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An Empirical Study Of Stock Splits And Stock Dividends Their Accounting Treatments And The Markets Perception Of The Economic Value
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Book Synopsis An Empirical Study of Stock Splits and Stock Dividends, Their Accounting Treatments and the Market's Perception of the Economic Value by : William Donald Nichols
Download or read book An Empirical Study of Stock Splits and Stock Dividends, Their Accounting Treatments and the Market's Perception of the Economic Value written by William Donald Nichols and published by . This book was released on 1986 with total page 131 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis An empirical Study of stock splits and stock dividends, their accounting treatments and the market's perception of their economic value by : William Donald Nichols
Download or read book An empirical Study of stock splits and stock dividends, their accounting treatments and the market's perception of their economic value written by William Donald Nichols and published by . This book was released on 1978 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A stock split event study using sector-indices vs. CDAX and some extensions of the standard market model by : David Bosch
Download or read book A stock split event study using sector-indices vs. CDAX and some extensions of the standard market model written by David Bosch and published by GRIN Verlag. This book was released on 2011-08-03 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2009 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,3, Humboldt-University of Berlin (Institut für Bank und Börsenwesen), course: Seminar of Banking and Financial Markets, language: English, abstract: There are many theories in literature which try to examine possible reasons for a stock split. While a stock split seems to be just a cosmetic corporate event, it is often claimed that the motivation to carry out a stock split is to signal future profitability or to bring the share price to a preferred trading-range. Additionally there are many papers published, where the impact of a stock split on liquidity and institutional ownership is examined. Some results of these studies are briefly discussed in the Literature Review. Most researchers calculate their abnormal returns with the market model by using the most common index in their economy. In this paper, I check whether sector-indices fit the data better than the CDAX does. In some cases, the sector-indices describe the stock returns better. Another topic of event studies that researchers of the finance area often deal with is whether the assumptions of the market model established by Fama, Fisher, Jensen and Roll (1969) do hold for daily stock returns. I will discuss some of the weaknesses when applied to financial time series and I present two models which can improve the efficiency of the model.
Book Synopsis Akron Business and Economic Review by :
Download or read book Akron Business and Economic Review written by and published by . This book was released on 1988 with total page 476 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Stock Dividends in Germany by : Dirk Sturz
Download or read book Stock Dividends in Germany written by Dirk Sturz and published by . This book was released on 2014-11 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Market Reaction to Stock Splits and the Ability to Earn Abnormal Returns by : Phương Anh Nguyễn
Download or read book The Market Reaction to Stock Splits and the Ability to Earn Abnormal Returns written by Phương Anh Nguyễn and published by . This book was released on 2010 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: A stock split is often regarded as a pure cosmetic accounting treatment and yet prior research shows that the market reacts positively upon the arrival of the split announcement. However, up to now, there has not been any convincing explanation for this favourable response while there is intense debate amongst researchers about whether these positive abnormal returns persist in the future. We revisit the issues related to the performance of splitting companies both around and following the announcement date. This allows us to study the information content of the event and assess whether the market has incorporated the implication of such information in a timely manner. In addition, we hope to draw meaningful inference about the profitability of trading following the announcement date. Our findings suggest that there is information in the split announcements, which is positively valued by the market. However, abnormal returns cannot be earned with certainty following the event. This is evident in both the option market and the stock market. Specifically, if informed investors use the option market to trade on their information, then our results indicate that informed investors do not believe in the success of a strategy that buys splitting companies subsequent to the announcement date. This is because the post-split announcement drift does not exist following every split; it is conditioned on whether the firms will split again in the future. While prior studies argue that the long-run abnormal returns are sensitive to the time period, we find that the aggregate long-run abnormal returns are higher in a time period where there is a large proportion of companies that split multiple times. Nevertheless, knowing whether the companies have split multiple times in the past will not lead to positive abnormal returns ex-ante; these returns can only be guaranteed if investors are able to forecast accurately which sample firms will implement another split in the future. Once the split again condition is controlled for, there is no role for the time period to influence the magnitude and significance of the abnormal returns. We also discover that firms that have not split before consistently outperform firms that have. This implies that instead of buying every company that splits, investors can achieve higher returns by focusing on those that have not split in the recent past. However, the profitability of this strategy depends on the state of the market (bull versus bear market). In summary, the thesis shows that while stock splits are perceived as good news by investors, abnormal returns cannot be guaranteed following the announcement date. The information contained in a stock split is incorporated into stock prices in a timely manner, however, what type of information this event is capturing remains an open question.
Book Synopsis On Existence of an "optimal Stock Price" by : Lifan Wu
Download or read book On Existence of an "optimal Stock Price" written by Lifan Wu and published by . This book was released on 1996 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Earnings and Stock Splits (Classic Reprint) by : Paul M. Healy
Download or read book Earnings and Stock Splits (Classic Reprint) written by Paul M. Healy and published by Forgotten Books. This book was released on 2017-11-21 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from Earnings and Stock Splits The objective of this paper is to examine whether stock splits convey information about firms' earnings in the period surrounding the split announcements. In order to mitigate any confounding effects of simultaneous dividend changes, only firms that do not pay cash dividends at the time of the stock split are included in the sample. Our tests, based on a sample of 121 stock split announcements from the period 1970-1980, lead to several conclusions. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Book Synopsis Stock Splits as a Value Creation Vehicle by : Józef Rudnicki
Download or read book Stock Splits as a Value Creation Vehicle written by Józef Rudnicki and published by . This book was released on 2015 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: Stock splits have been for a long time a puzzling phenomenon that can bear particular consequences for stock's liquidity as well as for a stock price. I perform an analysis of stock splits accomplished between 2000 and May 2011 inclusive by companies listed on the New York Stock Exchange. I seek to identify whether the stock splits under consideration constitute any signal to existing and potential shareholders and whether the stock split can add value to shareholders' wealth.I use three methods to analyze the impact of splits on subsequent price performance of 629 stocks listed on the New York Stock Exchange, i.e. mean adjusted return method, market model method and market adjusted return method. The data used contain daily rates of return and the event window encompasses the time period of [40;+40], i.e. the interval from the 40th stock exchange trading session preceding the stock split to the 40th session after the stock split, as well as the first session after the stock split. In the wake of the stock split the volatility of abnormal returns as measured with standard deviation declines under three methods employed by: 6.58%, 46.71%, and 48.24%, respectively. This fact is indicative of benefits derived from splitting the shares, e.g. stabilization of the share price and consequently a change in stock's risk-return profile. In turn, it can alter market participants' perception of a given stock. What is more, shareholders' gains as measured with cumulative abnormal rates of return, all 1-percent significant, reached within the event window outperform pre-split benefits, i.e. achieved as a result of a buy-and-hold strategy within the time frame of [-40;-1] as well as those attained in the post-split era, i.e. in the interval [+1:+40], using the same strategy. Investors who pursued the first strategy averaged with the cumulative abnormal rates of returns for three methods used at the level of: 41.76%, 15.28%, and 39.77%, respectively. Therefore the stock split can be viewed as a value creation vehicle.On the other hand, these findings show that managers that expect an improvement in financial health of their companies decide to split the shares thus conveying information what, in turn, is congruent with the signaling hypothesis. Moreover, in the aftermath of the stock split one may observe a substantial increase in the stock price what underlines the fact that stock splits are in general good news.
Book Synopsis Dissertation Abstracts International by :
Download or read book Dissertation Abstracts International written by and published by . This book was released on 1988 with total page 946 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Stock Dividend by : M. Richard Sussman
Download or read book The Stock Dividend written by M. Richard Sussman and published by . This book was released on 1962 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Earnings and Stock Splits by : Paul M. Healy
Download or read book Earnings and Stock Splits written by Paul M. Healy and published by . This book was released on 1987 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Stock Splits and Large Stock Dividends by : Graeme Rankine
Download or read book Stock Splits and Large Stock Dividends written by Graeme Rankine and published by . This book was released on 2000 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Prior research has used inaccurate classification rules to distinguish between stock splits and stock dividends. For a sample of two-for-one stock distributions, we show that firms that accounted for the distribution as a stock dividend generated five-day abnormal returns of 2.70%, compared to 0.93% for the stock split firms. Announcement returns are positively related to earnings growth in the two years following the distribution for stock dividend firms but not for stock split firms. The accounting choice appears to be used to confirm management's private information about future earnings revealed at the time of the distribution announcement.
Book Synopsis Share Split and Market Performance - Case of Polish Stock Exchange by : Katarzyna Kopczewska
Download or read book Share Split and Market Performance - Case of Polish Stock Exchange written by Katarzyna Kopczewska and published by GRIN Verlag. This book was released on 2006-03-29 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research Paper (postgraduate) from the year 2005 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: advanced, Warsaw University (Faculty of Economic Sciences), language: English, abstract: The purpose shares split is to divide nominal value in given proportion eg. 2:1, 5:4 etc, what hat involves the proportional reduction of the price Splits are conducted on shares, both traded public and in private turnover. From the rational point of view split should have no other consequences for investors and for share price and should be treated as a cosmetic correction. For shareholders, split changes a nominal amount of shares, but it does not change the value of portfolio. Shareholders rights, Cash Flow and equity of company stay unchanged. In the history of the world stock exchanges the first shares splits took place in 1927. The earliest research is dated 1933 (Doodley 1933), but the top of popularity splits reached recently, since the ’90. Easley, O”Hara, Saar (2001) report that the most of splits took place in 1997 on NYSE, when about 235 companies made a split. On average about 10% of firms decide each year to lower the share price. Some of companies made a split for many times as e.g. Johnson & Johnson (6 splits since 1970), Bouygues (12 splits since 1979) etc. The main question of researchers, investors and companies is ” why to make a split?”. Still the explicit motive of split is unknown. There are many hypothesis and case studies in the literature. All appearing hypothesis are clustered around some periods of time. In history of splits there are three main groups to be distinguished: •Since ’30 up to ’70 - from splits appearance to the market transformation during fuel crisis •Since ‘70 up to 1998 - form the development of modern financial instruments to the crisis of new technology companies •Since 1998 up to now and more Given above classification concerns mainly U.S. market, the most developed one in the world. But one should remember, that this market serves as a indicator of investments mood. It gives a direction of development and influences trends all over the world. So, everything what happens on the U.S. market is also about the rest of the world, but with some time lag.
Book Synopsis The Differences Between Stock Splits and Stock Dividends by : Johannes Raaballe
Download or read book The Differences Between Stock Splits and Stock Dividends written by Johannes Raaballe and published by . This book was released on 2004 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract It is often asserted that stock splits and stock dividends are purely cosmetic events. However, many studies have documented several stock market effects associated with stock splits and stock dividends. This paper examines the effects of these two types of events for the Danish stock market. Consistent with the existing literature, the two events are associated with a significantly positive announcement effect of ap- proximately 2.5%. However, when examining the two events more carefully, several important results are obtained. First, a firm's motivation for announcing the two events is completely different. Second, the positive stock market reaction is closely related to associated changes in a firm's payout policy, but the relationship varies for the two types of events. Finally, there is only very weak evidence for a change in the liquidity of the stock. On the whole, after controlling for the firm's payout policy, the results suggest that a stock split is a cosmetic event and that a stock dividend on its own is considered negative news. Key words: Stock splits; Stock dividends; Cash dividends; Signaling; Liquidity.
Book Synopsis Stock Dividends, Stock Splits, and Future Earnings by : David Thomas Doran
Download or read book Stock Dividends, Stock Splits, and Future Earnings written by David Thomas Doran and published by . This book was released on 1985 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Directory of Dissertations in Accounting by : J. David Spiceland
Download or read book Directory of Dissertations in Accounting written by J. David Spiceland and published by . This book was released on 1986 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt:
