An Empirical Note on US Stock Split Announcements, 2000-2009

This article analyses the market reaction to stock splits announcements, using a unique US sample over the period 2000 to 2009. Our event study finds a significantly positive Cumulative Average Abnormal Return (CAAR) around the announcement date. Liquidity increases lead to higher stock price changes, which supports the liquidity improvement hypothesis. Further, firm size and abnormal returns are inversely related, which is in line with the attention hypothesis

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Year of publication:	2014
Authors:	Li, Xiaoqi ; Stork, Philip ; Zou, Liping
Publisher:	[S.l.] : SSRN
Subject:	Aktiensplit \| Stock split \| Ankündigungseffekt \| Announcement effect \| USA \| United States \| Börsenkurs \| Share price \| Aktie \| Share

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Extent:	1 Online-Ressource (15 p)
Type of publication:	Book / Working Paper
Language:	English
Notes:	In: International Journal of Economic Perspectives, 2013 Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments April 7, 2011 erstellt
Other identifiers:	10.2139/ssrn.1804810 [DOI]
Classification:	G12 - Asset Pricing ; G14 - Information and Market Efficiency; Event Studies ; G34 - Mergers; Acquisitions; Restructuring; Corporate Governance
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10014183766