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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- Chitru S. Fernando & Srinivasan Krishnamurthy & Paul A. Spindt, 2002. "Is the Offer Price in IPOs Informative? Underpricing, Ownership Structure, and Performance," Center for Financial Institutions Working Papers 01-33, Wharton School Center for Financial Institutions, University of Pennsylvania.
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- Chern, Keh-Yiing & Tandon, Kishore & Yu, Susana & Webb, Gwendolyn, 2008. "The information content of stock split announcements: Do options matter?," Journal of Banking & Finance, Elsevier, vol. 32(6), pages 930-946, June.
- 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.
- Yagüe, José & Gómez-Sala, J. Carlos & Poveda-Fuentes, Francisco, 2009. "Stock split size, signaling and earnings management: Evidence from the Spanish market," Global Finance Journal, Elsevier, vol. 20(1), pages 31-47.
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