Stock splits: Signaling or liquidity? The case of ADR 'solo-splits'

被引：88

作者：

Muscarella, CJ

Vetsuypens, MR

机构：

[1] SO METHODIST UNIV,EDWIN L COX SCH BUSINESS,DALLAS,TX 75275

[2] PENN STATE UNIV,UNIVERSITY PK,PA 16802

来源：

JOURNAL OF FINANCIAL ECONOMICS | 1996年 / 42卷 / 01期

关键词：

stock splits; liquidity; signaling; American depositary receipts;

D O I：

10.1016/0304-405X(95)00872-C

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Stock splits should have no effect on firm value in perfect capital markets, yet stock prices increase on split announcements. The two traditional explanations are information signaling and improved liquidity for shares that trade at lower prices. We investigate these explanations by studying splits of American Depositary Receipts (ADRs) that are not associated with splits in their home-country stock, and which represent unique illustrations of the effect of liquidity. We interpret our findings as supportive of the liquidity explanation of stock split announcement effects.

引用

页码：3 / 26

页数：24

共 31 条

[1] ASSET PRICING AND THE BID ASK SPREAD [J].