1 | Enlisted 30 stocks with their Buyback announcement date |

2 | Collection of historical data for every company (Source: Capitaline.com, Google finance) |

3 | Regression of stock prices (from −365 |

4 | Formulation of Correlation equation for every individual stock |

5 | Using the correlation equation finding the expected return from −20 |

6 | Finding an Average Abnormal Return (AAR) for every stock using data of actual return and expected return |

7 | Finding the value of Cumulative Average Abnormal Return (CAAR) for descending dates from −20 |

8 | Finding the t-stat value for descending dates from −20 |

9 | For deduction of conclusion the deviation of actual return from expected return has been observed till the 20 Abnormal Return (AR) = Actual Return − Expected Return Average Abnormal Return (AAR) = (1/n) S(1 to n) AR Cumulative Average Abnormal Return (CAAR) = S(t − k to +k) AAR
where, n = sample size, S = Population standard deviation, −k = −20 |