haku: @indexterm Stock splits / yhteensä: 17
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| Tekijä: | Wulff, C. |
| Otsikko: | The Market Reaction tî Stock Splits - Evidence From Germany |
| Lehti: | Schmalenbach Business Review
2002 : JUL, VOL. 54:3, p. 270-297 |
| Asiasana: | MARKETS STOCK SPLITS GERMANY COMPANIES |
| Kieli: | eng |
| Tiivistelmä: | This paper investigates the market reaction to stock splits, using a set of German firms. Similar to the findings in the U.S., the author finds significant positive abnormal returns around both the announcement and the execution day of German stock splits. The author also observes an increase in return variance and in liquidity after the ex- day. Apparently, legal restrictions strongly limit the ability of German companies to use a stock split for signaling. The author finds that abnormal returns around the announcement day are consistently much lower in Germany than in the U.S. Further, the author finds that abnormal returns around the announcement day are not related to changes in liquidity, but (negatively) to firm size, thus lending support to the neglected firm hypothesis. |
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