Indian Journal of Accounting, online issue Investors’ Behaviour towards Earnings Announcements: An Event Study in Indian Stock Market Dr. Shilpa Lodha Post Doctoral Fellow Prof. G. Soral Dean, University College of Commerce and Management Studies, Mohanlal Sukhadia University, Udaipur INTRODUCTION Efficient Market Hypothesis (EMH) as proposed by Fama (1970) is a seminal workin the area of behavioural finance. The EMH proved to be a mile stone for the studies based on behavioural finance. Many times attempts were made to prove or disprove EMH. Fama stated that market exist in three forms: Weak form Efficiency: In this state, market absorbs and reflects all historic information i.e. information about all price movements including the stock's past movements. In the least meticulous form of EMH, itis impossible to forecast future pricest movements ‘on the basis of analysis of past prices. Since there is no correlation between past and future prices, itis not possible to earn abnormal returns based on past prices. Semi-strong Form Efficiency: In this form, all past information together with all publicly available information is instantaneously and fully reflected in stock prices. Stock prices immediately incorporate any new information announced, published or arrived in any way. Demand and supply level shifts immediately to a new equilibrium level depending onthe type of new information (good or bad). Strong Form Efficiency: Strong form Efficiency exists in the stock market if all types of 47Investors’ Behaviour towards Earnings Announcements: An Event Study in Indian Stock Market information whether past or public or even private, is fully and accurately reflected in stock prices. This is the strongest form of EMH which implies that market fully absorbs all information whether publicly available or privately. Thus it included insider trading information also in stock prices. The current stock prices are the best predictor which can be used for intrinsic value of the stock. If it is somewhat lower (higher) than intrinsic value which should be when some private information would be available publicly, then the insiders will buy (sell) the stocks until the prices achieve the equilibrium, But this form negates the existence of this abnormal return earning opportunity. Various kinds of anomalies were tested in different countries at different times. The important were Value Effect, Size Effect, Seasonality, Event Study etc. Value Effect implies the earning of abnormal returns from the stock of firms having high earningsto price ratio. Size Effect implies that the returns earned on stocks of firms having small market capitalization are significantly higher than those from stocks large firms. Seasonality in stock markets implies some regular and repetitive phenomenon leading to chances of earning abnormal returns during certain a time of the day, day of the week, week of the month, month of the year or around holidays. The so-called January Effect, November Effect, Sell in May and Go Away, Monday Effect, Friday Effect or Holiday effects have been tested numerous times. Seasonality or Calendar Anomalies are related with testing weak form efficiency of the stock market. Event Study is related to the study of speed of incorporating new announcement or information into stock prices. This is related with testing of semi-strong form of efficiency of stock market. It studies the behaviour of stock prices near an event which Figure 1: Hypothesized Event Causality Investor mood Stock returns Source: Sorenson (2012) 4gDr. Shilpa Lodha & Prof. G. Soral An event may be merger & acquisition, earnings announcement, appointment of anew CEO, stock splits, bonus issue, dividend announcement, IPO's, political events, sports events, weather etc. These events may cause a change in investor's mood which in turn causes changes in stock prices asis evident from Figure 1. STATEMENT OF THE PROBLEM If there is a chance of earning abnormal returns at, before or after an event, the market is said to be semi-strong inefficient. Earnings announcements contain important information for the investors, may lead to earn excess returns if received in advance. This paper empirically investigates the information content of quarterly earnings announcement made by listed companies of National Stock Exchange of India (NSE) during 2012 to 2015. The methodology and analysis has been done in line with contemporary international researches, which were published recently. REVIEW OF LITERATURE Event study has been used since several decades back to explore semi-strong efficiency towards different types of events, An appraisal of few of them is as follows: Kumar (2015) presented that announcement of quarterly result affected the share price in both sides, There was no significant correlation between pre-post announcement of share price and growth of the companies. Mittal (2015) investigated the impact of Quarterly Earnings announcements on the stocks constituting the Sensex. The results showed that the Indian Capital Market was semi-strong efficient as it was using the information relevant for security valuation and for investment decision-making. However, the reaction after the announcement showed that the Indian Capital Market was not perfectly efficient as abnormal returns had been observed both prior toand after the announcement. Udhaya (2014) studied semi strong capital market efficiency with reference to the annual earnings announcement. The Automobile, Banking, Oil and gas sectors have not shown semi strong market efficiency. The Pharmaceuticals, IT, Steel have shown semi strong market efficiency. Sharma & Pandey (2014) applied GARCH (p, q) model and non-parametric Run test for studying isolated events of dividend change announcements. The results indicated that there was no signaling effect of ‘dividend increase/decrease along with financial results, announcement’ event on the share price of companies. Cumulative abnormal return tendency was observed if share purchase was made prior to any of the events. It was also found that adjustment in prices after event date took place with a substantial time lag reflecting inefficiencies in the market. 49Investors’ Behaviour towards Earnings Announcements: An Event Study in Indian Stock Market Kiminda, Githinji and Riro (2014) examined share returns following unexpected corporate announcements that were described as profit warnings. The results indicated that profit warning had impact on the stock return in the NSE and the impact was negative and significant for the period of pre-warning and post-warning and on the day of actual announcement. There were also indications of information leakages where there were negative abnormal returns days before the profit warning announcements. Dsouza and Mallikarjunappa (2013) investigated the information content in security prices on the release of quarterly earnings announcement by using event study and Cohen et al. (1983 a) methodology . The result of the number of positive and negative AARs and CAARs showed that there were more numbers of positive values than negative values during the event window of 61 days. This result showed that market has positively reacted on the release of the September 2012 quarterly earnings announcement. Rono (2013) investigated how the market responds to annual earnings announcements by the NSE and JSE securities exchanges and determined the level of market efficiency by the NSE and JSE exchanges. Overall, the results from our study suggests that stock prices changes in the NSE and JSE securities exchange with respect to earnings announcements, are not random but follow a pattern which makes it possible for positive abnormal returns to be gained by trading only on the month of earnings announcement for JSE and not for NSE asit observed significant and negative abnormal returns only on the second month after announcement. Khatua and Pradhan (2013) investigated the market over reaction during the stock split announcements. They found that these excess stock returns changed on the level of market volatility. It was also evidenced that positive CARs around the event were caused by periods of high volatility and were more significant for large firms. The study found that market overreacted more on any good news. Prakash (2013) concluded that the scrips of Blue-chip companies were much consistently performing in the market and left no scope for investors and equally proved the market was in the track of semi-strong form efficiency. Kumar, Mahadevan & Gunasekar (2012) concluded from the stock return behavior of 10 companies studied, that the return behavior of only one company did not move with the market return. At the same time, the chance to earn abnormal return was found only in 3 companies. The announcement of results was said to have an impact only when there was an abnormal return after the announcement of dividend results. Roy and Santhakumar (2012) tried to confer a multi-factor rationalization to the post- earnings announcement drift (PEAD). The study introduced earnings surprise factor along with other risk factors modeled by Fama and French (1993). The cumulative 50Dr. Shilpa Lodha & Prof. G. Soral abnormal return, which was significant in the multifactor model, became trivial in the presence of earnings surprise factor. Mlongi, Kruger and Nthoesane (2011) explored that for small ALtX stock market, investor had considerable negative reaction to earnings announcement. The market also contained weak form efficiency. They concluded that during recession shareholder's wealth declined substantially in the small ALtX market. In spite that weak form efficiency provided a chance to earn profits when the market is performing well. Neuhier!, Scherbina & Schlusche (2011) confirmed earlier findings on the reactions to financial news and showed that less frequently researched news about corporate strategy, products, the management team, and legal developments were also highly value-relevant. Moreover, they showed that volatility tend to increase following most types of announcements, and attributed these volatility increases to higher levels of news-induced valuation uncertainty. Mehndiratta and Gupta (2010) found that although investors did not earn much value on dividend announcement day and before the event day, but they earned significant returns during post announcement period. They confirmed the opportunity of earning higher returns in post event period through information content in dividend announcement, as investors reallocated their funds at the time of dividend announcement on NSE. Odabasi (1998) revealed that AAR showed negative price activity on the event day and one day before. Further, AARs had significant positive value for good news subsample and significant negative value for bad news subsample. But the negative news subsample had much larger price reaction than the one in case of good news subsample. It explained the reason of having negative returns on the announcement day for the full sample. Fama, Fisher, Jensen and Roll (1969) provided evidence that the stream of expected earnings from a stock is reevaluated after announcement of a split. They concluded that in general the information content of split announcement is reflected in the stock prices. After reviewing the work done previously, it was found that event study has been used several times for testing semi-strong form of efficiency of stock markets of developed nations but Indian stock market was less explored for its semi-strong efficiency, particularly for earnings announcements. Therefore, this paper attempts to fill the gap. OBJECTIVE OF THESTUDY The present study aims at exploring the speed and accuracy of reflection of earnings announcement, which is made quarterly in Indian stockmarket, into stock prices. In 51Investors’ Behaviour towards Earnings Announcements: An Event Study in Indian Stock Market other words, the objective of this study is to examine the information content of quarterly earnings announcement and to examine the speed of incorporation of this information into stock prices. HYPOTHESES The study has following two specific hypotheses: 1. AIAARsare not significantly different from zero. 2. AIICAARs are not significantly different from zero. Here, AARs are average abnormal returns and CAARs are Cumulative average abnormal returns. DATA COLLECTION The study is based on three sets of data- the first set consists of quarterly earnings announcement made by sample companies, the second set consists of daily close, open, high and low prices of sample companies for the sample period and third set includes the daily close, open, high and low prices of S&P CNX Nifty. The universe of this event study is all companies listed on NSE, out of which 5 companies from 5 different sectors were taken. The study period consisted of 12 quarterly earnings announcement starting from second quarter of 2012-13 to first quarter of 2015-16. All dates for the sample companies of announcing quarterly results were collected whereas daily different prices were collected for sample companies as well as Nifty from 1" April 2012 to 31° ‘August 2015. These prices were averaged on daily basis. Thus it consisted of a total of 5070 (845 for each of 6 series) observations. All the data including dates of earnings announcement have been collected from the website www.moneycontrol.com. The sample consisted of stocks of Reliance (Refinery), Tata Motors (Automobile), ICICI (Bank), Infosys (IT) and ITC (FMCG). The company which had highest weightage in construction of the respective sectoral index as on 31° August, 2015, was included in the sample. For example ITC has got highest weightage in S&P CNX FMCG Sectoral index and soon. METHODOLOGY The event study methodology aims at investigating effect of an event on stock prices which is taken as dependent variable. The present event study is based on market model which comprises of following five steps: 52Dr. Shilpa Lodha & Prof. G. Soral Defining an Event Window In the present paper, quarterly earnings announcement has been taken as event and the date of this announcementis called the event date. Itis the date on whicha meeting of Board of Directors is held and they declare the key financial results of the company for the quarter. Since it is a regular and repetitive event, investors start anticipating the results of the company a few days ago. Event window defines how many days preceding and following the event date to be included in the study. Therefore, it was proposed to have an event window consisting of Event date (t=0) Ten trading days prior to event date (t-1, t-2, Ten trading daysafter the event date (t+1, t+2, sout-10) +10) Since there were 12 event dates for 12 quarters, the number of event windows also comes to 12 for each of the sample companies. Defining Estimation Period In order to estimate the stock returns, had the event not been occurred, an estimation period has to be specified. The estimation period gives the unbiased estimate of returns ofa security if the event had not taken place. It may be prior or post event date. For the present research, an estimation period of one quarter prior to the event window was considered to be appropriate. Since different quarters may consist of differing number of days, to bring uniformity, estimation period was taken to be of 120 days. There isa separate estimation period for each of the event window. Thus 12 estimation periods were there. Figure 2 gives an overview of event window and estimation period. Figure 2: Time Line of the Estimation Period and Event Window Estimation Period -—_—"—_—>+ 1-120 10 0 t+10 \ (Event Date) ) Event Window 53Investors’ Behaviour towards Earnings Announcements: An Event Study in Indian Stock Market 3. Estimating Expected Returns For estimating the effect of earnings announcement over stock prices, returns have been calculated as follows: © Security Returns Ree = log (Pie — Prr-1) Equation 1 * Market Returns Rme = log (Pmt — Pme-1) Equation 2 Here, Rj, is return from security fat time t, Pi: is the price of security / at time t, Pres is price of security / at time t-1, Rn is the return from market index m at time t, Pmy is the value of market index m at time t and Pri is the value of market index m at time t-2. These calculated returns for both individual stock and for market index are realized or actual returns. These returns are to be compared with expected returns or normal returns. The normal returns have been calculated on the basis of estimation period using market model. The market model uses the following OLS regression equation: E(Ra) = &% + BRme + Fix Equation 3 The E (R,) is the expected or normal return from security i at time t, a, is intercept coefficient, B,is the slope coefficient (or sensitivity of the stock to market returns), Ris return on market index m at time tand ¢,is residuals. The aand B coefficients are estimated by regressing individual stock returns on market index returns for each of the estimation period. These coefficients have been used to estimate expected or normal returns from the security over the relevant event window onthe basis of actual market index returns during the same window. 4, Abnormal Returns, Average Abnormal Returns and Cumulative Average Abnormal Returns (AR, AAR AND CAAR) Once the expected returns or normal returns were calculated, next move was to corroborate whether the actual returns are different from expected ones. Therefore, abnormal returns have to be calculated by difference between actual returns and expected returns for the security over the event window. AR, = — E (Ri) Equation 4 Where AR; is Abnormal Returns from security i at time f, Ry is Actual Returns from security /at time t and € (Ry) is the Expected or normal returns from security / at time t These abnormal returns are then averaged first quarterly and then cross-sectionally to give out Average Abnormal Returns (AAR) for a particular day in the event window. AAR, = = SL AR Equation 5 54Dr. Shilpa Lodha & Prof. G. Soral While computing the average abnormal returns (AAR) it is to be remembered that instead of testing abnormal returns individually, they are looked at collectively because other events occurring and averaging across all companies should minimize the effect of other events, thereby allowing a better examination of the event under study. For computation of cumulative average abnormal return, the individual day's average abnormal return (AAR) is added together from the beginning of the period to some specified period and is tested for significance. Average abnormal returns are then cumulated to have Cumulative Average Abnormal Returns (CAAR) as follows: 2 CAAR 142) Y AAR, fan 5. Significance Testing The procedure by Brown & Warner (1985) was followed in the statistical analysis to test the significance of the cumulative average abnormal returns in terms of the null hypothesis that such returns are equal to zero. It follows a t-distribution and is formulated as: AAR Aare Equation 7 o(aamy/VN at teary = Here, ayaa is the standard deviation of AAR and NV is the number of earnings announcement on day t. Significance testing of CAR can also be done in a similar way: CARY Fcaan/V Here, opus) is the standard deviation of CAAR and d stands for number of days for which the AAR is cumulated, These calculated t values were tested at 5 % level of significance. t¢caan) Equation 8 RESULTS AND DISCUSSION First of all return series were generated for all individual stocks and Nifty using Equation 1 and 2 respectively for each of the estimation period and event window. After that stock returns were regressed on Nifty returns to obtain the intercept and slope coefficients for estimation period using Equation 3. Table 1 shows these coefficients for each of the stocks and for each of the quarters. It is quite evident from Table 1 that none of the beta values for all companies is greater than one. Itimplies that stocks do not show movement more than Nifty. Reliance has all negative betas for all quarters. This implies that the stock of Reliance moves in the opposite direction of Nifty. 55Investors’ Behaviour towards Earnings Announcements: An Event Study in Indian Stock Market Betas for Tata Motors, ICICI and ITC show positive values which are, for most quarters, more than .6, showing strong co-movement with Nifty. But the betas for Infosys are very low as compared to other companies implying low correlation with Nifty which is positive in most of the quarters. While looking atalpha coefficients, it was found that all the values for all companies are very low which implies that individual stock neither under-perform nor outperform the market. Using these coefficients, expected or normal returns were estimated for individual stocks for each of the event window using actual Nifty returns for that event window. Then Abnormal Returns (AR) were calculated by taking difference between actual or realized returns and expected returns. These abnormal returns were averaged cross sectionally to provide Average Abnormal Returns (AAR). Figure 3 depicts the plot of AAR obtained from Equation 5. Figure 3: Plot of Average Abnormal Returns AAR oa 0.05 05 935 56Or. Shilpa Lodha & Prof. G. Soral Table 1: Alpha and Beta Values of the Sample Companies for Estimation Periods (Quarters| Reliance |TataMotors| _ ICICI Infosys ITC Alpha | Beta (Alpha Beta | Alpha | Beta |Alpha Beta Alpha| Beta a1 | 0.046 | -0.667 |0.039)0.75873] -0.044 [0.73406 -0.0514 0.543901-0.0514|0.708042| 2015-16 4 | 0.053 | -0.335 |-0.040] 0.488 | -0.027 |0.40717/-0.0192|-0.0827/-0.0438 0.462184 2014-15 3 | -0.036 | -0.180 0.008] 0.372 | 0.000 [0.35223)0.057940,005350.02754| 0.22271 2014-15 " Q2 0.011 0.324 |-0.006| 0.260 | -0.007 |0.33553]-0.0065 0.16008 -0.0160/0.349638) 2014-15 Qi | 0.027 | -0.559 [0.003] 0.394 |-0,00335)0.40969)-0.0211 0.207391-0.0061 0.418572] 2014-15 a4 | 0.020 | -0.625 [0.010] 0.674 |-0.01679]0.61674)0.01552)0.124520.00907)0.639484 2013-14 a3 | 0.052 | -0.875 |0.050| 0.880 |-0.05558/0.89887] -0.012 (0.202591-0.0525)0.875364 2013-14 Q2 | -0.032 | -0.924 |0.002| 0.866 |0.035233/0.91665/0.039530,294810.03523]| 0.91665 2013-14 i Qi | -0.081 | -0.696 [0.075] 0.664 |0.072824)0.66107/0.077690.217180.079300.682512 [2013-14 a4 0.036 0.569 | 0.053} 0.729 Peseerspescaoni aaerehaosepsons 2012-13] 3 | -0.0137 | -0.655 [0.020] 0.668 [0.000165|0.68819)0.04900.-0.02690.01366)0.655656| 2012-13 Q2 | -0.051 | -0.369 [0.045] 0.602 [0.038875|0.58242) 0.0478 [0.1899310.039060.383612 2012-13] Figure 3 shows that the values of AAR for each of the days of event window, Surprisingly, the AAR are highly volatile after event day. Dramatically, this volatility continues till the tenth post event day (t=10). The pre-event period shows less volatility in abnormal returns. On the 9” and 10" day pre-event, abnormal returns are clae to 0. This shows that investors reap out most of the gains (bear losses) after the event day, 57Investors’ Behaviour towards Earnings Announcements: An Event Study in Indian Stock Market Figure 4: Plot of Cumulative Average Abnormal Returns ° oa CAAR As the next step, Cumulative Average Abnormal returns (CAAR) were calculated using Equation 6. These CAAR were plotted in Figure 4, which clearly depicts that nearly zero CAAR during pre-event days turns out to be highly negative after the event day, Table 2 contains ARS, t-statistics (AAR), CAAR and t-statistics (CAR) for each of the daays of event window. Table 2: AAR and CAAR along with t-statistic for Event Window [Day] AAR | t-statistics (AAR) [CAAR | t-statistics (CAAR) -10|0.035819| -0.03212 _|0.035819] 0 -9 |-0.01432[ _-0.00884 _ 0.021498] 0.02507 -8|-0.07245[ _-0.19891 __|-0.05095 0.04304 -7 |0.021231) 0.496258 -0.02972 0.038843 -6 |-0.05794| 0.067449 _|-0.08766 0.03924 -5 |0.004054| -0.9437 -0.08361 0.036008 -4|0.028021| 0.285886 __|-0.05559 0.036 -3/-0.01257| __-1.23756 _|-0.06815 0.033365 -2|-0.00055| __-0.30675 -0.0687 0.03131 -1 |-0.00162 0.721814 -0.07032 0.029575 0 |o.019663| 0.339679 _|-0.05066 0.029088 58Dr. Shilpa Lodha & Prof. G. Soral +1|-0.06777 -1.01762 -0.11843 | 0.032771 +2 |-0.08037 -1.29652 -0.1988 0.03657 +3 |-0.06135 -1.04477 -0.26015, 0.037083 +4 0.038123} 0.666846 -0.22202) 0.038432 +5 |-0.02135 -0.38347 -0.24338 | 0.037163 +6 |-0.11411 -1.95716 -0.35749 0.042852 +7 | -0.0488 -0.85032 -0.40629| 0.042056 +8 |-0.03607 -0.60274 -0.44236 0.040982 +9 |0.060565) 1.072459 -0.38179) 0.043876 [+10}0.086677] 1.527412 -0.29512) 0.048334 Table 2 depicts that when the significance of AAR and CAAR was tested using ¢ test, it was found that both AAR and CAAR are not significant for any of the days of the event window. Thus both of the null hypotheses are accepted at 5% level of significance. The average abnormal returns and cumulative average abnormal returns are not significantly different from zero. CONCLUSIONS The study attempts to explore the existence of semi-strong form of efficiency in Indian stock market. For this purpose, daily prices were collected for five sample companies viz. Reliance, Tata Motors, ICICI, Infosys and ITC together with S&P CNX Nifty for a period of three years 2012 to 2015. Earnings announcement dates were also collected for the sample companies for 12 quarters in the study period. Estimation period consisted of 120 days before the event day whereas event window was for 21 days (event day and 10 days before and after event day). Market model was used to estimate expected returns, thereafter AAR and CAAR were calculated. Significance testing showed that none of the t-statistic was significant. So it can be concluded that Indian stock market is semi-strong efficient. Investors quickly absorb ‘the information regarding earnings announcement. They immediately react towards information content of earnings announcement. Indian stock market has grown in recent two decades so much. Various forecasters and analysts provide, well in advance, estimates of earnings of a company. Most of the times, these forecasts prove to be nearly accurate. This helps investors to accommodate this information quickly into stock prices. So it is not possible to earn abnormal returns using information of earnings announcements. 59Investors’ Behaviour towards Earnings Announcements: An Event Study in Indian Stock Market REFERENCES: + Brown, S. J., & Warner, J. B. (1985). Using daily stock returns: The case of event studies. Journal of Financial Economics, 14(1), 3-31. * Dsouza, J., & Mallikarjunappa, T. (2013). Stock price reactions to earnings announcements in Indian stock market. AIMS International Journal, 2142-2157. + Fama, E., Fisher, L., Jensen, M., & Roll, R. (1969). The adjustment of stock prices to new information. international economic review, Vol 10(1), 1-21. + Khatua, §., & Pradhan, H. K. (2013). Examining overreaction in BSE using event study approach for stock split announcements. International Journal of Engineering and Management Research, Vol 3 (1), 47-56. + Kiminda, R. W., Githinji, C. K., & Riro, G. K. (2014). Effects of profit warnings announcement on Performance of stocks in the Nairobi securities exchange. European Journal of Business and Social Sciences, 3 (3), 150-168. + Kumar, R. (2015). Effects of declaration of quarterly results on share price of selected automobile companies. Abhinav National Monthly Refereed Journal of Research in Commerce & Management, 4 (5), 18-23. + Kumar, S., Mahadevan, A., & Gunasekar, S. (2012). Market reaction to dividend announcement: An empirical study using event study technique. Prestige International Journal of Management & IT-Sanchayan 1(1), 141-153. + Mehndiratta, N., & Gupta, S. (2010). Impact of dividend announcement on stock prices. International Journal of Information Technology and Knowledge Management, 2(2), 405-410. + Mittal, S. (2015). Share price response to quarterly earnings announcements International Journal of Trade & Commerce-lIARTC, 4 (1), 208-217. + Mlonzi, V.F., Kruger, J., & Nathoesane, M. G. (2011). 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APPENDIX 1 Table 1: Earnings Announcement Dates of Sample Companies Year Tata Motors tac Infosys ITC 2015-16 24% Jul. 2015 6 Aug. 2015 31 Jul. 2015 21" Jul. 2015, 30" Jul, 2015 2014-15, 17 Apr. 2015 26" May, 2015 27" Apr. 2015 24" Apr. 2015 22" May, 2015 16" Jan. 2015 6" Feb. 2015 29" Jan. 2015 9" Jan. 2015 21" Jan. 2015 13" Oct. 2014 14" Nov. 2014 30" Oct. 2014 10" Oct. 2014 31 Oct. 2014 19" Jul. 2014 11" Aug. 2014 30 Jul. 2014 12° Jul. 2014 28" Jul, 2014 2013-14 18" Apr. 2014 29" May, 2014 24" Apr. 2014 15" Apr. 2014 23 May, 2014 17" Jan. 2015 10" Feb. 2014 29" Jan, 2014 10" Jan, 2014 17" Jan. 2014 14" Oct. 2013 8" Nov. 2013 25" Oct. 2013 11" Oct. 2013 25" Oct. 2013 19" Jul. 2013 7" Aug. 2013 30" Jul. 2013 26" Jul. 2013 25" Jul. 2013 2012-13 17" Apr. 2013 29" May, 2013 26" Apr. 2013 12" Apr. 2013, 17" May, 2013 18" Jan. 2013 14” Feb, 2013 30" Jan. 2013 11° Jan. 2013 18" Jan. 2013 16" Oct. 2012 8" Nov. 2012 26" Oct. 2012 12" Oct. 2012 19" Oct. 2012 61