Por favor utiliza este link para citar o compartir este documento: http://repositoriodigital.academica.mx/jspui/handle/987654321/314967
Título: Stock splits: motivation and valuation effects in the Spanish market
Palabras clave: Economía y Finanzas
Keywords
Split
signal
liquidity
event-study
Editorial: Fundación SEPI
Descripción: This study analyzes the motivations and valuation efects of stock splits in a medium-sized market such as the Spanish market. Our findings suggest that splitting firms present a pre-split stock price above the normal trading range, and that, after the split, the number of transactions and the average transaction size increase significantly. Moreover, positive abnormal returns are observed around announcement dates and around the ex-date. For the latter, however, these positive wealth efects are outweighed by the negative abnormal returns observed closely afterwards. Our findings suggest that the liquidity, or optimal trading range hypothesis, prevails over other hypotheses as an explanation for stock splits in the Spanish market.
Other Identifiers: http://www.redalyc.org/articulo.oa?id=17327302
Aparece en las Colecciones:Revista de Métodos Cuantitativos para la Economía y la Empresa

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