Stock Splits and Information: The Role of Share Price
AbstractManagers appear to design stock splits to return the price of the company's shares to the price level achieved after the last split. Reducing the share price below the price achieved in the last split is interpreted by investors and securities analysts as a positive signal.
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Bibliographic InfoArticle provided by Financial Management Association in its journal Financial Management.
Volume (Year): 28 (1999)
Issue (Month): 3 (Fall)
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- Steve Johnson & Robert Stretcher, 2011. "News and noise: do investors react to stock split announcements differently during periods of high and low market volatility?," Journal of Economics and Finance, Springer, vol. 35(1), pages 71-78, January.
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