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The Effect of Managerial Ownership on Stock Split-Induced Abnormal Returns

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  • Szewczyk, Samuel H
  • Tsetsekos, George P

Abstract

This paper tests the proposition that split announcements are informative signals that play a greater information role for widely held firms. We present evidence for an inverse relationship between managerial ownership and the magnitude of stock split-induced abnormal returns. After controlling for industry and firm size, we find that splitting firms have lower managerial ownership, on average, than nonsplitting firms. We also find no evidence that managers trade on inside information prior to announcing splits. Copyright 1993 by MIT Press.

Suggested Citation

  • Szewczyk, Samuel H & Tsetsekos, George P, 1993. "The Effect of Managerial Ownership on Stock Split-Induced Abnormal Returns," The Financial Review, Eastern Finance Association, vol. 28(3), pages 351-370, August.
    • Handle: RePEc:bla:finrev:v:28:y:1993:i:3:p:351-70
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    Cited by:

    1. Mukherji, Sandip & Kim, Yong H. & Walker, Michael C., 1997. "The effect of stock splits on the ownership structure of firms," Journal of Corporate Finance, Elsevier, vol. 3(2), pages 167-188, April.

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