Variability in volume of shares traded of selected Pharmaceuticals companies-A study on Indian Stock market

Observing the movement in volume of shares is an area of research that attracted the attention of various academicians and scholars. The present study is an effort to add and contribute to understand the behavior of fluctuations in the volume of Indian pharmaceutical share to find the effect of the dividend announcements and ex-dividend date on the volume of shares traded. Announcement of Dividend is generally considered as the positive signal to the shareholders and the same leads to demand in the shares during the period of announcement and ex-dividend date. A standard event study methodology is adopted in this paper to examine the price reactions of 15 listed pharmaceutical companies.