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Author : William Bartmess Gillespie
Publisher :
ISBN 13 :
Total Pages : 470 pages
Book Rating : 4.:/5 (14 download)
Download or read book The Price Impacts of Reverse Stock Splits written by William Bartmess Gillespie and published by . This book was released on 1974 with total page 470 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Gerald Martin Zusel
Publisher :
ISBN 13 :
Total Pages : 238 pages
Book Rating : 4.:/5 (465 download)
Download or read book The Price Effects of Reverse Stock Splits written by Gerald Martin Zusel and published by . This book was released on 1970 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Hemang Desai
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book Long-Run Common Stock Returns Following Stock Splits and Reverse Splits written by Hemang Desai and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine one- to three-year performance of common stocks following 5596 stock split and 76 reverse split announcements made during the period 1976 to 1991. For stock splits, on average, the one- and three-year buy-and- hold abnormal after the announcement month are 7.05% and 11.87%, respectively. For reverse splits, the corresponding abnormal returns are - 10.76% and -33.90%. The results suggest that the market underreacts to both the stock split and the reverse split announcements. We also provide evidence that the signal in stock splits is related to change in dividends. In particular, the announcement period and the long-run abnormal returns are both positively associated with an increase in dividends.
Author : Barry Marchman
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (173 download)
Download or read book Reverse Stock Splits written by Barry Marchman and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: An examination of financial ratios and variables reveals that firms with better sales performance and higher operating-income-to-assets have better ex-date returns. In the long run, firms with lower debt relative to their assets do better after the reverse stock split. Operating income expressed as a percent of assets is also positively related to the 250-day BHRs.
Author : Lifan Wu
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (318 download)
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:
Author : Dahlia Maud Robinson
Publisher :
ISBN 13 :
Total Pages : 212 pages
Book Rating : 4.:/5 (456 download)
Download or read book Reverse Stock Splits and Earnings written by Dahlia Maud Robinson and published by . This book was released on 2000 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Kee H. Chung
Publisher :
ISBN 13 :
Total Pages : 59 pages
Book Rating : 4.:/5 (13 download)
Download or read book Reverse Stock Splits, Institutional Holdings, and Share Value written by Kee H. Chung and published by . This book was released on 2014 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: We show that both the number of institutional investors and the percentage of shares that are held by institutional investors increase significantly after reverse splits with a pre-split price lower than $5 and a target price higher than $5. This effect is larger than for other comparable reverse splits. These results suggest institutional holdings are affected by the prudent-person rule and reverse splits are used by firms to alleviate this constraint. We also show that an increase in institutional holdings that results from reverse splits is associated with an increase in share price.
Author : Lihua Jing
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.:/5 (129 download)
Download or read book An Event Study of Reverse Stock Splits in Hong Kong Market written by Lihua Jing and published by . This book was released on 2014 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: I use event date methodology to examine the market reaction to reverse stock splits in Hong Kong market from 1991 to 2001. I first investigate the prospectuses distributed by reverse-splitting firms. Four major reasons are provided in firms' prospectuses: 1. Reverse splits will reduce transaction costs for dealings in the consolidated shares; 2. Reverse splits will improve the flexibility in pricing new issue when needed; 3. Share consolidation should raise the profile of the company among institutional and international investors; 4. Directors believe there exists a favorable stock price range, and reverse splits are therefore be used to bring the market value of the shares into a range that the firms consider more appropriate. I find that the abnormal returns around the announcement date are negative and small firms have stronger negative reaction. This result is consistent with the event studies in the U.S. market [Lamoureux and Poon (1987), Peterson and Peterson (1992)]. However, this negative response is contrary to the results in Canada where market reacts positively with a cumulative abnormal return of 9.3 percent on the announcement date that is thereafter maintained [Masse et al. (1997)]. No significant market response to the ex-date is observed. The adjusted trading volume increases considerably after reverse splits. This result partially suggests that the reverse stock improve the liquidity of the stock. The majority of the reverse-splitting firms do not change their board lot size after splits, they therefore reduce transacting costs. The relative tick sizes, which also affect the transaction cost, decrease significantly after splitting. My analysis of the cross-sectional distribution of the split factor provides no support for the quot;optimal stock price rangequot; hypothesis. Hence, the reverse stock splits can be viewed as a passive reaction to a decayed firm performance rather than an active means to achieve a specific objective.
Author : Lifan Wu
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book Existence of an Optimal Stock Price written by Lifan Wu and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze a sample of stock splits and reverse stock splits on the Stock Exchange of Hong Kong (SEHK) over the period 1986 through 1992. Consistent with studies on stock splits and reverse stock splits made in the U.S. capital markets, our analysis shows that stock splits are associated with a positive and significant stock market response whilst reverse stock splits are associated with a negative but statistically insignificant price effect. We also investigate the quot;optimal price rangequot; hypothesis which states that firms choose the split factor (SF) as a device to return the stock price to a quot;preferred price rangequot;. Our result suggests a positive relation between the magnitude of the SF and the deviation of the pre-split stock price from the historical price level in the stock split sample. However, we do not find a systematic pattern affecting the use of the SF in the reverse split sample.
Author : Terrence F. Martell
Publisher :
ISBN 13 :
Total Pages : 31 pages
Book Rating : 4.:/5 (129 download)
Download or read book The Performance of Stocks that are Reverse Split written by Terrence F. Martell and published by . This book was released on 2010 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: An unusually high number of Nasdaq National Market stocks were reverse split following the decline in Nasdaq prices in the year 2000. We test whether these splits were driven by the overall market decline. We find that the performance of stocks with reverse splits in poor overall stock market conditions is better (less negative) than that in good market conditions, and that the differences in performance appear three to five months after the split. This suggests that the longer-term outcomes of reverse stock splits are associated with the market environment at the time of the split. In view of this, changes that Nasdaq made to relax some of its listing standards are well justified.
Author : Paul M. Healy
Publisher : Forgotten Books
ISBN 13 : 9780331631852
Total Pages : 36 pages
Book Rating : 4.6/5 (318 download)
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.
Author : Donald DePamphilis
Publisher : Academic Press
ISBN 13 : 0080959105
Total Pages : 241 pages
Book Rating : 4.0/5 (89 download)
Download or read book Mergers and Acquisitions Basics written by Donald DePamphilis and published by Academic Press. This book was released on 2010-10-29 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: Negotiations form the heart of mergers and acquisitions efforts, for their conclusions contain both anticipated and unforeseen implications. Don DePamphilis presents a summary of negotiating and deal structuring that captures its dynamic process, showing readers how brokers, bankers, accountants, attorneys, tax experts, managers, investors, and others must work together and what happens when they don't. Writtten for those who seek a broadly-based view of M&A and understand their own roles in the process, this book treads a middle ground between highly technical and dumbed-down descriptions of complex events. It mixes theory with case studies so the text is current and useful. Unique and practical, this book can add hard-won insights to anybody's list of M&A titles.. Presents negotiation as a team effort Includes all participants, from investment bankers to accountants and business managers Emphasizes the interactive natures of decisions about assets, payments, and appropriate legal structures Written for those who seek summarizing, non-technical information
Author : Phil Town
Publisher : Random House
ISBN 13 : 1409060047
Total Pages : 322 pages
Book Rating : 4.4/5 (9 download)
Download or read book Rule #1 written by Phil Town and published by Random House. This book was released on 2010-03-11 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt: Who's going to provide for your future? There's a crisis looming in pensions. Investing in property is time-consuming and risky. Savings accounts yield very little return. If you're not careful, you could be looking at a very uncomfortable retirement. But surely the alternative - investing in the stock market - is risky, complicated and best left to the professionals? Phil Town doesn't think so. He made a fortune, and in Rule #1 he'll show you how he did it. Rule #1: - Sets out the five key numbers that really count when you're buying stocks and shares - Explains how to use new Internet tools to simplify research - Shows how to exploit the advantages of being an individual investor - Demonstrates how to pay fifty pence for every pound's worth of business This simple and straightforward method will guide you to 15% or better annual returns - in only 15 minutes a week. It's money in the bank!
Author : 周開國
Publisher :
ISBN 13 :
Total Pages : 294 pages
Book Rating : 4.:/5 (546 download)
Download or read book The Effects of Stock Splits and Reverse Splits on Market Quality written by 周開國 and published by . This book was released on 2003 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Lavon Jensen Pickford
Publisher :
ISBN 13 :
Total Pages : 294 pages
Book Rating : 4.:/5 (135 download)
Download or read book An Investigation of the Uses of Reverse Stock Splits and an Empirical Analysis of Their Impact on the Value of the Firm written by Lavon Jensen Pickford and published by . This book was released on 1985 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ramazan Gençay
Publisher : Elsevier
ISBN 13 : 008049904X
Total Pages : 411 pages
Book Rating : 4.0/5 (84 download)
Download or read book An Introduction to High-Frequency Finance written by Ramazan Gençay and published by Elsevier. This book was released on 2001-05-29 with total page 411 pages. Available in PDF, EPUB and Kindle. Book excerpt: Liquid markets generate hundreds or thousands of ticks (the minimum change in price a security can have, either up or down) every business day. Data vendors such as Reuters transmit more than 275,000 prices per day for foreign exchange spot rates alone. Thus, high-frequency data can be a fundamental object of study, as traders make decisions by observing high-frequency or tick-by-tick data. Yet most studies published in financial literature deal with low frequency, regularly spaced data. For a variety of reasons, high-frequency data are becoming a way for understanding market microstructure. This book discusses the best mathematical models and tools for dealing with such vast amounts of data. This book provides a framework for the analysis, modeling, and inference of high frequency financial time series. With particular emphasis on foreign exchange markets, as well as currency, interest rate, and bond futures markets, this unified view of high frequency time series methods investigates the price formation process and concludes by reviewing techniques for constructing systematic trading models for financial assets.
Author : Pawel Jamroz
Publisher :
ISBN 13 :
Total Pages : 17 pages
Book Rating : 4.:/5 (13 download)
Download or read book Stock Market Reactions to the Announcements and Executions of Stock-Splits and Reverse Stock-Splits written by Pawel Jamroz and published by . This book was released on 2016 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: The aim of this paper is to analyze the stock market investors reactions to the events of announcement and execution of stock-splits and reverse stock-splits carried out on Warsaw Stock Exchange (WSE) during the period 2004-2012. The study puts the emphasis on the differences between market reactions to standard stock-splits and reverse stock-splits. The results presented in this paper are based on the methodology of event study. The studied data sample consists of 45 instances of stock-splits and 6 instances of reverse stock-splits that took place on WSE in the specified period of time. Results obtained suggest no statistically significant reaction to the events of: split announcement, split execution and reverse split execution and a statistically significant (mostly negative) reaction to the event of reverse split announcement. Although some anomalies can be observed on close inspection of the data, in general the obtained results can be interpreted as evidence of investors' rationality with regards to events connected with stock-splits on the WSE.
