Market Performance on Resale of Treasury Shares
Rohaida Abdul Latif, PhD, CFP.; Kamarun Nisham Taufil Mohd., PhD; Hasnah Kamardin, PhD

Abstract
The study examines the announcement effects on resale of treasury shares among publicly listed firms in Malaysia. All firms that resale their treasury shares between 2001 and 2012 are analyzed using standard event methodologies namely market adjusted return (MAR) and market model (MM). We find that resale firms experience significant positive 4% abnormal returns in the 5 days prior to the actual resale of treasury shares. However, there are no abnormal gains realized following the actual resale of treasury shares date, suggesting that the market is semi-strongly efficient where prices can fully reflect all publicly available information.

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