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Financial Economics of Bonus Shares
S. Narasimha Sarma;
Hard bound book;  Pages : 144
1993 Edition; ISBN - 81-7188-078-9
Price : Rs. 395.00 ; US $ 35.00
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About The Book :

The focus of this study is on analysing the query : do bonus shares have any causative implications for the changes in share prices ? This includes an analysis of the bonus issues made by the Indian Private Corporate sector and the Post-bonus dividend changes.
The Main Issues discussed include : 
• Legal Underpinnings
• Dividend Changes
• and the Valuation Effects of Bonus Shares.
This study analyses post-bonus-dividend tracks of 415 bonus issues of 249 companies. Using a sample of 121 bonus issues of 79 companies the valuation effects of bonus issues have been examined at different time points." ...the real fundamental factor behind price movements is the dividend expectation which, inter alia, may be influenced by the current rate and quantum of bonus issue. Dr. S.N. Sarma's work incorporates these market intonations which he gleaned through a survey. The respondents were company-level finance officials and eminent brokers and other market participants. The collection of daily price quotations for a long period of over one year has, indeed, been an uphill task but the research performed it assiduously.


"...the effort made by Dr. Sarma does provide new insights for the Valuation of bonus shares in the Indian Market. Dr. Sarma, in my view, deserves sincere congratulations for his painstaking study." 

Prof. Braj Kishore,
Dean, Faculty of Commerce, 
Osmania University, Hyderabad.

 

CONTENTS IN DETAIL :

Foreword
  Prof. Braj kishor,
Dean, Faculty of Commerce Osmania University, Hyderabad.
1. Introduction
  • Problem
  • Objectives 
  • Scope of the Study 
  • Review of Literature 
  • Hypothesis 
  • Methodology 
  • Plan of the Study
2. Bonus Shares - Theoretical and Legal Underpinnings
  • Introduction 
  • Bonus Shares
  • Stock Dividends 
  • Sub-divided Shares 
  • Stock Splits 
  • Rights 
  • Law Relating to Issue of Bonus Shares 
  • Law Relating to Taxation of Bonus Shares
3. Bonus shares - an Empirical Retrospect
  • Introduction 
  • Number of Bonus Issues 
  • Bonus Ratios 
  • Amount of Bonus Issues 
  • Bonus Quantum - a size-wise Analysis
  • Extent of Capitalisation of Reserves
  • Summary and Findings
4. Bonus Shares - Dividend Changes
  • Introduction 
  • The Measurement of Dividend Rates
  • Post-bonus Changes in Quantum of Dividend 
  • Extent of Divident Quantum Changes
  • Pre and Post-bonus Tracks of Dividend Quantum Changes 
  • Summary and Findings
5. Valuation Effects of Bonus Shares
  • Introduction 
  • Sample 
  • Methodology 
  • Analysis of Price Relatives 
  • Regression Results
  • Summary and Findings
6. Summary and Findings
  • The Hypothesis 
  • The Data and Method of Analysis 
  • Empirical Findings
  • Further Research
 

ABOUT THE author :

S. Narasimha Sarma :

Dr. S.N. Sarma is currently a faculty member, Department of Business Management, Osmania university, Hyderabad. He holds an Intermediate Certificate of ICWAI (Institute of Cost & Works Accountants of India) and is associated with Management Development Programmes. Dr. Sarma has, to his credit, a number of research articles and papers published in leading professional journals.

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