haku: @indexterm COMPANY OWNERSHIP / yhteensä: 496
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| Tekijä: | Dennis, P. Strickland, D. |
| Otsikko: | The effect of stock splits on liquidity and excess returns: evidence from shareholder ownership composition |
| Lehti: | Journal of Financial Research
2003 : FALL, VOL. 26:3, p. 355-370 |
| Asiasana: | Company ownership Liquidity Stock returns Stock splits |
| Kieli: | eng |
| Tiivistelmä: | The influence of company ownership composition on both the abnormal returns at the announcement of a stock split and liquidity changes following a stock split is examined in this article. Three results are found: 1) The largest post-split increase in institutional ownership occurs for companies that had low institutional ownership before the split, 2) Changes in liquidity are negatively related to the level of insititutional ownership before the split and 3) The abnormal return following a split is negatively related to the level of institutional ownership before the split. |
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