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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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