Price per share is computed as a simple average of price per shares from 30 days before the first
IFRS separate financial statements to 60 days after. During this period, investors are expected to
encompass the new information released in prices8
. The time period allowed for price reaction to new
information covers 30 days prior to the disclosure of new data as some information can be anticipated
on the market (Rees and Elgers 1997).