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Showing 1 to 7 of 7 for “"Stock splits"”.
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Utility Stock Splits: Signaling Motive Versus Liquidity Motive
Despite the rich literature on theories of stock splits, studies have omitted public utility firms from their analysis and only analyzed split by industrial firms when examining managerial motives for splitting their stock. I examine the liquidity-marketability hypothesis, which states that stock …
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Accounting variables, stock splits and when-issued trading
… (when-issued securities), typically occurs after stock split announcements. Curiously, when-issued trading does not always exist for a stock-splitting firm's shares even though the shares are eligible for when-issued trading. Although stock splits have been the subject of a large number of …
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Stock returns' variance behavior surrounding stock splits: evidence from trade-by-trade data 1978-1985
Accepted financial theory holds that stock splits provide no wealth benefits to stock-holders. The corporate management view is that stock splits add value by placing the stock in a more liquid price range. Empirical explanations of excess returns near the split rely principally upon an information …
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The Effects of Market Fragmentation Around Corporate Events
… submissions around liquidity deadlines such as a stock’s ex-dividend date. We use a stock’s ex-dividend date as a deadline for liquidity traders to examine if dividend-seeking traders use dark and/or taker-maker venues as these two venues allow traders to bypass waiting costs and spread …
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On the Governance of Innovation: Institutional Ownership vs. Stock Price
… change their outstanding shares to manage their stock price levels. Those with lower stock prices tend to attract more speculative trading, which causes higher price volatility and may force their managers to excessively focus on short-term earnings at the expense of R&D and other long-term …
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Accounting Choice in Troubled Companies: An Examination of Earnings Management by NASDAQ Firms in Jeopardy of Delisting
… accruals. After controlling for reverse stock splits, dividend reductions, going-concern issues/bankruptcy, and changes in management, the models found significantly negative abnormal accruals. The dissertation concludes with a discussion of possible interpretations for the findings.
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Three Essays On Odd-Lot Transactions
… both pure and circumstantial, around stock splits.