brickley (1983), Healy and Palepu (1988), and Aharony and Dotan (1994) find support for the
information content of dividend hypothesis, while Penman (1983) and Benartzi et al (1997) fail
to do so.
Black (1976) and Easterbrook (1984) propose that dividends play a role in decreasing or
increasing agency conflict between management and shareholders. When a firms management
increases dividends to shareholders, it pays out any excess cash that is left with the firm after
funding all projects that have positive net present values. Therefore, positive changes in stock
prices occur as a result of an increase in the dividend payout ratio and vice versa.
Given this background on the relevance of dividend-for-stock prices, the semi-strong form of
market efficiency postulates that stock prices incorporate all expected future dividends (cash
and stock) and that, hence, their public announcement should not result in abnormal earnings
for any investor because such dividends are fully accounted for in current stock prices. This
implies that stock returns prior to the announcement data and after the announcement date
should not exhibit abnormality. Therefore, both abnormal mean returns and cumulative
abnormal mean returns in the event window should be statistically not different from zero. Also
the semi strong form suggests that stock prices rapidly adjust to any unexpected material (in
this context, unexpected increases or decreases in dividends)
IFT| Ankit Singh | Rohan Awtani| Literature Review 6
IBS 2010- 2012
Objective Study
The objective of our study is to investigate empirically the short-run valuation effects of
dividends announcements for a sample of ADRs of Indian companies to explain the magnitude
of these effects on the basis of a variety of market-wide factors.
Market wide factors consist of factors which are related to stock market, like stock market
return during event window.
Methodology
To study the event dividend and its impact the analysis is based only for those c ompanies which
announced dividend
Here we have achieved our objective by understanding that weather dividend announcement
gives any significant abnormal return during event window or not.
Event Window
Event window is the period of days which are under observation around event days. In this
project it is 10-days prior and after the announcement day or event day.
Our main objective is to analyze short term effect of dividend announcement so we have taken
event window of 21 days only, i.e. event day itself, 10 days prior to event day and 10 days after
event day.
Estimation Window
Estimation window is of 40 days which starts from 80 days prior to event window in this
project. Estimation window is used to estimate stock return during event window using single
index market model, this in turn helps us to find abnormal return.
E (Rsi) = + (Rmi)
Where,
E (Rsi) = expected stock return on day i

= Stocks abnormal return during estimation period or stocks alpha
Rmi = Market return on day i
= Stocks responsiveness to the market return or stocks beta
IFT| Ankit Singh | Rohan Awtani| Objective Study
IBS 2010- 2012
This single-index model assumes that there is only one factor that causes the systematic risk
affecting all stock returns and this factor can be represented by the rate of return on a market
index, such as the NYSE and NYSE.
According to this model, the return of any stock can be decomposed into
1. The expected excess return of the individual stock due to firm-specific factors,
commonly denoted by its alpha coefficient ().
2. The return due to macroeconomic events that affect the market.
3. The unexpected microeconomic events that affect only the firm.
Abnormal Return
Abnormal return is counted by subtracting estimated return from actual return.
Ri = Actual return on given day i
E( Ri ) = Estimated return on day i
Then,
Abnormal return AR i = Ri - E( Ri )
In this report we found abnormal return during each day of event window. Then we took
average abnormal return for each day of all the companies together to minimize any sampling
error.
IFT| Ankit Singh | Rohan Awtani| Methodology 8
IBS 2010- 2012
Hypothesis Testing
Null Hypothesis (H 0 ):
The average abnormal returns obtained from dividend announcement are not s ignificantly
different from zero.
Alternative Hypothesis (H 1):

The average abnormal returns obtained from dividend announcement are significantly different
from zero.
Result
Event Day
-10
-9
-8
-7
-6
-5
-4
-3
-2
-1
0
1
2
3
4
5
6
7
8
9
10
Mean
Abnormal
Return
1.1021%
-0.2509%
0.8427%
0.2233%
1.6161%
0.0835%
-0.2430%
-0.1652%
-0.3964%
0.0661%
0.5245%
0.5128%
-0.6063%
0.3823%
-0.3720%
-0.1133%
0.6466%
0.3255%
0.0834%
-0.3050%
0.2260%
Of Standard
Deviation
Abnormal
Return
0.03270
0.02491
0.03294
0.02429
0.11537
0.02360
0.02132
0.02435
0.01842
0.02781
0.01893
0.02596
0.02963
0.02391
0.02980
0.02003
0.03026
0.01741
0.02430
0.02964
0.02083
Standard Error
Z Score
0.00545
0.00415
0.00549
0.00405
0.01923
0.00393
0.00355
0.00406
0.00307
0.00464
0.00316
0.00433
0.00494
0.00399
0.00497
0.00334
0.00504
0.00290
0.00405
0.00494
0.00347
2.02204
-0.60436
1.53484
0.55141
0.84047
0.21234
-0.68358
-0.40707
-1.29143
0.14250
1.66208
1.18533
-1.22772
0.95933
-0.74910
-0.33949
1.28227
1.12150
0.20590
-0.61738
0.65097
Of
N significance (Z
score >1.64) or
90% Confidence
Level
~
~
~
~
~
~
~
~
~
~
*****
~
~
~
~
~
~
~
~
~
~
IFT| Ankit Singh | Rohan Awtani| Hypothesis Testing 9
IBS 2010- 2012
Inference
We reject the null hypothesis for trade date (day 0) and we can say that we accept alternative
hypothesis for day 0 for significance level of 10%. Thus there is significant abnormal return on
day 0.
For other days of event window (i.e. day -10 to day -1 and day 1 to day 10) there is no
significant average abnormal return and hence we accept null hypothesis and can say there is
no significant abnormal return on these days for significance level of 10%.
Conclusion and Finding

In the study, the event day i.e. the dividend declaration day we get significant abnormal
returns.
Recommendation
We get maximum return if we hold the stock for 4 or 5 more days after dividend
announcement. Hence it is advisable for investors to hold the shares for 4 or 5 days for higher
returns after Dividend announcement. Investors shall also consider some fundamental factors
like market capitalization, price to book value, expected EPS, etc to get more return on their
investment.
Limitations
During this project, it was difficult to obtain some company specific historical fundamental data
other wise more efficient model could have been developed.
We also have to stick to recent dividend events only as we had latest company specific
fundamental data for last year only.
Moreover Companies do not keep the data of its media releases for a longer period, so exact
data for historic dividends is difficult to obtain.
IFT| Ankit Singh | Rohan Awtani| Inference
10
IBS 2010- 2012
Data
Eve
nt
No.
Comp
any
D Date
ay
Clos
e
HDB
6/14/2
10 011
HDB
-9
HDB
Divid
end
1 Day Mar
Retur ket
n
Inde
x
Mark Beta
et 1
Day
Retur
n
Alpha
165.
1
0.0229 8132
9
.77
0.020
70
0.57
779
6/13/2
011
163.
79
8017
.06
6/10/2
011
163.
78
HDB
-7
6/9/20
11
165.
91
0.014
23
0.000
08
0.016
62
0.57
779
-8
0.0079
3
0.0000
6
0.0130
1
HDB
-6
6/8/20
11
163.
36
8081
.35
-5
6/7/20
11
163.
41
0.008
38
0.006
23
0.57
779
HDB
0.0153
7
0.0003
1
HDB
-4
6/6/20
11
162.
33
8115
.87
-3
6/3/20
11
160.
8
8222
.15
0.001
95
0.013
10
0.57
779
HDB
HDB
-2
6/2/20
11
162.
48
0.0066
1
0.0094
3
0.0104
5
8277
.76
0.006
76
0.57
779
HDB
-1
6/1/20
11
161.
06
8281
.59
0.000
46
0.57
779
HDB
5/31/2
011
162.
83
0.0087
4
0.0109
9
8477
.28
0.023
63
0.57
779
HDB
5/27/2
011
161.
03
8386
0.0110 .34
5
0.010
73
0.57
779
0.00055
901
0.00055
901
0.00055
901
0.00055
901
0.00055
901
0.00055
901
0.00055
901
0.00055
901
0.00055
901
0.00055
901
0.00055
901
0.00055
901
0.222
6
8016
.39
8149
.65
8131
.69
0.57
779
0.57
779
0.57
779
0.57
779
Expec
ted
Rate
of
Retur
n
0.011
40
Abnor
mal
Retur
n
0.008
78
0.000
61
0.009
05
0.000
84
0.005
40
0.003
04
0.009
97
0.002
73
0.004
93
0.016
43
0.007
10
0.001
68
0.007
01
0.003
35
0.000
29
0.013
09
0.006
76
0.011
58
0.000
55
0.003
96
0.008
45
0.002
10
0.004
30
IFT| Ankit Singh | Rohan Awtani| 11
HDB
5/26/2
011
160.
73
0.0018
6
0.0397
6
0.0067
4
8341
.66
0.57
779
8357
.53
0.005
33
0.005
55
0.005
17
0.001
93
0.014
69
HDB
5/25/2
011
154.
34
HDB
5/24/2
011
155.
38
HDB
5/23/2
011
154.
79
8236
.55
157.
25
0.0038
0
0.0158
9
HDB
5/20/2
011
HDB
5/19/2
011
157.
75
0.0031 8427
8
.95
0.008
43
0.57
779
HDB
5/18/2
011
159.
02
0.0080 8407
5
.48
0.57
779
5/17/2
011
157.
06
HDB
10 5/16/2
011
157.
17
0.0123
3
0.0007
0
0.002
43
0.008
85
0.000
42
HDB
Eve
nt
No.
Comp
any
D
ay
Clos
e
HDB
6/23/2
10 010
HDB
-9
HDB
Date
Divid
end
8295
.37
8252
.46
8333
.07
8336
.59
0.57
779
0.57
779
0.57
779
0.57
779
0.57
779
0.57
779
1 Day Mark
Return et
Inde
x
Mark Beta
et 1
Day
retur
n
149.
65
0.0268 6850
3
.05
0.017
80
0.50
337
6/22/2
010
151.
29
0.0109 6858
6
.95
0.001
30
0.50
337
-8
6/21/2
010
154.
6
0.0218 6978
8
.86
0.017
48
0.50
337
HDB
-7
6/18/2
010
150.
5
0.001
35
0.50
337
HDB
-6
6/17/2
151.
6988
0.0265 .25
2
0.0053 6982
0.50
0.00055
901
0.00055
901
0.00055
901
0.00055
901
0.00055
901
0.00055
901
0.00055
901
0.00055
901
0.00055
901
Alpha
0.00118
7863
0.00118
7863
0.00118
7863
0.00118
7863
-
IBS 2010- 2012
0.003
64
0.003
77
0.003
55
0.001
67
0.007
93
0.001
77
0.004
31
0.001
13
0.010
01
0.001
96
0.005
67
0.000
31
Expec
ted
Rate
of
Retur
n
0.007
77
0.035
99
0.010
29
0.002
12
0.007
96
0.006
65
0.001
02
Abnor
mal
Retur
n
0.019
06
0.000
53
0.007
61
0.011
49
0.000
51
-
0.026
01
0.006
0.014
27
IFT| Ankit Singh | Rohan Awtani| Data 12
010
.04
0.000
89
0.000
85
0.001
98
337
0.024
59
0.000
47
0.004
59
0.032
99
0.005
55
0.50
337
0.50
337
6600
.27
0.012
69
0.013
49
HDB
-5
6/16/2
010
152.
65
0.0089 6976
2
.08
HDB
-4
6/15/2
010
151.
73
6989
.88
HDB
-3
6/14/2
010
146.
47
HDB
-2
6/11/2
010
145.
44
HDB
-1
6/10/2
010
144.
07
HDB
6/9/20
10
137.
22
HDB
6/8/20
10
139.
42
0.0060
3
0.0346
7
0.0070
3
0.0094
2
0.0475
5
0.0160
3
HDB
6/7/20
10
134.
51
6512
.42
HDB
6/4/20
10
138
0.0352
2
0.0259
5
HDB
6/3/20
10
142
0.0289 6860
9
.39
0.039
41
0.50
337
HDB
6/2/20
10
141.
51
6/1/20
10
136.
75
HDB
5/28/2
010
139
6791
.57
0.003
03
0.026
10
0.019
59
0.50
337
HDB
0.0034
5
0.0336
4
0.0164
5
HDB
5/27/2
010
141.
3
0.0165 6893
5
.29
0.014
98
0.50
337
HDB
5/26/2
010
130.
59
6631
0.0758 .36
0.038
0.50
337
0.162
6817
.97
6814
.76
6783
.51
6559
.71
6596
.12
6839
.61
6661
.1
0.50
337
0.50
337
0.50
337
0.50
337
0.50
337
0.50
337
0.50
337
0.50
337
0.50
337
0.00118
7863
0.00118
7863
0.00118
7863
0.00118
7863
0.00118
7863
0.00118
7863
0.00118
7863
0.00118
7863
0.00118
7863
0.00118
7863
0.00118
7863
0.00118
7863
0.00118
7863
0.00118
7863
0.00118
7863
0.00118
IBS 2010- 2012
0.001
64
0.001
62
0.000
19
0.013
57
0.001
42
0.003
50
0.017
79
0.001
61
95
0.007
58
0.005
60
0.027
64
0.020
34
0.018
65
0.010
34
0.002
71
0.014
33
0.008
67
0.000
74
0.019
31
0.007
78
0.006
35
0.010
20
0.020
0.055
0.010
54
0.005
83
0.021
10
0.005
61
0.005
92
0.029
75
0.014
43
HDB
10 5/25/2
010
133.
04
Eve
nt
No.
Comp
any
D
ay
Clos
e
HDB
7/7/20
10 09
-9 7/6/20
09
-8 7/2/20
09
-7 7/1/20
09
-6 6/30/2
009
93.9
4
94.9
7
101.
96
104.
12
103.
13
HDB
-5
HDB
-4
6/29/2
009
6/26/2
009
105.
37
105.
93
HDB
-3
6/25/2
009
100
HDB
-2
6/24/2
009
96.9
7
HDB
-1
6/23/2
009
93.9
2
HDB
6/22/2
009
97.0
6
HDB
HDB
6/19/2
009
6/18/2
009
104.
41
102.
7
HDB
6/17/2
009
100.
02
HDB
HDB
HDB
HDB
Date
Divid
end
0.119
8
0
0.0187 6665
6
.83
00
0.005
20
1 Day Mark
Return et
Inde
x
Mark Beta
et 1
Day
retur
n
0.0282
4
0.0109
6
0.0736
0
0.0211
8
0.0095
1
0.0217
2
0.0053
1
5654
.64
5770
0.44
517
0.44
517
0.44
517
0.44
517
0.44
517
0.00055
0.44
517
0.44
517
0.00055
0.0559
8
0.0303
0
0.0314
5
0.0334
3
5911
.03
0.005
35
0.020
40
0.000
91
0.030
95
0.008
21
0.009
71
0.009
31
0.000
69
0.44
517
0.00055
0.44
517
0.00055
0.44
517
0.00055
0.44
517
0.00055
0.0757
3
0.0163
8
0.0261
0
5934
.24
5906
.2
0.019
51
0.006
25
0.005
98
0.036
54
0.004
73
0.007
05
0.44
517
0.44
517
0.00055
0.44
517
0.00055
5775
.24
5954
.01
5905
.15
5962
.5
5906
.96
5795
.72
5759
.49
5725
.07
5864
.55
0.50
337
7863
0.00118
7863
Alpha
0.00055
0.00055
0.00055
0.00055
0.00055
0.00055
IBS 2010- 2012
31
0.001
43
48
0.017
33
Expec
ted
Rate
of
Retur
n
0.002
93
0.009
63
0.000
95
0.014
33
0.003
11
0.004
87
0.003
60
0.000
85
Abnor
mal
Retur
n
0.008
14
0.002
24
0.002
11
0.016
81
0.001
56
0.002
59
0.025
31
0.001
34
0.072
65
0.006
86
0.006
40
0.016
85
0.008
92
0.056
83
0.022
16
0.029
22
0.035
55
0.058
92
0.014
82
0.023
50
HDB
6/16/2
009
6/15/2
009
102.
59
101.
92
0.0256
9
0.0065
3
0.0469
0
0.0246
5
0.0198
5
0.0442
3
0.0301
7
1 Day
Return
5886
.76
5967
.26
0.003
79
0.013
67
0.44
517
0.44
517
0.00055
HDB
HDB
6/12/2
009
6/11/2
009
6/10/2
009
106.
7
109.
33
107.
16
6148
.61
6163
.13
6098
.06
0.030
39
0.002
36
0.010
56
0.000
58
0.44
517
0.44
517
0.44
517
0.00055
HDB
HDB
HDB
6/9/20
09
102.
42
0.44
517
0.00055
HDB
10 6/8/20
09
99.3
3
0.44
0.005 517
41
Mark Beta
et 1
Day
retur
n
0.00055
Eve
nt
No.
Comp
any
D
ay
Clos
e
HDB
5/9/20
10 08
106.
87
9327
.97
0.00245
0.22
397
0.22
397
0.00245
5/6/20
08
5/5/20
08
116.
27
116.
83
0.0617
3
0.0048
2
9510
.98
9438
.1
0.22
397
0.22
397
0.00245
5/2/20
08
5/1/20
08
117.
69
117.
91
0.0073
6
0.0018
7
9451
.17
9395
.04
0.22
397
0.22
397
0.00245
-3
4/30/2
008
112.
8
0.22
397
-2
4/29/2
111.
9299
0.0433 .6
4
9285
0.009
56
0.006
49
0.005
23
0.018
36
0.007
66
0.001
38
0.005
94
0.010
16
-
0.22
397
109.
42
109.
51
0.0078
0
0.0238
6
0.0008
2
HDB
-9
HDB
-8
5/8/20
08
5/7/20
08
HDB
-7
HDB
-6
HDB
-5
HDB
-4
HDB
HDB
0.22
Date
Divid
end
6101
.57
6068
.56
Mark
et
Inde
x
9388
.54
9339
.47
0.00055
0.00055
0.00055
Alpha
0.00245
0.00245
IBS 2010- 2012
0.002
23
0.006
63
0.023
46
0.013
16
0.014 0.032
08
82
0.001 0.023
60
05
0.004 0.015
15
69
0.000 80
0.045
04
0.001 0.028
86
31
Expec Abnor
ted
mal
Rate
Retur
of
n
Retur
n
0.000 31
0.008
11
0.003 0.019
90
96
0.001 28
0.000
46
0.006 0.055
56
17
0.000 0.004
73
08
0.002
76
0.001
12
0.004
60
0.000
75
0.00245
0.000
18
0.00245
0.002
0.043
51
-
0.00245
008
83
HDB
-1
4/28/2
008
111.
59
HDB
4/25/2
008
114.
88
HDB
4/24/2
008
109.
73
HDB
4/23/2
008
106.
83
HDB
4/22/2
008
108.
08
HDB
4/21/2
008
107.
55
HDB
4/18/2
008
105.
34
HDB
4/17/2
008
102.
74
HDB
4/16/2
008
103.
02
HDB
4/15/2
008
98.0
5
HDB
4/14/2
008
93.5
8
HDB
10 4/11/2
008
D Date
ay
96.2
4
Clos
e
6/15/2
10 011
45.6
1
Eve
nt
No.
Comp
any
IBN
0.126
8
Divid
end
0.0086
0
0.0021
5
0.0294
8
.91
0.0448
3
0.0264
3
0.0117
0
9250
.22
0.0049
0
0.0205
5
0.0246
8
0.0027
3
9312
.29
0.0482
4
0.0455
9
0.0284
2
1 Day
Return
8978
.19
9349
.61
9344
.31
9237
.29
9227
.97
9310
.24
9173
.81
9203
.76
8922
.84
8936
.11
Mark
et
Inde
x
0.0015 7967
.81
IBS 2010- 2012
0.001
47
0.006
86
397
12
0.22
397
0.00245
0.003
99
0.000
57
0.010
07
0.001
40
0.001
01
0.009
14
0.22
397
0.00245
0.002
32
0.22
397
0.00245
0.000
20
0.22
397
0.00245
0.002
14
0.22
397
0.00245
0.002
22
0.22
397
0.00245
0.004
50
0.000
22
0.014
65
0.003
26
0.22
397
0.00245
0.22
397
0.00245
0.22
397
0.00245
0.024
51
0.006
16
0.001
49
Mark
et 1
Day
retur
n
0.22
397
0.00245
0.22
397
0.00245
0.22
397
Beta
0.00245
0.000
53
0.50
630
-0.00225
Alpha
0.010
72
0.006
13
0.027
16
0.045
02
0.028
57
0.009
48
0.009
40
0.002 40
0.022
95
0.000 0.023
83
85
0.003 18
0.000
46
0.003 0.045
04
20
0.001 07
0.046
66
0.002 0.025
78
64
Expec Abnor
ted
mal
Rate
Retur
of
n
Retur
n
0.003
0.001 48
98
IBN
-9
6/14/2
011
6/13/2
011
47.1
5
46.8
4
0.0338 8132
.77
8017
0.0066 .06
0.50
630
0.50
630
-0.00225
0.50
630
-0.00225
0.50
630
0.50
630
-0.00225
0.50
630
0.50
630
-0.00225
8222
0.0019 .15
0.020
70
0.014
23
0.000
08
0.016
62
0.008
38
0.006
23
0.001
95
0.013
10
IBN
-8
IBN
-7
6/10/2
011
46.1
5
8016
0.0147 .39
IBN
-6
IBN
-5
6/9/20
11
6/8/20
11
46.9
9
46.6
3
0.0182 8149
.65
8081
0.0077 .35
IBN
-4
IBN
-3
6/7/20
11
6/6/20
11
47.2
1
46.4
3
0.0124 8131
.69
8115
0.0165 .87
IBN
-2
6/3/20
11
46.3
4
0.50
630
-0.00225
IBN
-1
IBN
6/2/20
11
6/1/20
11
46.6
6
46.4
4
0.0069 8277
.76
8281
0.0047 .59
0.006
76
0.000
46
0.50
630
0.50
630
-0.00225
IBN
IBN
5/31/2
011
5/27/2
011
47.6
9
47.0
5
0.0269 8477
.28
8386
0.0134 .34
0.50
630
0.50
630
-0.00225
5/26/2
011
46.0
6
-0.021
0.50
630
-0.00225
5/25/2
011
44.8
3
8295
0.0267 .37
0.50
630
-0.00225
IBN
5/24/2
011
45.4
6
0.0141 8252
.46
0.50
630
-0.00225
IBN
5/23/2
011
44.8
9
8236
0.0125 .55
0.50
630
-0.00225
IBN
7
8
45.7
5
46.3
0.0192 8357
.53
0.0129 8427
0.50
630
0.50
-0.00225
IBN
5/20/2
011
5/19/2
0.023
63
0.010
73
0.005
33
0.005
55
0.005
17
0.001
93
0.014
69
0.008
IBN
IBN
0.629
8341
.66
-0.00225
-0.00225
-0.00225
-0.00225
-0.00225
-0.00225
IBS 2010- 2012
0.008
23
0.009
45
0.002
29
0.006
17
0.006
49
0.000
91
0.003
23
0.004
38
0.001
18
0.002
01
0.009
72
0.007
68
0.004
95
0.005
06
0.004
87
0.003
22
0.005
19
0.002
0.025
57
0.002
85
0.012
41
0.012
03
0.001
21
0.011
49
0.013
27
0.006
28
0.005
72
0.002
69
0.017
18
0.005
72
0.016
05
0.021
64
0.018
97
0.009
28
0.014
01
0.010
IBN
011
5/18/2
011
4
46.3
5
.95
0.0002 8407
.48
43
0.002
43
0.008
85
Mark
et 1
Day
retur
n
630
0.50
630
IBN
10 5/17/2
011
45.9
7
8333
0.0082 .07
Eve
nt
No.
Comp
any
D
ay
Clos
e
IBN
6/23/2
10 010
-9 6/22/2
010
38.5
8
37.7
5
0.0293 6850
.05
6858
0.0215 .95
IBN
-8
IBN
-7
6/21/2
010
6/18/2
010
38.9
7
38.1
IBN
-6
6/17/2
010
IBN
-5
IBN
-0.00225
0.50
630
-0.00225
Beta
Alpha
0.017
80
0.001
30
0.43
592
0.43
592
-0.00047
0.0323 6978
.86
6988
0.0223 .25
0.017
48
0.001
35
0.43
592
0.43
592
-0.00047
38
6982
0.0026 .04
0.43
592
-0.00047
6/16/2
010
37.9
7
6976
0.0008 .08
0.43
592
-0.00047
-4
6/15/2
010
37.8
8
6989
0.0024 .88
0.000
89
0.000
85
0.001
98
0.43
592
-0.00047
IBN
-3
6/14/2
010
36.5
9
6817
0.0341 .97
0.43
592
-0.00047
IBN
-2
6/11/2
010
36.5
8
6814
0.0003 .76
0.43
592
-0.00047
IBN
-1
6/10/2
010
36.1
6783
0.0131 .51
0.43
592
-0.00047
IBN
6/9/20
10
34.9
6
0.43
592
-0.00047
IBN
6/8/20
10
35.4
0.024
59
0.000
47
0.004
59
0.032
99
0.005
55
0.43
592
-0.00047
IBN
Date
Divid
end
0.532
1 Day Mark
Return et
Inde
x
6559
0.0316 .71
0.0126 6596
.12
-0.00047
-0.00047
IBS 2010- 2012
02
0.003
48
0.006
73
Expec
ted
Rate
of
Retur
n
0.007
29
0.000
10
0.007
16
0.000
12
0.000
85
0.000
84
0.000
40
0.011
19
0.000
67
0.002
46
0.014
85
0.001
95
88
0.003
68
0.001
47
Abnor
mal
Retur
n
0.022
01
0.021
60
0.025
14
0.022
42
0.001
75
0.000
04
0.002
80
0.022
91
0.000
37
0.010
64
0.016
75
0.010
65
IBN
6/7/20
10
35.1
7
6512
0.0065 .42
IBN
IBN
IBN
6/4/20
10
6/3/20
10
6/2/20
10
36.2
8
37.1
3
36.8
0.0316 6600
.27
0.0234 6860
.39
6839
0.0089 .61
IBN
6/1/20
10
35.4
8
6661
0.0359 .1
IBN
IBN
IBN
5/28/2
010
5/27/2
010
5/26/2
010
36.7
9
37.2
9
34.8
5
0.0369 6791
.57
0.0136 6893
.29
6631
0.0654 .36
IBN
10 5/25/2
010
D Date
ay
35.1
1
Clos
e
0.0075 6665
.83
1 Day Mark
Return et
Inde
x
Eve
nt
No.
Comp
any
Divid
end
IBN
6/24/2
10 009
28.1
2
-0.049
IBN
-9
6/23/2
009
28.0
1
5759
0.0039 .49
IBN
-8
6/22/2
009
28.2
0.0068 5725
.07
IBN
-7
IBN
-6
6/19/2
009
6/18/2
009
29.8
3
28.9
2
0.0578 5934
.24
5906
0.0305 .2
IBN
-5
6/17/2
009
29.8
2
0.0311 5864
.55
IBN
-4
6/16/2
29.9
0.0057 5886
5795
.72
0.012
69
0.013
49
0.039
41
0.003
03
0.026
10
0.019
59
0.014
98
0.038
00
0.005
20
Mark
et 1
Day
retur
n
0.43
592
-0.00047
0.43
592
0.43
592
0.43
592
-0.00047
0.43
592
-0.00047
0.43
592
0.43
592
0.43
592
-0.00047
0.43
592
Beta
-0.00047
0.019
51
0.006
25
0.005
98
0.036
54
0.004
73
0.007
05
0.003
0.34
157
0.00019
0.34
157
0.00019
0.34
157
0.00019
0.34
157
0.34
157
0.00019
0.34
157
0.00019
0.34
0.00019
-0.00047
-0.00047
-0.00047
-0.00047
Alpha
0.00019
IBS 2010- 2012
0.006
00
0.005
41
0.016
71
0.001
79
0.011
84
0.008
07
0.006
06
0.017
03
0.001
80
Expec
ted
Rate
of
Retur
n
0.006
47
0.001
95
0.001
85
0.012
67
0.001
43
0.002
22
0.001
0.000
50
0.026
19
0.006
69
0.007
11
0.024
06
0.028
83
0.007
54
0.048
37
0.005
70
Abnor
mal
Retur
n
0.042
53
0.001
95
0.008
65
0.045
13
0.029
07
0.033
32
0.004
009
6/15/2
009
9
29.8
2
.76
5967
0.0057 .26
79
0.013
67
157
0.34
157
6/12/2
009
6/11/2
009
6/10/2
009
31.1
4
31.8
8
31.8
4
0.0443 6148
.61
0.0238 6163
.13
6098
0.0013 .06
0.030
39
0.002
36
0.010
56
0.000
58
0.34
157
0.34
157
0.34
157
0.00019
0.34
157
0.00019
0.005
41
0.002
32
0.004
62
0.34
157
0.00019
0.34
157
0.34
157
0.00019
0.012
58
0.024
69
0.002
23
0.026
75
0.014
49
0.015
80
Mark
et 1
Day
retur
n
0.34
157
0.00019
0.34
157
0.34
157
0.00019
0.34
157
0.00019
0.34
157
0.00019
0.34
157
0.00019
Beta
Alpha
0.025
0.37
0.00303
IBN
-3
IBN
-2
IBN
-1
IBN
IBN
6/9/20
09
31.7
7
6101
0.0022 .57
IBN
6/8/20
09
31.3
1
6068
0.0145 .56
IBN
IBN
6/5/20
09
6/4/20
09
32.6
2
32.1
9
0.0418 6082
.64
6110
0.0132 .76
IBN
6/3/20
09
30.0
3
6033
0.0671 .9
IBN
IBN
6/2/20
09
6/1/20
09
31.8
1
32.0
8
0.0593 6182
.87
0.0085 6169
.07
IBN
5/29/2
009
31.1
4
6004
0.0293 .07
IBN
5/28/2
009
30.7
4
5917
0.0128 .06
IBN
10 5/27/2
009
29.2
6
5823
0.0481 .56
Eve
nt
No.
Comp
any
D
ay
Date
Clos
e
IBN
7/23/2
36.8
0.464
Divid
end
1 Day Mark
Return et
Inde
x
0.1185 8580
0.00019
0.00019
0.00019
0.00019
0.00019
IBS 2010- 2012
48
0.004
86
0.010
57
0.001
00
0.003
42
0.000
39
0.001
66
0.000
98
0.001
77
0.004
11
0.008
62
0.000
57
0.008
95
0.004
76
0.005
21
Expec
ted
Rate
of
Retur
n
0.012
22
0.010
56
0.033
73
0.022
80
0.002
12
0.002
59
0.012
84
0.040
82
0.014
97
0.062
99
0.050
68
0.009
07
0.020
35
0.008
04
0.042
89
Abnor
mal
Retur
n
0.106
IBN
10 008
-9 7/22/2
008
2
33.8
9
.57
8566
0.0796 .65
IBN
-8
7/21/2
008
29.9
6
-0.116
IBN
-7
7/18/2
008
30
0.0013 8453
.85
IBN
-6
7/17/2
008
29.0
2
8415
0.0327 .05
IBN
-5
7/16/2
008
26.5
1
8332
0.0865 .82
IBN
-4
7/15/2
008
24.4
2
8157
0.0788 .8
IBN
-3
IBN
-2
IBN
-1
IBN
7/14/2
008
7/11/2
008
7/10/2
008
7/9/20
08
26.2
9
26.6
1
28.7
3
28.9
6
0.0766 8287
.76
0.0122 8347
.24
0.0797 8435
.94
0.0080 8371
056
.63
IBN
7/8/20
08
28.9
8
0.0006 8515
906
.79
IBN
7/7/20
08
27.8
5
-0.039
IBN
7/3/20
08
27.1
3
8481
0.0259 .54
IBN
7/2/20
08
27.3
7
0.0088 8465
.51
IBN
7/1/20
08
27.4
3
IBN
IBN
6/30/2
008
6/27/2
28.7
6
29.6
0.513
8499
.74
17
0.001
62
0.007
81
0.005
40
0.004
59
0.009
77
0.021
00
0.015
93
0.007
18
0.010
63
0.007
62
0.017
22
097
0.37
097
0.00303
IBS 2010- 2012
37
0.002
43
0.37
097
0.00303
0.000
13
0.37
097
0.00303
0.001
03
0.37
097
0.00303
0.001
33
0.37
097
0.00303
0.37
097
0.00303
0.37
097
0.37
097
0.37
097
0.37
097
0.00303
0.000
60
0.004
76
0.008
94
0.005
69
0.006
97
0.000
20
0.37
097
0.00303
0.009
42
0.013
57
0.009
68
0.37
097
0.00303
0.37
097
0.00303
0.002
01
0.006
62
0.37
097
0.00303
0.002
33
0.0022 8641
.28
0.001
89
0.020
76
0.37
097
0.00303
0.010
73
0.0485 8660
.48
0.0313 8623
0.002
22
-
0.37
097
0.37
0.00303
0.003
85
0.001
8400
.21
0.00303
0.00303
0.00303
0.00303
13
0.082
03
0.116
13
0.000
27
0.034
03
0.085
90
0.074
04
0.067
66
0.006
51
0.072
73
0.007
80
0.008
73
0.036
99
0.032
52
0.006
47
0.008
53
0.044
65
0.029
008
IBN
IBN
IBN
6/26/2
008
9 6/25/2
008
10 6/24/2
008
30.9
9
32.6
7
31.8
5
Clos
e
Eve
nt
No.
Comp
any
D
ay
Date
INFY
11/2/2
10 011
58.5
5
INFY
-9
11/1/2
011
57.5
INFY
-8
INFY
-7
INFY
-6
INFY
-5
10/31/
2011
10/28/
2011
10/27/
2011
10/26/
2011
58.5
9
60.2
4
60.8
7
57.6
5
INFY
-4
10/25/
2011
57.6
3
INFY
-3
10/24/
2011
57.6
4
INFY
-2
10/21/
2011
55.5
7
INFY
-1
10/20/
2011
54.4
INFY
10/19/
2011
54.9
9
INFY
10/18/
55.8
.51
0.0448 8640
.74
0.0542 8865
.8
8803
0.0251 .34
Divid
end
0.303
1 Day Mark
Return et
Inde
x
0.0034
04
0.0179
33
0.0189
565
0.0281
618
0.0104
582
0.0529
7461
.1
0.0003
47
0.0001
735
7400
.82
0.0359
13
0.0210
55
0.0108
456
7431
.1
7337
.15
7563
.38
7803
.94
7813
.99
7506
.15
7547
.63
7273
.9
7240
.26
0.0149 7341
0.004
27
0.002
00
0.026
05
0.007
05
Mark
et 1
Day
retur
n
097
IBS 2010- 2012
45
0.37
097
0.37
097
0.37
097
0.00303
Beta
Alpha
0.018
94
0.016
61
0.030
83
0.031
81
0.001
29
0.039
40
0.014
03
0.019
84
0.42
022
-0.00007
0.42
022
-0.00007
0.42
022
0.42
022
0.42
022
0.42
022
-0.00007
0.42
022
-0.00007
0.42
022
-0.00007
0.015
44
0.021
15
0.004
62
0.014
0.42
022
-0.00007
0.42
022
-0.00007
0.42
022
-0.00007
0.42
-0.00007
0.00303
0.00303
-0.00007
-0.00007
-0.00007
85
0.003
77
0.012
69
0.000
42
0.041
03
0.041
51
0.025
52
Expec Abnor
ted
mal
Rate
Retur
of
n
Retur
n
0.004
0.008 62
03
0.007 0.010
05
88
0.012 0.006
89
07
0.013 0.014
30
87
0.000 0.009
47
99
0.016 0.036
63
27
0.005
0.005 62
97
0.008 27
0.008
09
0.006 0.029
56
35
0.008 0.012
96
09
0.012
0.002 86
01
0.005 0.009
2011
10/17/
2011
1
55.0
5
10/14/
2011
10/13/
2011
57
10/12/
2011
10/11/
2011
56.3
4
52.6
6
10/10/
2011
10/7/2
011
53.8
3
52.2
8
10/6/2
011
10 10/5/2
011
52.6
5
51.4
2
Clos
e
INFY
INFY
INFY
INFY
INFY
INFY
INFY
INFY
INFY
Eve
nt
No.
Comp
any
D
ay
1
0
INFY
6/9/20
10 11
-9 6/8/20
11
64.1
8
63.7
2
INFY
-8
64.2
INFY
-7
6/7/20
11
6/6/20
11
INFY
-6
6/3/20
11
62.6
4
INFY
-5
6/2/20
11
62.2
INFY
Date
55.9
1
63.2
8
Divid
end
118
0.0136
18
0.0354
223
0.0191
23
0.0076
909
0.0653
18
0.0222
18
0.0287
94
0.0070
773
0.0233
62
1 Day
Return
.73
7188
.66
0.0164
713
0.0071
67
0.0075
33
0.0143
3
0.0101
14
0.0070
24
8149
.65
8081
.35
7350
.46
7229
.08
01
0.020
85
0.022
51
0.016
51
0.004
79
0.014
10
0.001
70
0.034
52
0.010
37
0.021
93
Mark
et 1
Day
retur
n
022
0.42
022
-0.00007
0.42
022
0.42
022
-0.00007
0.42
022
0.42
022
-0.00007
0.42
022
0.42
022
-0.00007
0.42
022
0.42
022
-0.00007
Beta
Alpha
0.61
262
0.61
262
0.00052
0.61
262
0.61
262
0.00052
8222
.15
0.016
62
0.008
38
0.006
23
0.001
95
0.013
10
0.61
262
0.00052
8277
.76
0.006
76
0.61
262
0.00052
7263
.69
7161
.26
7173
.45
6925
.8
6997
.64
6844
.16
Mark
et
Inde
x
8131
.69
8115
.87
-0.00007
-0.00007
-0.00007
-0.00007
0.00052
0.00052
IBS 2010- 2012
82
0.008
83
0.009
39
0.007
01
0.001
94
0.006
00
0.000
65
0.014
58
0.004
29
0.009
29
Expec
ted
Rate
of
Retur
n
0.010
70
0.004
62
0.004
33
0.000
68
0.008
54
0.004
66
09
0.004
79
0.026
03
0.012
11
0.005
75
0.059
32
0.021
57
0.014
22
0.002
79
0.014
08
Abnor
mal
Retur
n
0.005
77
0.002
55
0.003
20
0.013
65
0.018
65
0.011
68
INFY
-4
6/1/20
11
61.6
9
INFY
-3
5/31/2
011
61.7
5
INFY
-2
5/27/2
011
61.6
5
INFY
-1
5/26/2
011
61.7
8
INFY
5/25/2
011
61.6
5
INFY
5/24/2
011
62.5
7
INFY
5/23/2
011
62.5
1
INFY
5/20/2
011
62.9
1
INFY
5/19/2
011
62.7
INFY
5/18/2
011
63.1
6
INFY
5/17/2
011
62.6
4
INFY
5/16/2
011
62.5
6
INFY
5/13/2
011
9 5/12/2
011
10 5/11/2
011
63.5
4
64.4
2
64.3
6
D
ay
Clos
e
INFY
INFY
Eve
nt
No.
Comp
any
Date
0.445
Divid
end
IBS 2010- 2012
0.0081
99
0.0009
726
8281
.59
0.000
46
0.61
262
0.00052
0.000
80
8477
.28
0.023
63
0.61
262
0.00052
0.014
99
0.0016
19
0.0021
087
8386
.34
0.61
262
0.00052
0.61
262
0.00052
0.0021
04
0.0149
23
8295
.37
0.61
262
0.00052
0.61
262
0.00052
0.0009
59
0.0063
99
8236
.55
0.61
262
0.00052
8357
.53
0.010
73
0.005
33
0.005
55
0.005
17
0.001
93
0.014
69
0.61
262
0.00052
0.006
06
0.002
75
0.002
88
0.002
65
0.000
66
0.009
51
0.0033
38
0.0073
365
8427
.95
0.008
43
0.61
262
0.00052
0.005
68
8407
.48
0.61
262
0.00052
0.0082
33
0.0012
77
0.0156
65
0.0138
495
0.0009
31
1 Day
Return
8333
.07
0.002
43
0.008
85
0.000
42
0.61
262
0.00052
0.61
262
0.00052
0.000
97
0.004
91
0.000
78
0.004
21
0.010
09
0.003
32
Mark
et 1
Day
0.61
262
0.61
262
0.61
262
0.00052
Beta
Alpha
8341
.66
8252
.46
8336
.59
8371
.67
8456
.18
8428
.09
Mark
et
Inde
0.00052
0.00052
0.009
00
0.014
02
0.004
44
0.004
86
0.000
78
0.017
58
0.000
29
0.003
12
0.009
02
0.008
31
0.003
33
0.002
05
0.012
57
0.007
15
0.000
59
0.003
09
0.006
70
0.001
52
Expec Abnor
ted
mal
Rate
Retur
1
1
INFY
11/2/2
10 010
67.7
7
7582
0.0047 .14
INFY
-9
11/1/2
010
67.2
2
7509
.21
INFY
-8
10/29/
2010
67.4
4
0.0081
16
0.0032
728
INFY
-7
10/28/
2010
66.9
7504
.85
INFY
-6
10/27/
2010
66.4
INFY
-5
10/26/
2010
67.1
9
0.0080
07
0.0074
74
0.0118
976
INFY
-4
10/25/
2010
INFY
-3
INFY
retur
n
0.003
45
0.009
62
0.000
55
0.28
353
-0.00205
0.28
353
-0.00205
0.28
353
-0.00205
0.28
353
-0.00205
0.28
353
-0.00205
7530
.8
0.001
13
0.003
20
0.006
67
0.28
353
-0.00205
67.5
2
0.0049 7546
114
.38
0.002
07
0.28
353
-0.00205
10/22/
2010
67.9
6
0.0065 7522
166
.91
0.28
353
-0.00205
-2
10/21/
2010
67.4
2
0.28
353
-0.00205
INFY
-1
10/20/
2010
66.8
3
0.28
353
-0.00205
INFY
10/19/
2010
66.3
4
-0.00205
1
2
68.7
3
68.6
1
0.28
353
0.28
353
-0.00205
INFY
10/18/
2010
10/15/
2010
INFY
10/14/
2010
71.0
1
7546
.59
0.013
31
0.019
86
0.006
67
0.003
46
0.28
353
INFY
0.0079
46
0.0087
51
0.0073
32
0.0360
265
0.0017
46
0.0349
803
0.003
11
0.000
96
0.001
08
0.28
353
-0.00205
INFY
10/13/
2010
71.2
0.0026 7561
757
.5
0.001
98
0.28
353
-0.00205
0.906
7513
.35
7480
.87
7515
.67
7523
.81
7423
.65
7571
.1
7520
.6
-0.00205
IBS 2010- 2012
of
Retur
n
0.003
03
0.004
78
0.001
89
0.002
37
0.002
96
0.000
16
0.001
46
0.002
93
0.002
32
0.001
74
0.005
83
0.003
58
0.003
94
0.001
07
0.001
0.001
67
0.003
34
0.005
17
0.005
64
0.004
52
0.012
06
0.006
38
0.009
45
0.005
62
0.007
01
0.001
51
0.032
45
0.002
20
0.036
05
0.004
17
INFY
10/12/
2010
68.9
4
0.0317
42
0.0020
31
0.0100
291
7489
.62
INFY
10/11/
2010
68.8
INFY
10/8/2
010
69.4
9
INFY
10/7/2
010
68.8
5
INFY
10/6/2
010
INFY
Eve
nt
No.
7425
.01
69.0
2
0.0092
1
0.0024
691
10 10/5/2
010
69.7
3
0.0102 7434
869
.18
Comp
any
D
ay
Clos
e
1
2
INFY
6/10/2
10 010
58.9
INFY
-9
6/9/20
10
57.1
6
INFY
-8
6/8/20
10
57.3
8
INFY
-7
6/7/20
10
56.5
5
INFY
-6
INFY
-5
6/4/20
10
6/3/20
10
57.7
9
58.7
9
INFY
-4
6/2/20
10
58.4
7
INFY
-3
6/1/20
56.5
Date
Divid
end
0.28
353
-0.00205
0.28
353
-0.00205
0.28
353
-0.00205
0.28
353
-0.00205
0.28
353
-0.00205
0.28
0.001 353
90
Mark Beta
et 1
Day
retur
n
-0.00205
0.004
59
0.032
99
0.005
55
0.58
413
0.00076
0.58
413
0.00076
0.58
413
0.00076
0.58
413
0.00076
6600
.27
6860
.39
0.012
69
0.013
49
0.039
41
0.58
413
0.58
413
0.00076
6839
0.0054 .61
43
6661
0.003
03
-
0.58
413
0.00076
0.58
0.00076
7479
.01
7478
.42
7448
.33
1 Day Mark
Return et
Inde
x
0.0089
18
0.0295
42
0.0038
488
6783
.51
0.0144
65
0.0219
275
0.0173
04
6512
.42
6559
.71
6596
.12
0.009
51
0.001
42
0.000
08
0.007
14
0.003
14
Alpha
0.00076
IBS 2010- 2012
49
0.004
75
0.002
45
0.002
07
0.004
08
0.001
16
0.002
59
Expec
ted
Rate
of
Retur
n
0.001
92
0.018
51
0.004
00
0.006
65
0.008
64
0.023
78
0.001
01
-
0.027
00
0.000
42
0.012
10
0.005
13
0.003
63
0.012
88
Abnor
mal
Retur
n
0.007
00
0.011
03
0.000
15
0.007
81
0.013
29
0.006
48
0.004
43
-
10
5/28/2
010
5/27/2
010
57.5
3
57.9
2
INFY
-2
INFY
-1
INFY
5/26/2
010
57.5
9
INFY
5/25/2
010
57.6
1
INFY
INFY
INFY
5/24/2
010
5/21/2
010
5/20/2
010
55.6
6
56.3
9
55.1
8
INFY
INFY
INFY
5/19/2
010
5/18/2
010
5/17/2
010
56.8
9
57.4
5
57.8
8
INFY
5/14/2
010
57.8
7
INFY
5/13/2
010
10 5/12/2
010
59.6
5
59.5
3
Clos
e
INFY
Eve
nt
No.
Comp
any
D
ay
1
3
INFY
10/27/
10 2009
-9 10/26/
2009
-8 10/23/
INFY
INFY
Date
47.1
9
48.2
4
48.5
0.339
Divid
end
0.0324
95
0.0169
701
0.0067
791
.1
0.026
10
0.019
59
0.014
98
413
0.58
413
0.58
413
0.00076
0.0057
3
0.0003
472
6631
.36
0.038
00
0.005
20
0.58
413
0.00076
0.58
413
0.00076
0.0012
592
0.0131
153
0.0214
58
0.0309
895
0.0098
436
0.0074
848
6666
.74
6775
.45
6653
0.58
413
0.58
413
0.58
413
0.00076
6927
.21
6959
.21
7063
.83
0.000
14
0.016
31
0.018
07
0.041
22
0.004
62
0.015
03
0.58
413
0.58
413
0.58
413
0.00076
0.0001
73
0.0307
586
0.0020
12
1 Day
Return
7077
.64
0.001
96
0.58
413
0.00076
7234
.37
7316
.36
0.022
14
0.011
33
0.58
413
0.58
413
0.00076
Mark
et
Inde
x
Mark Beta
et 1
Day
retur
n
Alpha
0.0172
451
0.0222
505
0.0070
6932
.04
6960
.09
7066
0.024
59
0.004
05
0.015
0.00079
6791
.57
6893
.29
6665
.83
0.43
593
0.43
593
0.43
0.00076
0.00076
0.00076
0.00076
0.00076
0.00076
0.00079
0.00079
IBS 2010- 2012
0.014
48
0.012
20
0.009
51
0.021
43
0.003
80
0.018
01
0.004
77
0.002
73
0.015
70
0.003
45
0.000 0.000
84
42
0.010 0.002
29
83
0.009 0.011
80
66
0.024 0.006
84
15
0.003 0.006
46
38
0.009 54
0.002
06
0.001 90
0.002
08
0.013 0.017
70
06
0.007 38
0.009
39
Expec Abnor
ted
mal
Rate
Retur
of
n
Retur
n
0.011 0.005
51
74
0.002 0.019
56
70
0.007 -
IBS 2010- 2012
2009
481
.8
33
593
0.0088
51
0.0074
77
0.0056
497
0.0027
05
0.0077
2
0.0195
542
0.0090
74
7182
.91
0.016
43
0.43
593
0.00079
0.007
95
7107
.21
0.010
54
0.007
18
0.008
93
0.43
593
0.00079
0.43
593
0.43
593
0.00079
0.003
80
0.003
92
0.004
68
0.43
593
0.00079
0.43
593
0.43
593
0.00079
7031
.87
0.012
22
0.009
82
0.003
01
0.020
96
0.002
74
0.43
593
0.00079
0.43
593
0.00079
0.005
05
0.003
54
0.011
16
0.001
88
0.015
15
0.017
74
0.006
0.43
593
0.00079
0.43
593
0.00079
0.43
593
0.00079
0.43
593
0.00079
0.43
593
0.00079
0.43
593
0.00079
0.43
0.00079
INFY
-7
10/22/
2009
48.1
5
INFY
-6
10/21/
2009
47.7
9
INFY
-5
INFY
-4
10/20/
2009
10/19/
2009
48.0
6
47.9
3
INFY
-3
10/16/
2009
47.5
6
INFY
-2
INFY
-1
10/15/
2009
10/14/
2009
48.4
9
48.9
3
INFY
10/13/
2009
48.1
1
INFY
10/12/
2009
47.3
7
INFY
10/9/2
009
47.7
4
0.0167
59
0.0050
41
0.0078
109
INFY
10/8/2
009
49.4
8
0.0364 6990
474
.67
INFY
10/7/2
009
48.5
5
6912
.65
INFY
10/6/2
009
49.5
9
0.0187
95
0.0214
212
INFY
10/5/2
009
49.2
9
6795
.13
INFY
10/2/2
009
47.8
5
INFY
10/1/2
47.2
0.0060
5
0.0292
15
-
0.216
7158
.27
7222
.21
7133
.96
7204
.05
7182
.38
7051
.16
7015
.54
6899
.68
6674
.57
6718
47
0.00079
0.00079
0.004
54
0.005
07
0.000
52
0.008
34
0.001
99
0.001
41
0.000
75
0.004
07
0.000
03
0.005
81
0.006
94
0.003
0.000
43
0.016
80
0.003
67
0.001
73
0.007
39
0.003
18
0.014
48
0.009
59
0.008
41
0.007
03
0.009
22
0.037
20
0.014
72
0.021
45
0.000
24
0.022
27
-
009
INFY
INFY
9/30/2
009
10 9/29/2
009
48.4
9
48.1
5
Clos
e
Date
Divid
end
0.0125
39
0.0262
434
0.0070
12
1 Day
Return
.05
51
593
6910
.88
6926
.82
0.028
70
0.002
31
0.43
593
0.43
593
Mark
et
Inde
x
Mark Beta
et 1
Day
retur
n
Alpha
5864
.55
0.45
266
-0.00049
5886
.76
0.007
05
0.003
79
0.45
266
-0.00049
63
0.00079
0.00079
Eve
nt
No.
Comp
any
D
ay
1
4
INFY
6/17/2
10 009
35.2
1
INFY
-9
6/16/2
009
34.8
4
INFY
-8
-7
INFY
-6
35.5
2
37.1
2
37.1
3
5967
.26
6148
.61
6163
.13
0.013
67
0.030
39
0.002
36
0.45
266
0.45
266
0.45
266
-0.00049
INFY
6/15/2
009
6/12/2
009
6/11/2
009
0.0014
18
0.0105
08
0.0195
178
0.0450
45
0.0002
694
INFY
-5
6/10/2
009
37.2
8
0.0040 6098
399
.06
0.45
266
-0.00049
INFY
-4
6/9/20
09
37.5
3
0.0067 6101
06
.57
0.010
56
0.000
58
0.45
266
-0.00049
INFY
-3
6/8/20
09
36.2
2
-0.00049
-2
6/5/20
09
36.0
4
6082
.64
0.005
41
0.002
32
0.45
266
INFY
0.45
266
-0.00049
INFY
-1
6/4/20
09
35.6
1
6110
.76
0.004
62
0.45
266
-0.00049
INFY
6/3/20
09
35.2
8
6033
.9
-0.00049
6/2/20
09
36.3
9
0.012
58
0.024
69
0.45
266
INFY
0.0349
05
0.0049
7
0.0119
31
0.0092
67
0.0314
626
0.45
266
-0.00049
0.269
6068
.56
6182
.87
IBS 2010- 2012
-0.00049
-0.00049
0.016
17
0.013 0.012
30
94
0.001 80
0.008
81
Expec Abnor
ted
mal
Rate
Retur
of
n
Retur
n
0.002
0.003 26
68
0.001 22
0.011
73
0.005 0.013
70
82
0.013 0.031
27
78
0.000 58
0.000
31
0.009
0.005 31
27
0.006
0.000 94
23
0.002 0.031
94
97
0.000 56
0.005
53
0.001 60
0.013
53
0.006 0.003
18
08
0.010 0.020
69
78
INFY
6/1/20
09
35.7
INFY
5/29/2
009
34.5
6
INFY
5/28/2
009
33.3
8
INFY
5/27/2
009
32.6
1
INFY
5/26/2
009
32.4
1
INFY
5/22/2
009
31.6
INFY
5/21/2
009
31.5
3
INFY
5/20/2
009
10 5/19/2
009
32.2
1
33.0
2
Clos
e
INFY
Eve
nt
No.
Comp
any
D
ay
Date
1
5
INFY
10/28/
10 2008
INFY
-9
INFY
-8
INFY
-7
INFY
-6
0.0189
61
0.0319
33
0.0341
44
0.0230
68
0.0061
33
0.0249
92
0.0022
15
0.0215
668
0.0251
475
Divid
end
6169
.07
6004
.07
5917
.06
5823
.56
5936
.58
5789
.62
5780
.54
5870
.39
5872
.22
0.002
23
0.026
75
0.014
49
0.015
80
0.019
41
0.45
266
-0.00049
0.45
266
-0.00049
0.45
266
-0.00049
0.45
266
-0.00049
0.45
266
-0.00049
0.024
75
0.001
57
0.015
54
0.000
31
0.45
266
-0.00049
0.45
266
-0.00049
0.45
266
0.45
266
-0.00049
-0.00049
1 Day Mark
Return et
Inde
x
Mark Beta
et 1
Day
retur
n
Alpha
28.1
7
0.0089 5733
542
.45
0.59
134
0.00322
10/27/
2008
24.3
8
0.59
134
0.00322
10/24/
2008
10/23/
2008
25.2
2
25.8
6
0.1345
4
0.0344
545
0.0253
767
5427
.54
5671
.93
0.007
18
0.093
65
0.044
45
0.045
03
0.59
134
0.59
134
0.00322
10/22/
2008
25.3
6
5630
0.0193 .47
35
0.007
31
0.59
134
0.00322
5196
.53
0.00322
IBS 2010- 2012
0.001
50
0.012
60
0.007
05
0.007
64
0.008
30
0.011
70
0.001
20
0.006
55
0.000
35
Expec
ted
Rate
of
Retur
n
0.001
02
0.052
16
0.029
51
0.029
85
0.001
10
0.017
46
0.019
34
0.027
09
0.015
43
0.014
43
0.013
30
0.001
02
0.015
02
0.025
50
Abnor
mal
Retur
n
0.009
98
0.082
38
0.004
95
0.004
47
0.018
23
INFY
-5
10/21/
2008
26.5
6
0.0473 6051
186
.34
0.074
75
0.59
134
0.00322
INFY
-4
-3
28.0
2
25.9
6
6287
.6
5948
.8
-2
26.5
-1
0.59
134
0.59
134
0.00322
INFY
10/16/
2008
10/15/
2008
INFY
0
1
INFY
28.1
3
29.5
1
23.9
1
0.59
134
0.59
134
0.59
134
0.00322
INFY
10/14/
2008
10/13/
2008
10/10/
2008
INFY
3
4
25.0
2
25.5
2
0.59
134
0.59
134
0.00322
INFY
10/9/2
008
10/8/2
008
0.039
04
0.053
88
0.003
72
0.035
33
0.107
74
0.003
20
0.108
86
0.018
56
0.085
43
0.59
134
0.59
134
INFY
0.0549
699
0.0735
19
0.0208
012
0.0550
94
0.1234
026
0.0490
579
0.1897
66
0.0464
241
0.0199
84
0.00322
INFY
10/20/
2008
10/17/
2008
INFY
10/7/2
008
6 10/6/2
008
7 10/3/2
008
8 10/2/2
008
9 10/1/2
008
10 9/30/2
008
D Date
ay
26.5
6
27.8
2
29.5
8
30.5
8
32.4
0.0407
524
0.0474
398
0.0632
638
0.0338
066
0.0595
16
0.0280
864
1 Day
Return
6388
.38
6754
.91
7088
.94
7155
.41
7519
.95
7532
.8
Mark
et
Inde
x
0.013
01
0.057
37
0.049
45
0.009
38
0.050
95
0.001
71
Mark
et 1
Day
retur
n
0.59
134
0.59
134
0.59
134
0.59
134
0.59
134
0.59
134
Beta
0.00322
6/11/2
10 008
44.8
9
8941
0.0331 .27
68
0.000
72
0.53
933
-0.00009
INFY
INFY
INFY
INFY
INFY
Eve
nt
No.
Comp
any
INFY
25.0
4
33.3
1
Clos
e
0.207
Divid
end
5970
.9
5759
.96
6380
.53
6400
.96
5704
.13
5809
.98
6306
.35
0.00322
0.00322
0.00322
0.00322
0.00322
0.00322
0.00322
0.00322
0.00322
0.00322
Alpha
IBS 2010- 2012
0.047
42
0.000
10
0.026 0.028
31
66
0.028 0.044
64
88
0.005 0.015
42
38
0.017 0.037
67
42
0.066 0.056
93
47
0.005 0.043
11
94
0.061 0.128
15
61
0.014 0.032
19
23
0.053 74
0.033
76
0.010 0.029
91
84
0.037 0.010
15
29
0.032 0.030
46
80
0.008 0.025
76
04
0.033 0.026
35
17
0.004 0.023
23
86
Expec Abnor
ted
mal
Rate
Retur
of
n
Retur
n
0.000 0.032
48
69
INFY
-9
6/10/2
008
6/9/20
08
6/6/20
08
6/5/20
08
6/4/20
08
45.7
3
46.9
1
47.4
7
49.3
7
46.6
9
INFY
-8
INFY
-7
INFY
-6
INFY
-5
INFY
0.0187
124
0.0258
036
0.0119
378
0.0400
253
0.0542
84
0.0017
134
9067
.1
9149
.09
9152
.51
9408
.49
9212
.76
-4
6/3/20
08
46.7
7
INFY
-3
INFY
-2
INFY
-1
6/2/20
08
5/30/2
008
5/29/2
008
47.7
7
49.1
1
45.3
6
9316
.61
9401
.08
9371
.87
44.3
2
45.5
1
46.0
1
0.0213
812
0.0280
511
0.0763
59
0.0213
84
0.0101
37
0.0186
62
0.0252
783
0.0065
6
0.0091
075
0.0268
502
0.0109
866
INFY
5/28/2
008
44.3
9
INFY
5/27/2
008
43.9
4
INFY
5/23/2
008
43.1
2
INFY
INFY
5/22/2
008
5/21/2
008
44.2
1
43.9
2
INFY
INFY
INFY
5/20/2
008
5/19/2
008
5/16/2
008
INFY
5/15/2
008
46.5
8
0.0123 9553
886
.52
INFY
5/14/2
44.3
0.67
9262
9364
.34
9314
.02
9315
.78
9433
.35
9397
.03
9536
.01
9602
.78
9603
.01
9437
0.014
07
0.009
04
0.000
37
0.027
97
0.020
80
0.005
34
0.53
933
0.53
933
0.53
933
0.53
933
0.53
933
-0.00009
0.53
933
-0.00009
0.005
90
0.009
07
0.003
11
0.000
80
0.005
37
0.000
19
0.53
933
0.53
933
0.53
933
-0.00009
0.53
933
-0.00009
0.53
933
-0.00009
0.53
933
-0.00009
0.012
62
0.003
85
0.014
79
0.007
00
0.000
02
0.53
933
0.53
933
-0.00009
0.53
933
0.53
933
0.53
933
-0.00009
0.005
15
-
0.53
933
-0.00009
0.53
-0.00009
-0.00009
-0.00009
-0.00009
-0.00009
-0.00009
-0.00009
-0.00009
-0.00009
-0.00009
IBS 2010- 2012
0.007
50
0.004
79
0.000
11
0.015
00
0.011
31
0.002
79
0.003
09
0.004
80
0.001
76
0.000
52
0.002
99
0.000
01
0.006
72
0.002
16
0.007
89
0.003
69
0.000
08
0.002
87
-
0.011
21
0.021
01
0.011
82
0.025
03
0.042
98
0.001
08
0.018
29
0.023
25
0.074
60
0.020
86
0.007
15
0.018
68
0.018
56
0.004
40
0.001
22
0.023
16
0.011
06
0.015
26
-
008
0.0483
04
0.0295
51
1 Day
Return
0.012
15
0.002
86
Mark
et 1
Day
retur
n
933
0.0387 6910
812
.88
-0.008 6926
.82
INFY
10 5/13/2
008
43.0
2
Eve
nt
No.
Comp
any
D
ay
Clos
e
1
7
MTNL
9/30/2
10 009
-9 9/29/2
009
3.75
MTNL
-8
9/28/2
009
3.72
MTNL
-7
9/25/2
009
3.6
MTNL
-6
9/24/2
009
3.6
MTNL
-5
3.72
MTNL
-4
MTNL
-3
9/23/2
009
9/22/2
009
9/21/2
009
MTNL
-2
9/18/2
009
3.67
MTNL
-1
9/17/2
009
3.76
MTNL
9/16/2
009
3.73
MTNL
9/15/2
009
3.7
MTNL
9/14/2
009
3.75
MTNL
Date
Divid
end
3.72
3.78
3.73
0.041
.45
9410
.46
IBS 2010- 2012
0.006
64
0.001
63
Expec
ted
Rate
of
Retur
n
0.006
18
0.001
19
0.53
933
-0.00009
Beta
Alpha
0.028
70
0.002
31
0.18
908
0.18
908
0.00076
6939
.76
0.001
87
0.18
908
0.00076
0.001
11
6823
0.0322 .51
58
0
6862
.31
0.016
75
0.005
69
0.18
908
0.00076
0.18
908
0.00076
0.002
41
0.001
83
0.0333
333
0.0161
29
0.0132
28
0.0160
86
0.0245
232
6964
.69
7047
.13
6968
.59
0.014
92
0.011
84
0.011
14
0.006
94
0.18
908
0.18
908
0.18
908
0.00076
0.18
908
0.00076
0.18
908
0.00076
0.000
36
0.0079
79
0.0080
43
0.0135
135
7038
.14
0.002
10
0.005
14
0.18
908
0.00076
0.001
73
0.017
20
0.005
0.18
908
0.00076
0.18
908
0.00076
0.002
49
0.000
Mark
et
Inde
x
7016
.92
7002
.17
6917
.07
6879
.99
0.00076
0.00076
0.00076
0.003
58
0.003
00
0.001
35
0.002
07
0.041
66
0.027
92
Abnor
mal
Retur
n
0.032
60
0.009
19
0.001
11
0.029
85
0.001
83
0.029
75
0.013
13
0.011
88
0.018
15
0.024
16
0.009
71
0.005
55
0.013
77
MTNL
9/11/2
009
3.77
0.0053 6843
333
.82
MTNL
9/10/2
009
3.74
6850
.81
MTNL
9/9/20
09
3.82
0.0079
58
0.0213
904
MTNL
9/8/20
09
3.81
6726
.07
MTNL
9/4/20
09
3.79
MTNL
9/3/20
09
3.72
MTNL
9/2/20
09
3.74
0.0026
18
0.0052
49
0.0184
7
0.0053
763
MTNL
10 9/1/20
09
D Date
ay
3.76
0.0053
476
1 Day
Return
6487
.81
Mark
et
Inde
x
10/2/2
10 008
-9 10/1/2
008
-8 9/30/2
008
-7 9/29/2
008
3.95
7155
.41
7519
.95
7532
.8
7204
.01
MTNL
-6
4.36
MTNL
-5
MTNL
-4
0.0076
531
0.0430
38
0.0291
262
0.0542
45
0.0872
818
0.0183
486
0.0472
97
Eve
nt
No.
Comp
any
1
8
MTNL
MTNL
MTNL
MTNL
9/26/2
008
9/25/2
008
9/24/2
008
Clos
e
4.12
4.24
4.01
4.44
4.23
Divid
end
6772
.4
6637
.13
6546
.6
6474
.79
7890
.37
7927
.87
7768
.82
36
0.005
26
0.001
02
0.18
908
0.00076
0.18
908
0.00076
0.011
45
0.006
84
0.013
22
0.013
64
0.010
97
0.002
01
Mark
et 1
Day
retur
n
0.18
908
0.00076
0.18
908
0.00076
0.18
908
0.00076
0.18
908
0.00076
0.18
908
0.00076
0.18
908
Beta
0.00076
0.009
38
0.050
95
0.001
71
0.043
65
0.095
27
0.004
75
0.020
06
0.25
273
0.25
273
0.25
273
0.25
273
0.00138
0.25
273
0.25
273
0.25
273
0.00138
Alpha
0.00138
0.00138
0.00138
0.00138
0.00138
IBS 2010- 2012
26
0.000
24
0.000
95
0.001
41
0.000
54
0.001
74
0.001
82
0.001
32
0.001
14
Expec
ted
Rate
of
Retur
n
0.003
75
0.014
26
0.001
81
0.009
65
0.025
46
0.002
58
0.003
69
0.005
57
0.008
91
0.022
80
0.002
08
0.003
51
0.016
65
0.006
69
0.004
21
Abnor
mal
Retur
n
0.003
90
0.028
78
0.027
31
0.044
60
0.061
82
0.015
77
0.043
61
MTNL
-3
9/23/2
008
9/22/2
008
4.32
MTNL
-2
MTNL
-1
9/19/2
008
4.13
MTNL
9/18/2
008
4.17
MTNL
9/17/2
008
3.8
MTNL
4.04
MTNL
9/16/2
008
9/15/2
008
MTNL
4.41
MTNL
9/12/2
008
9/11/2
008
MTNL
9/10/2
008
4.4
MTNL
9/9/20
08
4.37
MTNL
4.45
MTNL
9/8/20
08
9/5/20
08
MTNL
10 9/4/20
08
4.5
Eve
nt
No.
Comp
any
D
ay
Clos
e
MTNL
3/4/20
10 08
Date
0.0212
766
0.0509
26
0.0073
171
4.1
0.174
4.11
4.34
4.43
5.75
Divid
end
IBS 2010- 2012
7785
.27
7918
.61
0.002
12
0.017
13
0.25
273
0.25
273
0.00138
8187
.13
0.033
91
0.25
273
0.00138
0.009
95
0.0096 7775
852
.16
0.050
32
0.043
06
0.047
41
0.014
50
0.053
60
0.009
96
0.006
74
0.010
82
0.037
79
0.016
51
0.003
18
Mark
et 1
Day
retur
n
0.25
273
0.00138
0.25
273
0.00138
0.25
273
0.25
273
0.00138
0.25
273
0.25
273
0.00138
0.25
273
0.00138
0.25
273
0.00138
0.25
273
0.25
273
0.00138
0.25
273
0.00138
0.011
34
0.009
50
0.013
36
0.002
28
0.014
93
0.001
14
0.000
32
0.001
35
0.010
93
0.002
79
0.000
58
Beta
Alpha
0.007
0.05
317
0.00151
0.0887
29
0.0631
579
0.0173
267
7440
.39
0.0729
927
0.0158
73
0.0138
249
8091
.84
8011
.25
0.0068
18
0.0183
066
0.0044
94
0.0158
014
7871
.15
7793
.13
7680
.15
7957
.26
8168
.62
8033
.76
8008
.25
1 Day Mark
Return et
Inde
x
8891
0.0221 .45
0.00138
0.00138
0.00138
0.00138
0.001
92
0.005
71
Expec
ted
Rate
of
Retur
n
0.001
09
0.019
36
0.056
64
0.002
63
0.021
02
0.079
23
0.049
79
0.019
61
0.058
06
0.014
74
0.014
15
0.005
46
0.007
37
0.001
70
0.015
22
Abnor
mal
Retur
n
0.023
MTNL
-9
MTNL
-8
MTNL
09
0.0052
174
0.0570
934
3/3/20
08
2/29/2
008
5.78
-7
2/28/2
008
6.1
MTNL
-6
6.25
MTNL
-5
MTNL
-4
2/27/2
008
2/26/2
008
2/25/2
008
MTNL
-3
2/22/2
008
6.07
MTNL
-2
2/21/2
008
MTNL
-1
6.27
MTNL
2/20/2
008
2/19/2
008
MTNL
2/15/2
008
6.31
MTNL
2/14/2
008
6.37
0.0095 8968
087
.41
MTNL
6.39
MTNL
2/13/2
008
2/12/2
008
MTNL
2/11/2
008
6.3
0.0031
397
0.0187
79
0.0047
847
MTNL
2/8/20
08
6.39
0.0142 8823
857
.12
MTNL
2/7/20
08
6.39
6.11
0.0016
37
0.0245
902
0.0144
6.34
6.21
6.25
6.27
0.152
8970
.39
8962
.46
9221
.88
9292
.89
9302
.8
9210
0.0205 .08
05
9064
0.0225 .83
44
8977
0.0115 .73
32
0.045 9073
.96
9023
0.0031 .04
9
0.0096 8970
.76
9073
.48
8965
.35
8868
.28
8859
.04
92
0.008
88
0.000
88
0.028
95
0.007
70
0.001
07
0.009
97
0.015
77
0.009
61
0.010
72
0.005
61
0.005
79
0.000
26
0.011
72
0.011
92
0.010
83
0.005
09
0.004
07
IBS 2010- 2012
0.05
317
0.05
317
0.00151
0.05
317
0.00151
0.003
05
0.05
317
0.05
317
0.05
317
0.00151
0.001
92
0.001
57
0.000
98
0.05
317
0.00151
0.000
67
0.05
317
0.00151
0.001
00
0.05
317
0.05
317
0.00151
0.002
08
0.001
22
0.05
317
0.00151
0.001
21
0.004
69
0.022
67
0.012
83
0.021
49
0.023
22
0.012
53
0.042
92
0.004
40
0.008
39
0.05
317
0.00151
0.001
50
0.008
01
0.05
317
0.05
317
0.00151
0.002
14
0.000
88
0.05
317
0.00151
0.000
94
0.001
00
0.019
66
0.003
85
0.05
317
0.00151
0.001
24
0.013
04
0.05
317
0.00151
0.001
73
0.001
0.00151
0.00151
0.00151
0.00151
0.00151
0.001
99
0.001
47
20
0.003
23
0.055
63
MTNL
MTNL
MTNL
2/6/20
08
6.39
8818
.11
2/5/20
08
10 2/4/20
08
D Date
ay
6.52
0.0203
443
0.0552
147
1 Day
Return
8874
.5
9202
.11
Mark
et
Inde
x
6.88
Clos
e
Divid
end
0.004
62
0.006
39
0.036
92
Mark
et 1
Day
retur
n
0.05
317
0.00151
0.05
317
0.05
317
Beta
0.00151
0.14
497
-0.00234
0.14
497
0.14
497
-0.00234
0.00151
Eve
nt
No.
Comp
any
2
0
PTI
6/24/2
10 010
25.1
5
0.0345 6730
537
.24
PTI
-9
PTI
-8
6/23/2
010
6/22/2
010
25.4
4
26.0
1
0.0115
308
0.0224
057
6850
.05
6858
.95
0.004
98
0.017
80
0.001
30
PTI
-7
-6
26.3
8
25.8
6
6978
.86
6988
.25
0.017
48
0.001
35
0.14
497
0.14
497
PTI
-5
6/17/2
010
25.7
8
6982
.04
-0.00234
-4
6/16/2
010
25.5
6
0.14
497
-0.00234
PTI
-3
6/15/2
010
25.6
0.000
89
0.000
85
0.001
98
0.14
497
PTI
0.0142
253
0.0197
12
0.0030
94
0.0085
34
0.0015
649
-0.00234
PTI
6/21/2
010
6/18/2
010
0.14
497
-0.00234
PTI
-2
6/14/2
010
25.7
7
0.0066 6817
406
.97
0.14
497
-0.00234
PTI
-1
6/11/2
010
25.6
9
6814
.76
0.14
497
-0.00234
PTI
6/10/2
010
25.7
4
0.0031
04
0.0019
463
0.14
497
-0.00234
PTI
6/9/20
25.0
6559
0.024
59
0.000
47
0.004
59
-
0.14
-0.00234
0.132
6976
.08
6989
.88
6783
.51
Alpha
-0.00234
-0.00234
IBS 2010- 2012
73
0.001 27
0.001
27
0.001 0.018
85
49
0.003 0.051
48
74
Expec Abnor
ted
mal
Rate
Retur
of
n
Retur
n
0.037
0.003 62
07
0.000 0.011
24
29
0.024
0.002 56
16
0.000 0.014
19
04
0.002 0.017
15
56
0.002 0.000
47
62
0.002 0.006
47
07
0.003
0.002 62
06
0.012
0.005 55
91
0.002 0.000
41
69
0.004
0.003 96
01
-
10
PTI
6/8/20
10
25.0
2
PTI
6/7/20
10
25.4
7
0.0260
3
0.0019
94
0.0179
856
PTI
6/4/20
10
26.5
5
0.0424 6600
028
.27
0.012
69
0.013
49
PTI
PTI
6/3/20
10
6/2/20
10
26.8
2
26.3
4
6860
.39
6839
.61
PTI
6/1/20
10
25.9
9
PTI
PTI
5/28/2
010
5/27/2
010
26.3
1
26.4
2
0.0101
695
0.0178
97
0.0132
88
0.0123
124
0.0041
809
0.039
41
0.003
03
0.026
10
0.019
59
0.014
98
PTI
10 5/26/2
010
25.1
7
6631
.36
Eve
nt
No.
Comp
any
D
ay
Clos
e
0.0473
13
1 Day
Return
2
1
PTI
6/26/2
10 009
10.6
5
5906
.96
PTI
-9
6/25/2
009
10.8
9
0.0318
18
0.0225
352
PTI
-8
6/24/2
009
10.4
2
5795
.72
PTI
-7
6/23/2
009
10.3
5
PTI
-6
6/22/2
10.4
0.0431
59
0.0067
18
0.0067
Date
Divid
end
.71
6596
.12
6512
.42
6661
.1
6791
.57
6893
.29
Mark
et
Inde
x
5911
.03
5759
.49
5725
0.032
99
0.005
55
497
0.14
497
-0.00234
0.14
497
-0.00234
0.14
497
-0.00234
0.14
497
0.14
497
-0.00234
0.14
497
-0.00234
0.14
497
0.14
497
-0.00234
0.14
0.038 497
00
Mark Beta
et 1
Day
retur
n
-0.00234
0.009
31
0.000
69
0.13
178
-0.00129
0.13
178
-0.00129
0.019
51
0.006
25
-
0.13
178
-0.00129
0.13
178
-0.00129
0.13
-0.00129
-0.00234
-0.00234
Alpha
IBS 2010- 2012
0.007
13
0.001
54
0.004
18
0.000
39
0.003
37
0.002
78
0.006
13
0.000
49
0.000
17
0.007
85
Expec
ted
Rate
of
Retur
n
0.002
52
0.001
20
0.003
86
0.002
11
-
0.018
90
0.000
45
0.022
17
0.042
79
0.006
80
0.015
11
0.007
16
0.011
82
0.004
35
0.039
46
Abnor
mal
Retur
n
0.029
30
0.023
73
0.039
30
0.004
61
0.008
009
633
.07
0.005
98
0.036
54
178
0.13
178
-0.00129
0.004
73
0.007
05
0.003
79
0.13
178
-0.00129
0.13
178
-0.00129
0.13
178
-0.00129
0.013
67
0.030
39
0.002
36
0.13
178
0.13
178
0.13
178
-0.00129
0.010
56
0.000
58
0.13
178
-0.00129
0.13
178
-0.00129
0.13
178
-0.00129
0.13
178
-0.00129
PTI
-5
6/19/2
009
10.4
2
5934
.24
PTI
-4
6/18/2
009
10.1
3
5906
.2
PTI
-3
6/17/2
009
10.1
8
0.0278
31
0.0049
358
PTI
-2
6/16/2
009
10
PTI
-1
PTI
10.4
5
10.8
PTI
6/15/2
009
6/12/2
009
6/11/2
009
10.4
6
5886
0.0176 .76
82
0.045 5967
.26
0.0334 6148
928
.61
0.0418 6163
327
.13
PTI
6/10/2
009
10.9
2
0.0439 6098
771
.06
PTI
6/9/20
09
10.9
1
PTI
6/8/20
09
9.91
PTI
6/5/20
09
10.2
8
0.0009
16
0.0916
59
0.0373
36
6082
.64
0.005
41
0.002
32
PTI
6/4/20
09
10.6
9
0.0398 6110
833
.76
0.004
62
0.13
178
-0.00129
PTI
6/3/20
09
10.4
-0.00129
11.4
0.13
178
0.13
178
-0.00129
PTI
6/2/20
09
6/1/20
09
PTI
10 5/29/2
009
10.2
0.012
58
0.024
69
0.002
23
0.026
0.13
178
PTI
0.0271
28
0.0961
538
0.1157
89
0.0119
048
0.13
178
-0.00129
10.0
8
0.127
5864
.55
6101
.57
6068
.56
6033
.9
6182
.87
6169
.07
6004
.07
-0.00129
-0.00129
-0.00129
IBS 2010- 2012
0.002
08
0.003
53
0.001
91
0.002
22
0.000
79
0.000
51
0.002
72
0.000
98
0.002
68
0.001
21
0.002
00
0.000
98
0.000
68
0.002
95
0.001
97
0.001
58
0.004
84
0.003
53
0.025
92
0.007
15
0.016
89
0.044
49
0.030
78
0.042
81
0.046
66
0.000
30
0.089
66
0.038
32
0.040
56
0.024
18
0.094
19
0.114
21
0.016
72
Eve
nt
No.
Comp
any
D
ay
Date
Clos
e
Divid
end
2
2
PTI
6/27/2
10 008
10.7
1
0.0667 8623
331
.51
PTI
-9
PTI
-8
PTI
-7
6/26/2
008
6/25/2
008
6/24/2
008
10.9
2
11.2
5
11.2
8640
.74
8865
.8
8803
.34
PTI
-6
PTI
-5
6/23/2
008
6/20/2
008
11.2
7
11.0
5
PTI
-4
PTI
-3
PTI
-2
6/19/2
008
6/18/2
008
6/17/2
008
11.5
8
11.8
5
11.9
1
0.0196
078
0.0302
198
0.0044
44
0.0062
5
0.0195
21
0.0479
638
0.0233
161
0.0050
633
PTI
-1
6/16/2
008
11.8
8
PTI
6/13/2
008
11.6
7
PTI
6/12/2
008
11.6
7
0.0025
19
0.0176
77
0
PTI
6/11/2
008
11.6
9
0.0017 8941
138
.27
PTI
PTI
6/10/2
008
6/9/20
08
12.3
7
12.2
9
0.0581
694
0.0064
67
0.141
1 Day Mark
Return et
Inde
x
75
Mark Beta
et 1
Day
retur
n
Alpha
IBS 2010- 2012
81
Expec
ted
Rate
of
Retur
n
0.001
66
0.001
83
0.015
21
0.003
20
0.003
15
0.000
08
0.010
77
0.001
38
0.005
34
0.55
650
0.00072
0.55
650
0.55
650
0.55
650
0.00072
0.55
650
0.55
650
0.00072
8988
.84
8999
.56
9074
.41
0.004
27
0.002
00
0.026
05
0.007
05
0.004
38
0.001
43
0.018
08
0.001
19
0.008
32
0.55
650
0.55
650
0.55
650
0.00072
9087
.88
0.001
48
0.55
650
0.00072
0.001
54
9063
.23
0.002
71
0.012
74
0.000
72
0.014
07
0.009
04
0.55
650
0.00072
0.55
650
0.00072
0.55
650
0.00072
0.000
79
0.006
38
0.000
31
0.55
650
0.55
650
0.00072
8841
.89
8829
.25
8947
.73
9067
.1
9149
.09
0.00072
0.00072
0.00072
0.00072
0.00072
0.00072
0.008
55
0.005
75
Abnor
mal
Retur
n
0.068
39
0.017
78
0.015
01
0.001
24
0.003
10
0.019
44
0.037
19
0.021
94
0.000
28
0.004
06
0.016
88
0.006
38
0.001
40
0.049
62
0.012
22
PTI
PTI
PTI
PTI
PTI
PTI
6/6/20
08
6/5/20
08
6/4/20
08
12.8
6/3/20
08
12.7
5
13.1
12.9
6/2/20
08
10 5/30/2
008
D Date
ay
13
13.1
8
Clos
e
Eve
nt
No.
Comp
any
2
3
RDY
7/14/2
10 011
35.9
9
RDY
-9
7/13/2
011
36.1
1
RDY
-8
7/12/2
011
34.8
4
RDY
-7
7/11/2
011
34.4
2
RDY
-6
7/8/20
11
34.7
6
RDY
-5
35
RDY
-4
7/7/20
11
7/6/20
11
RDY
-3
RDY
-2
7/5/20
11
7/1/20
11
35.1
2
34.8
5
RDY
-1
6/30/2
34.3
34.5
2
Divid
end
0.0414
972
0.0234
375
0.0152
67
0.0116
28
0.0196
078
0.0138
462
1 Day
Return
9152
.51
9408
.49
9212
.76
0.000
37
0.027
97
0.020
80
0.005
34
0.55
650
0.55
650
0.55
650
0.00072
0.55
650
0.00072
9316
.61
9401
.08
Mark
et
Inde
x
0.005
90
0.009
07
Mark
et 1
Day
retur
n
0.55
650
0.55
650
Beta
0.00072
0.0002
78
0.0033
343
8191
.13
0.004
36
0.006
80
0.80
891
-0.00050
0.80
891
-0.00050
0.0351
7
0.0120
55
0.0098
78
8192
.75
0.80
891
-0.00050
8228
.73
0.006
55
0.004
39
0.80
891
-0.00050
8410
.19
0.022
05
0.80
891
-0.00050
0.0069
045
0.0137
14
0.0173
812
0.0076
88
-
8476
.13
8396
.48
0.80
891
0.80
891
-0.00050
8404
.63
8425
.48
0.007
84
0.009
40
0.000
97
0.002
48
0.80
891
0.80
891
-0.00050
8319
0.80
-0.00050
9262
8246
.8
0.00072
0.00072
0.00072
Alpha
-0.00050
-0.00050
IBS 2010- 2012
0.000
92
0.016
28
0.010
86
0.003
69
0.040
57
0.007
16
0.004
41
0.015
32
0.004 0.015
00
61
0.005 0.008
76
09
Expec Abnor
ted
mal
Rate
Retur
of
n
Retur
n
0.003
0.004 76
03
0.004 99
0.001
66
0.005 0.029
81
36
0.003 05
0.015
10
0.017 33
0.007
46
0.005 0.001
84
07
0.008 0.005
11
61
0.000 0.017
28
10
0.001 50
0.009
19
-
011
RDY
6/29/2
011
34.7
9
RDY
6/28/2
011
34.6
7
RDY
6/27/2
011
33.4
5
RDY
6/24/2
011
33.1
6
RDY
6/23/2
011
33.1
6
RDY
RDY
RDY
6/22/2
011
6/21/2
011
6/20/2
011
33.7
1
34.0
2
33.8
3
RDY
6/17/2
011
RDY
0.251
0.0149 .1
21
0.0133 8228
994
.5
0.012
63
0.010
89
0.011
24
0.012
89
0.007
02
0.009
95
891
0.005
93
0.006
72
0.015
21
0.004
00
0.004
56
0.000
53
0.80
891
-0.00050
0.80
891
-0.00050
0.80
891
-0.00050
0.80
891
-0.00050
0.80
891
-0.00050
0.80
891
0.80
891
0.80
891
-0.00050
0.80
891
-0.00050
0.80
891
-0.00050
0.80
891
-0.00050
0.0034
49
0.0351
89
0.0086
7
0
8135
.98
8101
.84
8156
.27
8032
.22
34.3
7
0.0165
862
0.0091
961
0.0055
85
0.0159
622
6/16/2
011
34.4
7
0.0029 7963
095
.6
RDY
10 6/15/2
011
34.4
6
7967
.81
Eve
nt
No.
Comp
any
D
ay
Clos
e
0.0002
9
1 Day
Return
Mark
et
Inde
x
Mark Beta
et 1
Day
retur
n
Alpha
2
4
RDY
7/15/2
10 010
-9 7/14/2
010
31.6
3
31.3
4
6916
.81
6903
.36
-0.00047
31.5
7
0.030
90
0.001
94
0.000
64
0.29
123
0.29
123
-8
0.0137
821
0.0091
69
0.0073
389
0.29
123
-0.00047
RDY
RDY
Date
7/13/2
010
Divid
end
8031
.08
7974
.72
8054
.08
8000
.11
6907
.78
-0.00050
-0.00050
-0.00047
IBS 2010- 2012
0.010
72
0.009
31
0.009
60
0.010
93
0.006
18
0.007
55
0.004
29
0.004
93
0.012
81
0.003
74
0.004
20
0.000
08
Expec
ted
Rate
of
Retur
n
0.008
53
0.001
04
0.000
0.004
20
0.022
71
0.006
15
0.024
26
0.002
49
0.007
55
0.012
29
0.004
27
0.007
22
0.019
70
0.007
11
0.000
21
Abnor
mal
Retur
n
0.005
25
0.008
13
0.007
62
RDY
-7
7/12/2
010
31.4
4
RDY
-6
7/9/20
10
31.3
RDY
-5
7/8/20
10
31.7
4
RDY
-4
7/7/20
10
31.4
1
RDY
-3
7/6/20
10
31.1
RDY
-2
7/2/20
10
31.0
4
RDY
-1
7/1/20
10
30.4
1
RDY
6/30/2
010
30.8
5
0.016
40
0.002
09
0.29
123
-0.00047
0.29
123
-0.00047
0.29
123
-0.00047
0.29
123
-0.00047
0.29
123
-0.00047
0.29
123
-0.00047
6462
.03
0.007
77
0.010
37
0.029
87
0.007
91
0.004
23
0.29
123
-0.00047
6469
.65
0.001
18
0.29
123
-0.00047
RDY
6/29/2
010
30.9
0.0016 6520
207
.09
0.007
80
0.29
123
-0.00047
RDY
6/28/2
010
6/25/2
010
6/24/2
010
31.8
6
32.1
4
31.7
-0.00047
6/23/2
010
31.5
3
6850
.05
0.033
21
0.004
06
0.004
98
0.017
80
0.29
123
0.29
123
0.29
123
0.29
123
-0.00047
RDY
6/22/2
010
30.6
3
6858
.95
0.001
30
0.29
123
-0.00047
RDY
7
8
31.3
4
30.6
9
6978
.86
6988
.25
0.017
48
0.001
35
0.29
123
0.29
123
-0.00047
RDY
6/21/2
010
6/18/2
010
0.0310
68
0.0087
884
0.0136
9
0.0053
63
0.0285
44
0.0231
799
0.0207
4
RDY
RDY
RDY
0.24
0.0041
18
0.0044
53
0.0140
575
6794
.48
0.0103
97
0.0098
69
0.0019
29
0.0202
96
0.0144
689
6685
.78
6808
.71
6755
.81
6486
.09
6434
.81
6736
.6
6763
.93
6730
.24
-0.00047
-0.00047
-0.00047
IBS 2010- 2012
28
0.005
25
0.000
14
0.002
73
0.003
49
0.009
17
0.002
77
0.000
76
0.000
13
0.001
80
0.009
20
0.000
71
0.001
92
0.004
72
0.000
09
0.004
62
0.000
08
0.001
13
0.004
59
0.016
79
0.006
91
0.000
70
0.000
84
0.021
06
0.014
59
0.000
18
0.021
87
0.008
08
0.011
77
0.010
08
0.028
45
0.018
56
0.020
66
RDY
6/17/2
010
30.8
5
0.0052 6982
134
.04
RDY
10 6/16/2
010
30.8
4
6976
.08
Eve
nt
No.
Comp
any
D
ay
Clos
e
0.0003
24
1 Day
Return
2
5
RDY
7/17/2
10 009
15.9
3
6038
.11
RDY
-9
7/16/2
009
15.8
2
RDY
-8
7/15/2
009
15.9
3
0.0232
99
0.0069
05
0.0069
532
RDY
-7
7/14/2
009
16
0.0043 5805
942
.58
RDY
-6
7/13/2
009
15.6
7
RDY
-5
7/10/2
009
16
0.0206
25
0.0210
593
RDY
-4
RDY
-3
7/9/20
09
7/8/20
09
16.8
4
16.7
3
RDY
-2
7/7/20
09
16.5
3
RDY
-1
7/6/20
09
16.4
5
RDY
RDY
RDY
7/2/20
09
7/1/20
09
6/30/2
16.9
3
17.1
3
16.9
Date
Divid
end
0.131
Mark
et
Inde
x
6043
.05
5993
.16
5761
.37
5627
.52
0.0525 5667
.37
5624
0.0065 .57
32
5654
0.0119 .64
55
5770
0.0048
4
0.0291 5775
793
.24
0.0118 5954
133
.01
5905
IBS 2010- 2012
0.000
89
0.000
85
Mark
et 1
Day
retur
n
0.29
123
-0.00047
0.29
123
-0.00047
Beta
Alpha
0.016
80
0.000
82
0.11
395
0.00020
0.11
395
0.00020
0.008
26
0.031
30
0.007
62
0.023
23
0.007
08
0.007
55
0.005
35
0.11
395
0.00020
0.11
395
0.00020
0.11
395
0.00020
0.11
395
0.00020
0.11
395
0.11
395
0.00020
0.11
395
0.00020
0.020
40
0.11
395
0.00020
0.002
53
0.000
91
0.030
95
-
0.11
395
0.11
395
0.11
0.00020
0.000
31
0.003
73
-
0.00020
0.00020
0.00020
0.000
73
0.000
72
Expec
ted
Rate
of
Retur
n
0.001
71
0.000
30
0.000
74
0.003
36
0.000
66
0.002
44
0.001
01
0.000
66
0.000
81
0.005
94
0.000
39
Abnor
mal
Retur
n
0.021
59
0.007
20
0.007
69
0.007
76
0.019
96
0.023
50
0.051
49
0.005
88
0.012
77
0.007
37
0.028
87
0.008
08
-
009
0.0105
08
0.0112
09
0.0226
73
0.0012
21
0.0366
75
0.0114
21
0.0218
23
0.0039
37
.15
0.0058
82
1 Day
Return
5906
.2
RDY
6/29/2
009
16.7
6
RDY
6/26/2
009
16.3
8
RDY
6/25/2
009
16.3
6
RDY
6/24/2
009
15.7
6
RDY
6/23/2
009
15.5
8
RDY
6/22/2
009
15.2
4
RDY
6/19/2
009
15.3
RDY
10 6/18/2
009
15.2
1
Eve
nt
No.
Comp
any
D
ay
Clos
e
2
6
RDY
7/18/2
10 008
15.9
0.0474 8453
308
.85
RDY
-9
7/17/2
008
15.7
RDY
-8
7/16/2
008
15.0
2
RDY
-7
7/15/2
008
15.4
0.0125
79
0.0433
12
0.0252
996
RDY
-6
7/14/2
008
15.7
Date
Divid
end
5962
.5
5906
.96
5911
.03
5795
.72
5759
.49
5725
.07
5934
.24
Mark
et
Inde
x
8415
.05
8332
.82
8157
.8
0.0194 8287
805
.76
0.008
21
0.009
71
395
0.11
395
0.00020
0.009
31
0.000
69
0.11
395
0.00020
0.11
395
0.00020
0.019
51
0.006
25
0.005
98
0.036
54
0.11
395
0.00020
0.11
395
0.00020
0.11
395
0.00020
0.11
395
0.00020
0.11
0.004 395
73
Mark Beta
et 1
Day
retur
n
0.00020
0.005
40
0.004
59
0.009
77
0.021
00
0.015
93
0.73
038
0.00141
0.73
038
0.00141
0.73
038
0.00141
0.73
038
0.00141
0.73
038
0.00141
Alpha
IBS 2010- 2012
0.000
73
0.001
31
0.009
78
0.012
52
0.000 0.021
86
82
0.000 28
0.001
50
0.002 0.034
02
66
0.000 0.010
51
91
0.000 0.021
48
35
0.004 37
0.000
43
0.000 0.005
33
55
Expec Abnor
ted
mal
Rate
Retur
of
n
Retur
n
0.049
0.002 96
53
0.001 0.010
94
64
0.005 0.037
72
59
0.039
0.013 23
93
0.013 0.006
05
43
RDY
-5
7/11/2
008
15.5
4
RDY
-4
7/10/2
008
15.2
5
RDY
-3
7/9/20
08
15.4
RDY
-2
RDY
-1
7/8/20
08
7/7/20
08
15.7
2
15.1
7
RDY
7/3/20
08
15.1
9
RDY
7/2/20
08
15.5
2
0.0217 8465
248
.51
RDY
7/1/20
08
15.6
4
0.0077 8641
32
.28
RDY
6/30/2
008
15.6
RDY
6/27/2
008
15.2
9
RDY
6/26/2
008
15.2
3
RDY
RDY
6/25/2
008
6/24/2
008
15.6
7
15.5
1
RDY
6/23/2
008
15.3
RDY
6/20/2
008
15.5
2
0.0025
58
0.0198
72
0.0039
24
0.0288
903
0.0102
11
0.0135
4
0.0143
791
RDY
10 6/19/2
008
16.0
3
0.0328 8988
608
.84
0.098
IBS 2010- 2012
0.0101
91
0.0186
62
0.0098
361
8347
.24
0.007
18
0.73
038
0.00141
0.006
66
8435
.94
0.010
63
0.73
038
0.00141
0.009
18
8371
.63
0.73
038
0.00141
0.0207
792
0.0349
87
0.0013
184
8515
.79
8400
.21
0.007
62
0.017
22
0.013
57
0.009
68
0.73
038
0.73
038
0.00141
0.73
038
0.00141
0.004
15
0.013
99
0.008
50
0.008
49
0.001
89
0.020
76
0.73
038
0.00141
0.000
03
0.73
038
0.00141
0.016
58
8660
.48
0.002
22
0.73
038
0.00141
0.003
04
8623
.51
0.004
27
0.002
00
0.73
038
0.00141
0.73
038
0.00141
0.001
70
0.002
87
0.026
05
0.007
05
0.004
38
0.73
038
0.73
038
0.00141
0.73
038
0.00141
0.001
43
0.018
08
0.73
038
0.00141
0.000
37
0.008
85
0.005
60
0.018
17
0.006
80
0.008
45
0.006
48
0.018
15
0.014
01
0.73
038
0.00141
0.014
62
0.018
24
8481
.54
8640
.74
8865
.8
8803
.34
8841
.89
8829
.25
0.00141
0.00141
0.020
44
0.003
73
0.004
61
0.016
85
0.027
84
0.013
99
0.006
79
0.026
49
0.007
17
0.021
69
Eve
nt
No.
Comp
any
D
ay
Date
Clos
e
2
7
TCL
10/13/
10 2011
7.64
TCL
-9
10/12/
2011
7.62
TCL
-8
10/11/
2011
7.56
TCL
-7
7.65
TCL
-6
10/10/
2011
10/7/2
011
TCL
-5
7.37
TCL
-4
10/6/2
011
10/5/2
011
TCL
-3
10/4/2
011
7.24
TCL
-2
10/3/2
011
7.13
TCL
-1
7.36
TCL
TCL
9/30/2
011
9/29/2
011
9/28/2
011
TCL
7.86
TCL
9/27/2
011
9/26/2
011
TCL
9/23/2
011
7.56
Divid
end
7.32
7.27
7.54
7.67
7.71
0.081
1 Day Mark
Return et
Inde
x
Mark Beta
et 1
Day
retur
n
Alpha
0.0026
11
0.0026
18
0.0078
74
0.0119
048
0.0431
37
0.0068
306
0.0135
69
0.0041
27
0.0151
93
0.0322
581
0.0244
565
0.0172
414
7229
.08
0.016
51
0.004
79
0.41
632
0.00149
0.41
632
0.00149
0.41
632
0.00149
0.41
632
0.41
632
0.00149
0.41
632
0.41
632
0.00149
0.41
632
0.00149
0.41
632
0.00149
0.41
632
0.41
632
0.41
632
0.00149
0.0247
718
0.0190
84
0.0194
55
7043
.12
6940
.81
0.014
10
0.001
70
0.034
52
0.010
37
0.021
93
0.017
71
0.022
54
0.033
51
0.026
98
0.014
05
0.024
16
0.014
53
0.024
50
0.41
632
0.41
632
0.00149
0.41
632
0.00149
7263
.69
7161
.26
7173
.45
6925
.8
6997
.64
6844
.16
6722
.98
6571
.45
6791
.65
6974
.91
6876
.94
6770
.73
0.00149
0.00149
0.00149
0.00149
0.00149
IBS 2010- 2012
Expec
ted
Rate
of
Retur
n
0.005
39
0.003
48
0.004
38
0.002
20
0.012
88
0.005
81
0.007
64
0.005
88
0.007
90
0.015
44
0.012
72
0.004
36
0.011
55
0.004
56
0.008
71
Abnor
mal
Retur
n
0.002
78
0.006
10
0.003
49
0.009
71
0.030
25
0.001
02
0.005
93
0.001
76
0.007
30
0.016
82
0.011
73
0.021
60
0.013
22
0.014
52
0.010
74
TCL
9/22/2
011
7.47
TCL
8.08
TCL
TCL
9/21/2
011
9/20/2
011
9/19/2
011
TCL
9/16/2
011
10 9/15/2
011
8.45
Clos
e
TCL
Date
0.0119
05
0.0816
6
0.0297
03
0.0144
23
0.0304
878
0.0153
846
8.32
8.2
8.58
Divid
end
6726
.62
0.006
51
0.037
87
0.033
77
0.002
43
0.41
632
0.00149
0.41
632
0.41
632
0.41
632
0.00149
0.015
70
0.002
60
Mark
et 1
Day
retur
n
0.41
632
0.41
632
0.00149
Beta
Alpha
0.19
231
-0.00207
0.19
231
-0.00207
0.19
231
-0.00207
0.19
231
-0.00207
6328
.67
0.000
53
0.021
53
0.006
22
0.016
25
0.007
66
0.19
231
-0.00207
6981
.33
7217
.11
7234
.63
7348
.18
7329
.1
1 Day Mark
Return et
Inde
x
0.00149
0.00149
0.00149
Eve
nt
No.
Comp
any
D
ay
2
8
TCL
8/3/20
10 09
21.1
0.0158 6565
883
.65
TCL
-9
7/31/2
009
20.3
8
6424
.28
TCL
-8
7/30/2
009
21.3
8
0.0341
23
0.0490
677
TCL
-7
7/29/2
009
20.7
6
6280
.57
TCL
-6
7/28/2
009
20.5
7
TCL
-5
7/27/2
009
20.5
8
0.0289
99
0.0091
52
0.0004
861
6364
.66
0.005
69
0.19
231
-0.00207
TCL
-4
7/24/2
009
20.7
1
0.0063 6337
168
.46
0.19
231
-0.00207
TCL
-3
7/23/2
009
20.8
9
0.0086 6302
915
.52
0.19
231
-0.00207
TCL
-2
7/22/2
20.3
0.004
27
0.005
51
-
0.19
-0.00207
6384
.31
6151
IBS 2010- 2012
0.001
22
0.017
25
0.015
55
0.002
50
0.008
02
0.000
41
Expec
ted
Rate
of
Retur
n
0.002
18
0.006
21
0.003
27
0.005
20
0.000
60
0.000
98
0.002
90
0.003
13
-
0.010
68
0.064
41
0.014
15
0.016
92
0.022
47
0.014
98
Abnor
mal
Retur
n
0.018
06
0.027
91
0.052
34
0.023
80
0.008
55
0.001
47
0.009
21
0.011
83
-
009
TCL
-1
7/21/2
009
20.3
7
TCL
7/20/2
009
20.5
9
TCL
7/17/2
009
20.2
1
TCL
7/16/2
009
19.5
4
TCL
7/15/2
009
19.7
8
TCL
7/14/2
009
18.8
2
TCL
7/13/2
009
18.5
4
TCL
7/10/2
009
TCL
TCL
0.184
0.0282 .4
43
0.0034 6154
483
.39
0.023
98
0.000
49
231
0.19
231
-0.00207
0.0108 6141
002
.3
0.002
13
0.016
80
0.000
82
0.19
231
-0.00207
0.19
231
-0.00207
0.19
231
-0.00207
0.19
231
-0.00207
0.19
231
-0.00207
0.19
231
-0.00207
0.19
231
-0.00207
0.19
231
-0.00207
0.19
231
-0.00207
0.19
231
-0.00207
0.0233 5770
298
1 Day Mark
Return et
Inde
x
0.020 0.19
40
231
Mark Beta
et 1
Day
retur
n
-0.00207
8471
0.0366 .85
08
0.003
48
0.00421
2689
0.0184
56
0.0331
52
0.0122
825
6038
.11
5805
.58
18.8
3
0.0485
34
0.0148
78
0.0156
419
7/9/20
09
18.8
5
0.0010 5667
621
.37
0.008
26
0.031
30
0.007
62
0.023
23
0.007
08
7/8/20
09
18.5
9
TCL
7/7/20
09
18.8
6
0.0137
93
0.0145
239
0.007
55
0.005
35
TCL
10 7/6/20
09
D Date
ay
19.3
8/5/20
10 08
20.7
9
Eve
nt
No.
Comp
any
TCL
Clos
e
Divid
end
6043
.05
5993
.16
5761
.37
5627
.52
5624
.57
5654
.64
0.35
194
Alpha
IBS 2010- 2012
0.006
68
0.001
98
0.002
48
0.005
31
0.001
92
0.003
66
0.008
09
0.003
54
0.006
54
0.000
71
0.003
53
0.001
05
0.001
85
Expec
ted
Rate
of
Retur
n
0.002
99
0.021
56
0.005
43
0.013
28
0.013
15
0.031
24
0.015
94
0.040
44
0.011
34
0.022
18
0.001
77
0.010
27
0.015
57
0.021
48
Abnor
mal
Retur
n
0.039
60
TCL
-9
8/4/20
08
19.8
TCL
-8
TCL
-7
8/1/20
08
7/31/2
008
20.5
5
20.5
TCL
-6
TCL
-5
7/30/2
008
7/29/2
008
21.0
7
20.3
6
TCL
-4
7/28/2
008
19.1
2
TCL
-3
TCL
-2
7/25/2
008
7/24/2
008
21.0
9
21.0
5
TCL
-1
TCL
7/23/2
008
7/22/2
008
22.5
3
20.9
TCL
7/21/2
008
19.3
2
TCL
7/18/2
008
19.3
TCL
7/17/2
008
18.9
1
TCL
7/16/2
008
18.6
7
TCL
7/15/2
008
17.5
6
TCL
7/14/2
008
17.3
TCL
7/11/2
008
17.3
0.21
0.0476
19
0.0378
788
0.0024
33
0.0278
049
0.0336
97
0.0609
04
0.1030
335
0.0018
97
0.0703
088
0.0723
48
0.0755
98
0.0010
35
0.0202
07
0.0126
92
0.0594
54
0.0148
06
0
8268
.65
IBS 2010- 2012
0.023
99
0.013
36
0.007
10
0.35
194
0.00421
2689
0.35
194
0.35
194
0.00421
2689
0.00421
2689
0.35
194
0.35
194
0.00421
2689
0.00421
2689
0.35
194
0.00421
2689
0.35
194
0.35
194
0.00421
2689
0.00421
2689
0.009
50
0.001
79
0.002
43
0.009
98
0.003
14
0.35
194
0.35
194
0.00421
2689
0.00421
2689
0.013
07
0.003
64
0.35
194
0.00421
2689
0.001
46
0.35
194
0.00421
2689
0.002
31
0.35
194
0.00421
2689
0.002
60
0.35
194
0.00421
2689
0.000
77
0.35
194
0.00421
2689
8287
.76
0.015
01
0.017
06
0.018
89
0.016
39
0.003
06
0.025
17
0.001
62
0.007
81
0.005
40
0.004
59
0.009
77
0.021
00
0.015
93
0.35
194
0.00421
2689
0.003
18
0.009
82
8347
.24
0.007
18
0.35
194
0.00421
2689
0.006
74
8379
.15
8438
.64
8565
.31
8419
.2
8260
.19
8395
.58
8369
.91
8580
.57
8566
.65
8499
.74
8453
.85
8415
.05
8332
.82
8157
.8
0.004
23
0.008
92
0.006
71
0.043
39
0.028
96
0.009
14
0.018
31
0.031
91
0.058
47
0.093
05
0.005
03
0.057
24
0.075
99
0.077
06
0.003
35
0.022
80
0.013
47
0.056
27
0.024
63
0.006
TCL
TCL
TCL
7/10/2
008
7/9/20
08
18
17.6
4
0.0404 8435
624
.94
-0.02
8371
.63
10 7/8/20
08
D Date
ay
17.9
5
Clos
e
0.0175
737
1 Day
Return
8515
.79
Mark
et
Inde
x
0.0037
21
0.0074
7
0.0056
444
0.0299
345
0.0227
066
0.0093
25
0.0121
02
0.0077
13
0.0164
609
8079
.44
0.004
79
0.42
750
-0.00009
8124
.03
0.005
52
0.42
750
-0.00009
8153
.21
8331
.67
8357
.57
8408
.2
0.003
59
0.021
89
0.003
11
0.006
06
0.42
750
0.42
750
0.42
750
0.42
750
-0.00009
8411
.45
0.000
39
0.42
750
-0.00009
8281
.83
0.42
750
-0.00009
0.42
750
-0.00009
0.0004
5
0.0198
02
0.0344
219
8135
.53
0.015
41
0.003
31
0.014
40
0.011
25
0.004
36
0.42
750
-0.00009
0.42
750
0.42
750
-0.00009
Eve
nt
No.
Comp
any
3
0
TTM
7/29/2
10 011
21.4
2
TTM
-9
7/28/2
011
21.2
6
TTM
-8
TTM
-7
TTM
-6
TTM
-5
7/27/2
011
7/26/2
011
7/25/2
011
7/22/2
011
21.3
8
22.0
2
22.5
2
22.3
1
TTM
-4
7/21/2
011
22.0
4
TTM
-3
7/20/2
011
21.8
7
TTM
-2
7/19/2
011
22.2
3
TTM
-1
7/18/2
011
22.2
2
TTM
TTM
7/15/2
011
7/14/2
011
22.6
6
23.4
4
Divid
end
0.448
8254
.38
8227
.04
8191
.13
0.010
63
0.007
62
0.017
22
Mark
et 1
Day
retur
n
0.35
194
0.35
194
0.00421
2689
0.00421
2689
0.35
194
Beta
0.00421
2689
Alpha
-0.00009
-0.00009
-0.00009
-0.00009
IBS 2010- 2012
74
0.007 0.032
95
51
0.001 53
0.021
53
0.010 0.007
27
30
Expec Abnor
ted
mal
Rate
Retur
of
n
Retur
n
0.001 96
0.005
68
0.002 27
0.009
74
0.001 0.004
45
20
0.009 0.020
27
67
0.001 0.021
24
47
0.002 50
0.011
83
0.000 08
0.012
18
0.006 0.001
68
04
0.017
0.001 97
51
0.005
0.006 80
25
0.004 0.015
72
08
0.036
0.001 38
96
TTM
7/13/2
011
23.4
TTM
7/12/2
011
22.8
3
TTM
TTM
23.3
5
23.7
TTM
TTM
7/11/2
011
7/8/20
11
7/7/20
11
7/6/20
11
TTM
7/5/20
11
23.2
5
TTM
7/1/20
11
22.8
8
TTM
10 6/30/2
011
22.5
1
Eve
nt
No.
Comp
any
D
ay
Clos
e
3
1
TTM
8/20/2
10 010
22.6
8
TTM
-9
8/19/2
010
22
TTM
-8
TTM
-7
8/18/2
010
8/17/2
010
22.4
9
22.7
3
TTM
-6
8/16/2
010
21.9
4
TTM
-5
8/13/2
010
21.5
5
Date
24.0
5
23.3
6
Divid
end
0.0017
06
0.0243
59
0.0227
77
0.0149
893
0.0147
679
0.0286
9
0.0047
09
0.0159
14
0.0161
71
1 Day
Return
8246
.8
0.006
80
0.42
750
-0.00009
8192
.75
0.42
750
-0.00009
0.42
750
0.42
750
0.42
750
0.42
750
-0.00009
8404
.63
0.006
55
0.004
39
0.022
05
0.007
84
0.009
40
0.000
97
0.42
750
-0.00009
8425
.48
0.002
48
0.42
750
-0.00009
8319
.1
0.42
0.012 750
63
Mark Beta
et 1
Day
retur
n
-0.00009
0.0165 6813
845
.15
0.004
15
0.08
982
-0.00061
0.0299
82
0.0222
727
0.0106
714
6850
.45
0.005
47
0.08
982
-0.00061
6968
.08
6959
.79
0.08
982
0.08
982
-0.00061
0.0347
56
0.0177
6871
.58
0.017
17
0.001
19
0.012
67
0.001
0.08
982
-0.00061
0.08
982
-0.00061
8228
.73
8410
.19
8476
.13
8396
.48
Mark
et
Inde
x
6861
.04
-0.00009
-0.00009
-0.00009
Alpha
-0.00061
IBS 2010- 2012
0.002
82
0.004
52
0.002 0.021
89
47
0.001 0.020
79
99
0.009 0.005
34
65
0.003 0.011
26
51
0.004 0.024
11
58
0.000 33
0.005
03
0.000 97
0.016
88
0.005 0.010
49
68
Expec Abnor
ted
mal
Rate
Retur
of
n
Retur
n
0.016
0.000 82
24
0.000 0.029
12
86
0.000 0.021
93
34
0.011
0.000 39
72
0.001 0.033
75
01
0.000 0.017
76
0.0134 6881
571
.94
53
0.003
05
0.08
982
-0.00061
0.0141
94
0.0399
44
0.0295
11
0.0094
72
0.0241
57
0.0041
26
0.0077
68
6902
.71
0.003
02
0.08
982
-0.00061
7139
.75
0.034
34
0.08
982
-0.00061
7188
.3
0.006
80
0.08
982
-0.00061
0.000
00
7153
.72
0.08
982
-0.00061
7174
.27
0.004
81
0.002
87
0.08
982
-0.00061
7182
.14
0.001
10
0.08
982
-0.00061
7146
.99
0.08
982
-0.00061
0.0030
83
0.0252
58
0.0100
476
7174
.9
0.004
89
0.003
91
0.08
982
-0.00061
0.024
52
0.000
63
0.000
66
0.08
982
-0.00061
0.08
982
-0.00061
0.08
982
-0.00061
0.001
04
0.000
35
0.000
51
0.001
05
0.000
26
0.002
81
0.000
67
0.000
55
0.000
02
0.000
60
0.001
64
TTM
-4
8/12/2
010
21.8
4
TTM
-3
8/11/2
010
21.5
3
TTM
-2
8/10/2
010
20.6
7
TTM
-1
8/9/20
10
20.0
6
TTM
8/6/20
10
19.8
7
TTM
8/5/20
10
19.3
9
TTM
8/4/20
10
19.3
1
TTM
8/3/20
10
19.4
6
TTM
8/2/20
10
19.4
TTM
7/30/2
010
18.9
1
TTM
7/29/2
010
19.1
TTM
7/28/2
010
19.2
4
0.0073 6999
298
.18
TTM
7/27/2
010
18.9
7
0.006
55
0.08
982
-0.00061
TTM
7/26/2
010
19.0
7
7044
0.0140 .99
33
0.0052 7046
715
0.000
14
0.08
982
-0.00061
TTM
10 7/23/2
010
18.8
7
6965
0.0104 .11
88
0.011
48
0.08
982
-0.00061
0.32
IBS 2010- 2012
6998
.99
6994
.57
75
0.000
34
0.000
34
0.002
47
03
0.013
79
0.013
85
0.042
42
0.029
51
0.008
43
0.023
80
0.003
61
0.008
82
0.002
82
0.022
44
0.010
72
0.007
88
0.014
01
0.005
87
0.008
85
Eve
nt
No.
Comp
any
D
ay
3
2
TTM
8/14/2
10 009
-9 8/13/2
009
-8 8/12/2
009
11.5
3
11.9
5
11.5
8
TTM
-7
8/11/2
009
11.0
5
TTM
-6
TTM
-5
11.1
2
11.4
TTM
-4
8/10/2
009
8/7/20
09
8/6/20
09
TTM
-3
TTM
-2
11.6
1
11.8
TTM
-1
8/5/20
09
8/4/20
09
8/3/20
09
TTM
7/31/2
009
11.5
5
TTM
7/30/2
009
11.4
8
TTM
7/29/2
009
10.1
6
TTM
TTM
7/28/2
009
7/27/2
009
10.5
2
10.4
9
TTM
7/24/2
009
10.1
1
TTM
TTM
Date
Clos
e
Divid
end
11.2
8
11.3
1
0.128
1 Day Mark
Return et
Inde
x
Mark Beta
et 1
Day
retur
n
Alpha
0.0826
291
0.0364
267
0.0309
62
0.0457
69
0.0063
348
0.0251
799
0.0105
26
0.0292
553
0.0163
652
0.0415
25
0.0212
202
6537
.82
6604
.1
6538
.87
0.28
322
0.28
322
0.28
322
0.00150
0.28
322
0.00150
0.28
322
0.28
322
0.28
322
0.00150
0.28
322
0.28
322
0.28
322
0.00150
0.28
322
0.00150
0.0060
61
0.0305
34
0.0354
331
0.0028
52
0.0362
6384
.31
0.28
322
0.00150
0.28
322
0.00150
6328
.67
6364
.66
0.029
24
0.010
14
0.009
88
0.011
51
0.013
37
0.005
60
0.010
48
0.006
22
0.001
67
0.000
53
0.021
53
0.006
22
0.016
25
0.007
66
0.005
69
0.28
322
0.28
322
0.00150
6337
.46
0.004
0.28
322
0.00150
6463
.62
6550
.05
6586
.71
6517
.67
6558
.19
6569
.14
6565
.65
6424
.28
6280
.57
0.00150
0.00150
0.00150
0.00150
0.00150
0.00150
0.00150
IBS 2010- 2012
Expec
ted
Rate
of
Retur
n
0.009
78
0.004
37
0.001
29
0.001
76
0.005
29
0.003
09
0.001
46
0.003
26
0.001
98
0.001
35
0.004
59
0.000
26
0.003
10
0.003
67
0.003
11
0.000
29
Abnor
mal
Retur
n
0.072
85
0.032
05
0.029
67
0.044
01
0.001
04
0.022
09
0.009
06
0.025
99
0.014
39
0.042
88
0.025
81
0.005
80
0.027
44
0.031
76
0.005
97
0.036
TTM
7/23/2
009
9.48
TTM
7/22/2
009
9.16
TTM
7/21/2
009
9.16
TTM
7/20/2
009
9.1
TTM
10 7/17/2
009
8.8
Eve
nt
No.
Comp
any
D
ay
Clos
e
3
3
TTM
6/30/2
10 008
10.0
5
TTM
-9
6/27/2
008
9.97
TTM
-8
6/26/2
008
10.6
6
TTM
-7
TTM
-6
6/25/2
008
6/24/2
008
11.2
7
10.9
9
TTM
-5
6/23/2
008
TTM
-4
TTM
-3
TTM
-2
25
0.0623
15
0.0337
55
0
0.28
322
0.00150
0.28
322
0.00150
0.28
322
0.00150
0.002
13
0.016
80
Mark
et 1
Day
retur
n
0.28
322
0.00150
0.28
322
0.00150
Beta
Alpha
0.0457 8660
856
.48
0.002
22
0.62
352
-0.00297
0.0079
6
0.0692
076
8623
.51
0.004
27
0.002
00
0.62
352
-0.00297
0.62
352
-0.00297
8865
.8
8803
.34
0.026
05
0.007
05
0.004
38
0.62
352
0.62
352
-0.00297
11.3
6
0.0572
233
0.0248
45
0.0336
67
0.62
352
-0.00297
6/20/2
008
11.4
6
0.0088 8829
028
.25
0.62
352
-0.00297
6/19/2
008
6/18/2
008
11.8
7
11.9
9
0.0357
766
0.0101
095
0.001
43
0.018
08
0.001
19
0.62
352
0.62
352
-0.00297
Date
Divid
end
0.0065
5
0.0329
67
1 Day
Return
6302
.52
27
0.005
51
0.023
98
0.000
49
6151
.4
6154
.39
6141
.3
6038
.11
Mark
et
Inde
x
8640
.74
8841
.89
8988
.84
8999
.56
-0.00297
-0.00297
IBS 2010- 2012
52
0.000 0.062
06
26
0.005 0.028
29
47
0.001 64
0.001
64
0.000 90
0.007
45
0.003 0.029
26
71
Expec Abnor
ted
mal
Rate
Retur
of
n
Retur
n
0.047
0.001 37
59
0.005 0.002
63
33
0.070
0.001 93
73
0.013 0.043
27
95
0.007 0.017
36
48
0.033
0.000 91
24
0.012
0.003 67
86
0.008 0.027
30
48
0.012
0.002 34
TTM
-1
6/17/2
008
6/16/2
008
12.2
5
12.0
3
6/13/2
008
12.4
3
0.0216
847
0.0179
59
0.0332
502
TTM
TTM
TTM
6/12/2
008
12.4
8
0.0040 8947
225
.73
TTM
6/11/2
008
11.7
5
TTM
TTM
TTM
6/10/2
008
6/9/20
08
6/6/20
08
12.0
2
12.1
7
12.5
0.0584
94
0.0229
787
0.0124
792
0.0271
159
TTM
TTM
6/5/20
08
6/4/20
08
12.9
4
13.0
9
0.0352 9408
.49
0.0115 9212
92
.76
TTM
13.3
0.0160
428
0.0015
038
1 Day
Return
9262
0.352
9074
.41
9087
.88
0.008
32
0.001
48
0.62
352
0.62
352
-0.00297
9063
.23
0.002
71
0.012
74
0.000
72
0.014
07
0.009
04
0.000
37
0.62
352
-0.00297
0.62
352
-0.00297
0.62
352
-0.00297
0.62
352
0.62
352
0.62
352
-0.00297
0.027
97
0.020
80
0.005
34
0.005
90
Mark
et 1
Day
retur
n
0.62
352
0.62
352
-0.00297
0.62
352
0.62
352
Beta
-0.00297
0.006
80
0.006
55
0.004
39
0.022
05
0.67
245
0.67
245
-0.00017
0.67
245
0.67
245
-0.00017
8941
.27
9067
.1
9149
.09
9152
.51
Eve
nt
No.
Comp
any
6/3/20
08
10 6/2/20
08
D Date
ay
3
4
WIPR
O
WIPR
O
7/13/2
10 011
-9 7/12/2
011
12.8
6
12.9
4
0.0062
598
0.0062
208
8246
.8
8192
.75
WIPR
O
WIPR
O
-8
13.3
0.0278
207
0.0233
083
8228
.73
8410
.19
TTM
-7
7/11/2
011
7/8/20
11
13.3
2
Clos
e
13.6
1
Divid
end
9316
.61
Mark
et
Inde
x
-0.00297
-0.00297
-0.00297
-0.00297
-0.00297
Alpha
-0.00017
-0.00017
IBS 2010- 2012
23
0.002
21
0.002
05
0.004
66
0.010
92
0.003
42
0.005
80
0.002
67
0.002
74
0.014
47
0.015
94
0.000
36
0.000
71
Expec
ted
Rate
of
Retur
n
0.004
40
0.004
58
0.002
79
0.014
66
0.019
47
0.015
91
0.037
91
0.014
94
0.055
07
0.017
17
0.009
81
0.029
85
0.020
73
0.027
53
0.015
68
0.000
80
Abnor
mal
Retur
n
0.001
86
0.010
80
0.025
04
0.008
65
WIPR
O
WIPR
O
-6
7/7/20
11
7/6/20
11
13.7
3
13.3
4
0.67
245
0.67
245
-0.00017
8404
.63
0.007
84
0.009
40
0.000
97
WIPR
O
-4
7/5/20
11
13.3
4
0.67
245
-0.00017
WIPR
O
-3
7/1/20
11
13.3
0.0029
99
0.0097
74
0.0045
558
8425
.48
0.002
48
0.67
245
-0.00017
0.001
50
WIPR
O
-2
6/30/2
011
13.1
7
8319
.1
0.67
245
-0.00017
0.67
245
-0.00017
0.0332
58
0.0101
642
8135
.98
0.67
245
-0.00017
0.67
245
-0.00017
0.0038
7
0.0069
93
0
7974
.72
0.012
63
0.010
89
0.011
24
0.012
89
0.007
02
0.009
95
0.005
93
0.67
245
-0.00017
0.67
245
0.67
245
-0.00017
0.008
66
0.007
49
0.007
73
0.008
84
0.004
89
0.006
52
0.003
82
WIPR
O
-1
6/29/2
011
13.2
3
WIPR
O
6/28/2
011
12.7
9
WIPR
O
6/27/2
011
12.9
2
WIPR
O
6/24/2
011
12.8
7
WIPR
O
WIPR
O
6/23/2
011
6/22/2
011
12.9
6
12.9
6
WIPR
O
WIPR
O
6/21/2
011
6/20/2
011
13.0
2
12.8
2
8156
.27
8032
.22
-0.00017
0.67
245
-0.00017
6/16/2
011
13.1
4
0.0225 7963
681
.6
0.67
245
-0.00017
6/15/2
011
10 6/14/2
011
13.1
7
13.5
8
0.0022
831
0.0311
314
0.006
72
0.015
21
0.004
00
0.004
56
0.000
53
0.020
70
0.67
245
0.67
245
12.8
5
0.0046
296
0.0153
61
0.0023
401
WIPR
O
6/17/2
011
WIPR
O
WIPR
O
WIPR
O
0.67
245
0.67
245
-0.00017
-5
0.09
0.0088
17
0.0284
05
0
8476
.13
8396
.48
IBS 2010- 2012
8228
.5
8031
.08
8054
.08
8101
.84
8000
.11
7967
.81
8132
.77
-0.00017
-0.00017
-0.00017
-0.00017
0.005
10
0.006
49
0.000
48
0.004
35
0.010
40
0.002
86
0.003
24
0.000
19
0.013
75
0.003
71
0.021
92
0.000
48
0.004
50
0.001
12
0.012
05
0.025
53
0.019
00
0.001
02
0.000
47
0.003
82
0.000
28
0.004
97
0.005
20
0.025
80
0.002
10
0.017
38
Eve
nt
No.
Comp
any
D
ay
3
5
WIPR
O
WIPR
O
WIPR
O
2/9/20
10 11
-9 2/8/20
11
-8 2/7/20
11
12.8
3
13
WIPR
O
-7
2/4/20
11
13.1
WIPR
O
WIPR
O
-6
2/3/20
11
2/2/20
11
13.3
9
13.3
WIPR
O
-4
2/1/20
11
13.2
7
WIPR
O
-3
1/31/2
011
13.1
8
WIPR
O
-2
1/28/2
011
12.8
3
WIPR
O
WIPR
O
-1
1/27/2
011
1/26/2
011
13.4
9
13.6
8
WIPR
O
1/25/2
011
13.6
4
WIPR
O
1/24/2
011
13.6
3
WIPR
O
1/21/2
011
WIPR
O
1/20/2
011
-5
Date
Clos
e
Divid
end
IBS 2010- 2012
1 Day Mark
Return et
Inde
x
Mark Beta
et 1
Day
retur
n
Alpha
0.0231
26
0.0132
502
0.01
8343
.99
8379
.85
8336
.64
0.16
821
0.16
821
0.16
821
0.00071
0.0022
85
0.0221
374
0.0067
21
0.0022
56
0.0067
82
0.0265
55
0.0514
419
0.0140
845
8288
.5
0.000
82
0.004
30
0.005
16
0.005
77
0.000
07
0.001
99
0.002
12
0.16
821
0.00071
0.16
821
0.16
821
0.00071
0.16
821
0.00071
0.001
06
0.16
821
0.00071
0.16
821
0.00071
0.16
821
0.16
821
0.00071
0.002
35
0.000
87
0.003
72
0.000
43
8141
.13
0.16
821
0.00071
0.16
821
0.00071
13.7
1
0.0029
24
0.0007
33
0.0058
694
0.018
21
0.009
40
0.017
91
0.001
64
0.006
41
0.002
00
0.16
821
0.00071
14.9
8
0.0926 8076
331
.72
0.006
33
0.003
0.16
821
0.00071
13.1
3
0.044
8289
.05
8272
.57
8290
.09
8139
.16
8062
.64
8207
.06
8193
.64
8157
.42
8105
.75
0.00071
0.00071
0.00071
0.00071
Expec
ted
Rate
of
Retur
n
0.000
85
0.001
43
0.000
16
0.000
26
0.000
72
0.000
37
0.000
37
0.001
04
0.000
36
0.000
11
Abnor
mal
Retur
n
0.022
28
0.011
82
0.010
16
0.002
02
0.021
42
0.007
09
0.003
32
0.004
43
0.025
68
0.047
72
0.013
65
0.002
55
0.001
78
0.006
23
0.092
53
WIPR
O
WIPR
O
1/19/2
011
1/18/2
011
15.0
9
15.1
0.0073
431
0.0006
627
8104
.92
8190
.91
WIPR
O
1/14/2
011
14.9
7
8174
.12
WIPR
O
1/13/2
011
14.6
WIPR
O
WIPR
O
1/12/2
011
10 1/11/2
011
15.0
4
15.0
1
Eve
nt
No.
Comp
any
D
ay
Clos
e
0.0086
09
0.0247
16
0.0301
37
0.0019
95
1 Day
Return
3
6
WIPR
O
WIPR
O
6/28/2
10 010
-9 6/25/2
010
12.6
2
12.6
WIPR
O
-8
6/24/2
010
12.6
4
0.0473
029
0.0015
85
0.0031
746
WIPR
O
WIPR
O
-7
6/23/2
010
6/22/2
010
12.9
0.0205
696
0.6782
946
WIPR
O
WIPR
O
-5
6/21/2
010
6/18/2
010
22.4
4
22.0
8
WIPR
O
-3
6/17/2
010
22.2
1
0.0364
896
0.0160
43
0.0058
877
WIPR
O
-2
6/16/2
010
22.5
2
0.0139 6976
577
.08
-6
-4
Date
21.6
5
Divid
end
58
0.003
49
0.010
61
0.16
821
0.16
821
0.00071
0.002
05
0.006
69
0.000
44
0.012
84
Mark
et 1
Day
retur
n
0.16
821
0.00071
0.16
821
0.00071
0.16
821
0.16
821
0.00071
Beta
Alpha
6736
.6
6763
.93
0.033
21
0.004
06
0.31
456
0.31
456
-0.00101
6730
.24
0.31
456
-0.00101
6850
.05
6858
.95
0.004
98
0.017
80
0.001
30
0.31
456
0.31
456
-0.00101
6978
.86
6988
.25
0.017
48
0.001
35
0.31
456
0.31
456
-0.00101
6982
.04
0.000
89
0.000
0.31
456
-0.00101
0.31
456
-0.00101
8119
.43
8122
.98
8018
.68
Mark
et
Inde
x
0.00071
0.00071
-0.00101
-0.00101
-0.00101
IBS 2010- 2012
0.001
29
0.002
49
0.006
05
0.001
83
0.000 36
0.008
97
0.000 0.024
42
30
0.000 0.029
78
36
0.001 0.000
45
54
Expec Abnor
ted
mal
Rate
Retur
of
n
Retur
n
0.009 0.037
44
87
0.000 27
0.001
85
0.005
0.002 75
58
0.004 0.015
59
98
0.678
0.000 90
60
0.004 0.032
49
00
0.000 0.015
59
46
0.007
0.001 18
29
0.015
0.001 24
Eve
nt
No.
3
7
WIPR
O
-1
6/15/2
010
22.1
9
WIPR
O
6/14/2
010
22.2
9
WIPR
O
6/11/2
010
21.6
4
WIPR
O
6/10/2
010
20.6
6
WIPR
O
6/9/20
10
19.7
7
WIPR
O
WIPR
O
6/8/20
10
6/7/20
10
20.2
2
20.1
1
WIPR
O
WIPR
O
WIPR
O
6/4/20
10
6/3/20
10
6/2/20
10
20.6
2
21.6
4
21.2
WIPR
O
6/1/20
10
20.6
6
WIPR
O
Comp
any
10 5/28/2
010
D Date
ay
21.1
5
Clos
e
WIPR
O
7/14/2
10 009
11.2
7
WIPR
O
-9
7/13/2
009
11.2
2
WIPR
-8
7/10/2
11.4
7
8
0.081
Divid
end
0.0146
54
0.0045
065
6989
.88
0.0291
61
0.0009
69
6814
.76
0.0430
78
0.0227
618
0.0054
4
0.0253
605
0.0494
665
0.0203
33
0.0254
72
0.0237
173
1 Day
Return
6559
.71
0.0769
86
0.0044
37
0.0240
5805
.58
6817
.97
6783
.51
6596
.12
6512
.42
6600
.27
6860
.39
6839
.61
6661
.1
6791
.57
Mark
et
Inde
x
5761
.37
5627
85
0.001
98
0.31
456
-0.00101
0.024
59
0.000
47
0.004
59
0.032
99
0.005
55
0.012
69
0.013
49
0.039
41
0.003
03
0.026
10
0.019
59
Mark
et 1
Day
retur
n
0.31
456
-0.00101
0.31
456
-0.00101
0.31
456
-0.00101
0.31
456
-0.00101
0.31
456
0.31
456
-0.00101
0.31
456
0.31
456
0.31
456
-0.00101
0.31
456
-0.00101
0.31
456
Beta
-0.00101
0.031
30
0.007
62
-
0.41
920
0.00018
0.41
920
0.00018
0.41
0.00018
-0.00101
-0.00101
-0.00101
Alpha
IBS 2010- 2012
28
0.000
39
0.008
75
0.001
16
0.002
45
0.011
39
0.000
74
0.005
00
0.003
23
0.011
39
0.001
96
0.009
22
0.005
15
Expec
ted
Rate
of
Retur
n
0.012
94
0.003
01
-
0.014
27
0.013
25
0.028
00
0.003
42
0.031
69
0.022
03
0.000
44
0.022
13
0.038
08
0.018
37
0.016
25
0.018
57
Abnor
mal
Retur
n
0.064
04
0.001
42
0.033
009
642
.52
0.0165
36
0.0327
43
0.0173
833
0.0125
899
0.0435
169
0.0042
55
0.0085
47
5667
.37
WIPR
O
-7
7/9/20
09
11.3
WIPR
O
-6
7/8/20
09
10.9
3
WIPR
O
WIPR
O
WIPR
O
WIPR
O
-5
7/7/20
09
7/6/20
09
7/2/20
09
7/1/20
09
11.1
2
11.2
6
11.7
5
11.7
WIPR
O
-1
6/30/2
009
11.8
WIPR
O
6/29/2
009
11.8
5
WIPR
O
6/26/2
009
11.8
9
0.0033 5906
755
.96
WIPR
O
6/25/2
009
11.4
6
WIPR
O
6/24/2
009
11.1
1
WIPR
O
6/23/2
009
10.7
2
WIPR
O
6/22/2
009
10.6
6
WIPR
O
WIPR
O
6/19/2
009
6/18/2
009
11.3
5
11.4
7
0.0361
65
0.0305
41
0.0351
04
0.0055
97
0.0647
28
0.0105
727
WIPR
O
6/17/2
009
11.5
2
0.0043 5864
592
.55
-4
-3
-2
0.048
5624
.57
5654
.64
5770
5775
.24
5954
.01
5905
.15
0.0042 5962
373
.5
5911
.03
5795
.72
5759
.49
5725
.07
5934
.24
5906
.2
0.023
23
0.007
08
920
0.41
920
0.00018
0.007
55
0.005
35
0.020
40
0.000
91
0.030
95
0.41
920
0.00018
0.41
920
0.41
920
0.41
920
0.41
920
0.00018
0.008
21
0.009
71
0.41
920
0.00018
0.41
920
0.00018
0.009
31
0.000
69
0.41
920
0.00018
0.41
920
0.00018
0.019
51
0.006
25
0.005
98
0.036
54
0.004
73
0.007
05
0.41
920
0.00018
0.41
920
0.00018
0.41
920
0.00018
0.41
920
0.41
920
0.00018
0.41
920
0.00018
0.00018
0.00018
0.00018
0.00018
IBS 2010- 2012
0.009
56
0.003
15
0.002
99
0.002
42
0.008
73
0.000
56
0.013
16
0.003
26
0.004
25
0.003
73
0.000
47
0.008
00
0.002
44
0.002
33
0.015
50
0.001
80
0.002
78
62
0.019
68
0.029
76
0.014
96
0.003
86
0.042
96
0.017
41
0.011
81
0.000
01
0.007
10
0.036
63
0.022
54
0.032
66
0.003
27
0.049
23
0.012
37
0.007
14
Eve
nt
No.
3
8
WIPR
O
6/16/2
009
11.5
3
0.0008 5886
681
.76
0.003
79
0.41
920
0.00018
WIPR
O
Comp
any
10 6/15/2
009
D Date
ay
11.9
5
Clos
e
0.0364
267
1 Day
Return
5967
.26
Mark
et
Inde
x
0.013 0.41
67
920
Mark Beta
et 1
Day
retur
n
0.00018
WIPR
O
WIPR
O
WIPR
O
WIPR
O
7/14/2
10 008
-9 7/11/2
008
-8 7/10/2
008
-7 7/9/20
08
10.7
1
11.0
3
11.3
5
11.8
0.0161
29
0.0298
786
0.0290
118
0.0396
476
8287
.76
8347
.24
8435
.94
8371
.63
0.44
327
0.44
327
0.44
327
0.44
327
0.00222
WIPR
O
-6
7/8/20
08
11.5
4
8515
.79
0.44
327
0.00222
WIPR
O
-5
7/7/20
08
11.7
2
0.0220
34
0.0155
979
0.015
93
0.007
18
0.010
63
0.007
62
0.017
22
0.44
327
0.00222
WIPR
O
-4
7/3/20
08
11.6
4
0.013
57
0.009
68
0.44
327
0.00222
WIPR
O
-3
7/2/20
08
11.6
4
0.44
327
0.00222
WIPR
O
WIPR
O
WIPR
O
-2
7/1/20
08
6/30/2
008
6/27/2
008
11.7
9
12.1
8
12.0
1
0.44
327
0.44
327
0.44
327
0.00222
WIPR
O
6/26/2
008
11.9
9
8640
.74
0.001
89
0.020
76
0.002
22
0.004
27
0.002
00
0.44
327
0.00222
WIPR
O
WIPR
O
6/25/2
008
6/24/2
008
12.6
5
12.3
7
8865
.8
8803
.34
0.026
05
0.007
0.44
327
0.44
327
0.00222
-1
0
Divid
end
8400
.21
8481
0.0068 .54
26
0
8465
.51
0.06
0.0128
866
0.0330
789
0.0139
57
0.0016
65
0.0550
459
0.0221
8641
.28
8660
.48
8623
.51
Alpha
0.00222
0.00222
0.00222
0.00222
0.00222
0.00222
IBS 2010- 2012
0.001
77
0.000
90
0.005 0.030
91
51
Expec Abnor
ted
mal
Rate
Retur
of
n
Retur
n
0.009 0.006
28
85
0.005 0.024
40
48
0.006 0.022
93
08
0.040
0.001 81
16
0.009 85
0.031
89
0.019
0.003 39
80
0.006 51
0.013
34
0.001 38
0.001
38
0.011 0.001
42
46
0.003 0.029
21
87
0.000 33
0.014
29
0.003 11
0.004
77
0.013 0.041
77
28
0.000 0.021
WIPR
O
WIPR
O
6/23/2
008
6/20/2
008
12.5
WIPR
O
WIPR
O
6/19/2
008
6/18/2
008
13.4
8
13.1
WIPR
O
WIPR
O
WIPR
O
6/17/2
008
9 6/16/2
008
10 6/13/2
008
13.4
1
13.4
5
13.5
3
12.4
8
34
0.0105
093
0.0016
0.0801
282
0.0281
9
0.0236
641
0.0029
828
0.0059
48
8841
.89
8829
.25
8988
.84
8999
.56
9074
.41
9087
.88
9063
.23
05
0.004
38
0.001
43
0.018
08
0.001
19
0.008
32
0.001
48
0.002
71
0.44
327
0.44
327
0.00222
0.44
327
0.44
327
0.00222
0.44
327
0.44
327
0.44
327
0.00222
0.00222
0.00222
0.00222
0.00222
IBS 2010- 2012
90
0.004
16
0.001
59
0.010
23
0.002
75
0.005
91
0.002
88
0.001
02
23
0.006
35
0.003
19
0.069
90
0.030
94
0.017
76
0.000
10
0.004
93

Indian Cross Listed Fi RMS: Dividend Declaration and Its Impact On Share Prices

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Indian Cross Listed Fi RMS: Dividend Declaration and Its Impact On Share Prices

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Submitted By:

Ankit Singh 10BSPHH010104

International Foreign Trade

Submitted to : Prof. Trilochan Tripathy

Indian Cross Listed Firms:

IBS 2010- 2012

IFT| Ankit Singh | Rohan Awtani| Event Study 2

IBS 2010- 2012

IFT| Ankit Singh | Rohan Awtani| Event Study 3

IBS 2010- 2012

Market & Economy

IFT| Ankit Singh | Rohan Awtani| Event Study 4

IBS 2010- 2012

IFT| Ankit Singh | Rohan Awtani| Event Study 5

IBS 2010- 2012

IFT| Ankit Singh | Rohan Awtani| Literature Review 6

IBS 2010- 2012

E (Rsi) = expected stock return on day i

IFT| Ankit Singh | Rohan Awtani| Objective Study

IBS 2010- 2012

IFT| Ankit Singh | Rohan Awtani| Methodology 8

IBS 2010- 2012

Alternative Hypothesis (H 1):

IFT| Ankit Singh | Rohan Awtani| Hypothesis Testing 9

IBS 2010- 2012

Conclusion and Finding

IFT| Ankit Singh | Rohan Awtani| Inference

IBS 2010- 2012

IFT| Ankit Singh | Rohan Awtani| 11

IBS 2010- 2012

IFT| Ankit Singh | Rohan Awtani| Data 12

IBS 2010- 2012

IFT| Ankit Singh | Rohan Awtani| Data 13

IBS 2010- 2012

IFT| Ankit Singh | Rohan Awtani| Data 14

IBS 2010- 2012

IFT| Ankit Singh | Rohan Awtani| Data 15

IBS 2010- 2012

IFT| Ankit Singh | Rohan Awtani| Data 16

IBS 2010- 2012

IFT| Ankit Singh | Rohan Awtani| Data 17

IBS 2010- 2012

IFT| Ankit Singh | Rohan Awtani| Data 18

IBS 2010- 2012

IFT| Ankit Singh | Rohan Awtani| Data 19

IBS 2010- 2012

IFT| Ankit Singh | Rohan Awtani| Data 20

IBS 2010- 2012

IFT| Ankit Singh | Rohan Awtani| Data 21

IBS 2010- 2012

IFT| Ankit Singh | Rohan Awtani| Data 22

IBS 2010- 2012

IFT| Ankit Singh | Rohan Awtani| Data 23

IBS 2010- 2012

IFT| Ankit Singh | Rohan Awtani| Data 24

IBS 2010- 2012

IFT| Ankit Singh | Rohan Awtani| Data 25

IBS 2010- 2012

IFT| Ankit Singh | Rohan Awtani| Data 26

IBS 2010- 2012

IFT| Ankit Singh | Rohan Awtani| Data 27

IBS 2010- 2012

IFT| Ankit Singh | Rohan Awtani| Data 28

IBS 2010- 2012

IFT| Ankit Singh | Rohan Awtani| Data 29

IBS 2010- 2012