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The effects of stock splits on stock liquidity
Journal of Economics and Finance, 2013This study examines the effects of stock splits on stock liquidity. We find that most liquidity measures increase substantially around the stock split announcement. After the announcement date, split firms’ liquidity declines, but is still above the pre-split level. However, after the ex-date, the liquidity drops below the pre-split level.
Gow-Cheng Huang +2 more
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Thirty Years of Stock Splits, Reverse Stock Splits, and Stock Dividends in Canada
2005We use thirty years of Canadian evidence to shed light on the implications of Stock Splits, stock dividends and reverse splits. We focus on the period around -60 months to +60 months of the event month and examine changes in returns, eps, betas, trading volume, number of transactions and P/E ratios.
Vijay M. Jog, Peng Cheng Zhu
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Impact of Stock Split on Stock Return
2021This article examines to what extent do stock splits affect stock returns of Chinese companies. Stock splits may affect investor’s judgement of stocks by transmitting some signals or information, and then influence stock return. Based on the event study method, we establish a research model and draw a conclusion by analyzing Abnormal Returns (AR) and ...
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The Journal of Finance, 1966
MANY WHO ARE KNOWLEDGEABLE in the stock market feel that splitting the shares of a stock produces, for various reasons, a greater total market value for the shares outstanding. Based on intuition and supported by some widely quoted research by Barker, many others assert that any positive price movement in the period surrounding a stock split is related
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MANY WHO ARE KNOWLEDGEABLE in the stock market feel that splitting the shares of a stock produces, for various reasons, a greater total market value for the shares outstanding. Based on intuition and supported by some widely quoted research by Barker, many others assert that any positive price movement in the period surrounding a stock split is related
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Stock Splits and Stock Dividends: Why, Who, and When
The Journal of Finance, 1987ABSTRACTThis study investigates empirically why firms split their stock or distribute stock dividends and why the market reacts favorably to these distributions. The findings suggest that stock splits are mainly aimed at restoring stock prices to a “normal range.” Some support can also be found for the oft‐mentioned signalling motive of stock splits ...
Lakonishok, Josef, Lev, Baruch
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Stock splits and implied stock price volatility
The Journal of Portfolio Management, 1986T his study addresses the issue of stock splits, their effect on the volatility of stock prices, and the prospect of using this change in volatility to make trading profits in the market. We ask the questions: Do option prices following a stock split reflect higher stock volatilities?
Dan W. French, David A. Dubofsky
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Stock splits, stock prices, and transaction costs
Journal of Financial Economics, 1988Abstract We develop a model of stock-split behavior in which the split serves as a costly signal of managers' private information because stock trading costs depend on stock prices. We present empirical evidence confirming the relation between stock trading costs and stock prices.
Michael J. Brennan, Thomas E. Copeland
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A Discussion of Stock Averages, Stock Splits, and Bias
Financial Analysts Journal, 1967A s INDICATED by the publication of Mr. Schellbach's article' in this issue of the Financial Analysts Journal, a private exchange of letters over a year ago between him and us failed to settle certain differences of judgment. Essentially the questions center upon what is a "true" stock market average,2 what is "bias," and whether the presence of bias ...
E. Eugene Carter, Kolmon J. Cohen
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The valuation effects of stock splits and stock dividends
Journal of Financial Economics, 1984Abstract This study presents evidence which indicates that stock prices, on average, react positively to stock dividend and stock split announcements that are uncontaminated by other contemporaneous firm-specific announcements. In addition, it documents significantly positive excess returns on and around the ex-dates of stock dividends and splits ...
Mark S. Grinblatt +2 more
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Journal of Business Finance & Accounting, 2007
Abstract: This paper investigates stock dividends and stock splits on the Copenhagen Stock Exchange (CSE), which is of interest because several of the more recent explanations for a stock market reaction can be ruled out. The main findings are that the announcement effect of stock dividends as well as stock splits is closely related to changes in a ...
Bechmann, Ken L., Raaballe, Johannes
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Abstract: This paper investigates stock dividends and stock splits on the Copenhagen Stock Exchange (CSE), which is of interest because several of the more recent explanations for a stock market reaction can be ruled out. The main findings are that the announcement effect of stock dividends as well as stock splits is closely related to changes in a ...
Bechmann, Ken L., Raaballe, Johannes
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