Abstract
ABSTRACTThis study tested the semi-strong form of the EMH in the Kuwait Stock Exchange. This test is conducted by examining the behaviour of stock prices around the date of rights offering announcements. Based on a sample of 69 rights offerings over the period 2004–2013, we find that prices incorporate new information within an average of 4 days. We take this observation as evidence that the Kuwaiti market is semi-strong efficient.
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