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Author : Maureen McNichols
Publisher :
ISBN 13 :
Total Pages : 33 pages
Book Rating : 4.:/5 (81 download)
Download or read book Stock Dividends, Stock Splits and Signalling written by Maureen McNichols and published by . This book was released on 1987 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Craig Alan Peterson
Publisher :
ISBN 13 :
Total Pages : 294 pages
Book Rating : 4.:/5 (296 download)
Download or read book Financial Signaling with Stock Splits and Stock Dividends written by Craig Alan Peterson and published by . This book was released on 1992 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Eva Liljeblom
Publisher :
ISBN 13 : 9789515552785
Total Pages : 27 pages
Book Rating : 4.5/5 (527 download)
Download or read book The Information Conveyed by Announcements of Stock Dividends and Stock Splits written by Eva Liljeblom and published by . This book was released on 1988 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Johannes Raaballe
Publisher :
ISBN 13 : 9788790705756
Total Pages : 32 pages
Book Rating : 4.7/5 (57 download)
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.
Author : Dean Crawford
Publisher :
ISBN 13 :
Total Pages : 53 pages
Book Rating : 4.:/5 (129 download)
Download or read book Signaling Managerial Optimism Through Stock Dividends and Stock Splits written by Dean Crawford and published by . This book was released on 2004 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: The retained earnings hypothesis predicts that stock distributions accounted for by reducing retained earnings are a more credible signal of managerial optimism than stock distributions that do not reduce retained earnings. This study examines the costs of false signaling that are a necessary precondition for the hypothesis and finds them to be generally very small. The absence of the requisite costs of false signaling calls the validity of the hypothesis into question for most firms. However, prior studies have reported broad-based market evidence consistent with the retained earnings hypothesis. To resolve this apparent inconsistency, this study replicates and extends tests of the retained earnings hypothesis contained in three prior studies. It shows that the findings in support of the retained earnings hypothesis can be attributed to specification and measurement choices that bias the results in favor of the hypothesis. The support for the retained earnings hypothesis is weaker when the sources of the bias are removed. However, some support for the hypothesis remains for a limited set of distributing firms.
Author : Mark Grinblatt
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (129 download)
Download or read book The Valuation Effects of Stock Splits and Stock Dividends written by Mark Grinblatt and published by . This book was released on 2007 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study presents evidence which indicates that stock prices, on average, react positively to stock dividend and stock split announcements that are uncontaminated by other contemporaneous firm-specific announcements. In addition, it documents significantly positive excess returns on and around the ex-dates of stock dividends and splits. Both announcement and ex-date returns were found to be larger for stock dividends than for stock splits. While the announcement returns cannot be explained by forecasts of imminent increases in cash dividends, the paper offers several signaling based explanations for them. These are consistent with a cross-sectional analysis of the announcement period returns.
Author : David Thomas Doran
Publisher :
ISBN 13 :
Total Pages : 108 pages
Book Rating : 4.:/5 (153 download)
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:
Author : David Thomas Doran
Publisher :
ISBN 13 :
Total Pages : 108 pages
Book Rating : 4.:/5 (974 download)
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:
Author : Anand S. Desai
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book The Information Content of Stock Splits in the Presence of Contemporaneous Dividend Announcements written by Anand S. Desai and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we analyze the information content of stock splits by examining the market's reaction to the joint announcement of both stock splits and cash dividends. Several authors have suggested that splits are merely vehicles to convey information about either dividends or future earnings. If this were the case, one might expect the simultaneous announcement of the dividend to eliminate the marginal informativeness of the split. To the contrary, we find that even after controlling for the information contained in the dividend announcement, splits convey significant information to the market. We also examine whether both dividends and splits are conveying information about the same underlying attribute of firm value, or whether they are jointly providing information about more than one attribute. To study this issue, we employ latent variable/structural equation models. The analysis suggests that there are, in fact, at least two latent variable that are being signalled by the firm. While the information in dividend announcements leads to a statistically significant market revaluation, there is independent information contained in the split signal, and this information is significant in explaining the market's revaluation as well.
Author : Roger Lee Miller
Publisher :
ISBN 13 :
Total Pages : 232 pages
Book Rating : 4.:/5 (31 download)
Download or read book The Effect of Stock Split-ups and Stock Dividends on Market Price written by Roger Lee Miller and published by . This book was released on 1962 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 : James A. Millar
Publisher :
ISBN 13 :
Total Pages : 246 pages
Book Rating : 4.:/5 (269 download)
Download or read book The Effect of Stock Splits and Stock Dividends on the Monthly Price Relatives of Common Stocks written by James A. Millar and published by . This book was released on 1971 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Qiang Li
Publisher :
ISBN 13 :
Total Pages : 34 pages
Book Rating : 4.:/5 (129 download)
Download or read book REIT Splits and Dividend Changes written by Qiang Li and published by . This book was released on 2006 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent work on stock splits have attempted to relate the information value associated with splits with that from dividends signaling. This paper extends this genre of research by evaluating the issue of dividend predictability using REIT data where the self-selection issue associated with dividend payment is minimized. The use of REIT data also eliminates the quot;differential expectationsquot; effect for non-dividend paying firms, thus rendering a more robust test of the information substitutability hypothesis postulated by Nayak and Prabhala (2001). To the extent that stock splits are signals of future cash flows, we further examine the question of leverage predictability associated with REIT splits, particularly for highly levered firms. We find that REITs that use dividend changes as a signaling mechanism prior to splits have smaller price responses to the private information revealed by splits than those that do not provide such signals, consistent with the notion that dividends and splits are indeed information substitutes. Further, REIT splits provide useful information about future dividend and leverage changes.
Author : Josef Lakonishok
Publisher :
ISBN 13 :
Total Pages : 46 pages
Book Rating : 4.:/5 (176 download)
Download or read book Stock Splits and Stock Dividends written by Josef Lakonishok and published by . This book was released on 1985 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : M. Richard Sussman
Publisher :
ISBN 13 :
Total Pages : 144 pages
Book Rating : 4.3/5 (512 download)
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:
Author : Graeme Rankine
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
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.
Author : Anthar Anis
Publisher :
ISBN 13 :
Total Pages : 106 pages
Book Rating : 4.:/5 (24 download)
Download or read book The Adjustment of Common Stock Prices to Stock Dividends and Stock Splits written by Anthar Anis and published by . This book was released on 1976 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt:
