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Is Share Price Related to Marketability? Evidence from Mutual Fund Share Splits

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Author Info

  • Chitru S. Fernando
  • Srinivasan Krishnamurthy
  • Paul A. Spindt

Abstract

Stock splits enhance the marketability of mutual fund shares by restoring share prices to a preferred trading range. Mutual funds that split their shares experience significant increases in net assets and shareholders.

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Bibliographic Info

Article provided by Financial Management Association in its journal Financial Management.

Volume (Year): 28 (1999)
Issue (Month): 3 (Fall)
Pages:

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Handle: RePEc:fma:fmanag:fernando99

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References

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  1. Michael S. Rozeff, 1998. "Stock Splits: Evidence from Mutual Funds," Journal of Finance, American Finance Association, vol. 53(1), pages 335-349, 02.
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Cited by:
  1. Fernando, Chitru S. & Krishnamurthy, Srinivasan & Spindt, Paul A., 2004. "Are share price levels informative? Evidence from the ownership, pricing, turnover and performance of IPO firms," Journal of Financial Markets, Elsevier, vol. 7(4), pages 377-403, October.
  2. William C. Weld & Roni Michaely & Richard H. Thaler & Shlomo Benartzi, 2009. "The Nominal Share Price Puzzle," Journal of Economic Perspectives, American Economic Association, vol. 23(2), pages 121-42, Spring.
  3. 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.
  4. Chen, Honghui & Nguyen, Hoang Huy & Singal, Vijay, 2011. "The information content of stock splits," Journal of Banking & Finance, Elsevier, vol. 35(9), pages 2454-2467, September.
  5. Lin, Ji-Chai & Singh, Ajai K. & Yu, Wen, 2009. "Stock splits, trading continuity, and the cost of equity capital," Journal of Financial Economics, Elsevier, vol. 93(3), pages 474-489, September.

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