“… Nikkinen et al (2006) , Cai et al (2009) , Gumus et al (2011) , Sorokina et al (2013) , Ghanem and Rosvall (2014) , Belgacem et al (2014), and Seda et al (2018) have studied the impact of macroeconomic news announcements on the stock markets. While Gichema (2007) , Mehndiratta and Gupta (2010) , Miglani (2011) , Rohit et al (2013) , Ogada and Kalunda (2017) , Ahsan et al (2014) , Patel and Prajapati (2014) , and Muthukamu and Rajamohan (2015) have studied the impact of dividend and bonus issue announcements on the share prices; Patro et al (2014) , Pandey and Jaiswal (2017) and Elad (2017) have studied the impact of devaluation, demonetization, and acquisition news on stock prices. Almost all the studies have found significant impacts of the events.…”