Measurement Effects And The Variance Of Returns After Stock Splits And Stock Dividends PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Measurement Effects And The Variance Of Returns After Stock Splits And Stock Dividends PDF full book. Access full book title Measurement Effects And The Variance Of Returns After Stock Splits And Stock Dividends.
Author | : Jennifer L. Koski |
Publisher | : |
Total Pages | : |
Release | : 1998 |
Genre | : |
ISBN | : |
Download Measurement Effects and the Variance of Returns after Stock Splits and Stock Dividends Book in PDF, ePub and Kindle
This paper examines the relation between two institutional factors affecting stock price measurement, the bid-ask spread and price discreteness, and the increase in return variance after ex-dates of stock splits and stock dividends. Controlling for these measurement effects, the variance of daily returns still increases significantly after stock distributions. The variance of weekly returns also increases significantly, and the variance of returns for a control sample of nonsplitting firms shows no significant increase. Variance ratio tests show that bid-ask errors are small for NYSE stocks that split and therefore could not account for the large increase in variance. Price discreteness and the bid-ask spread do not explain increased variance after stock distributions.
Author | : John Allan MacDonald |
Publisher | : |
Total Pages | : 306 |
Release | : 1987 |
Genre | : Dividends |
ISBN | : |
Download Stock Returns' Variance Behavior Surrounding Stock Splits Book in PDF, ePub and Kindle
Author | : Mark Grinblatt |
Publisher | : |
Total Pages | : 36 |
Release | : 2007 |
Genre | : |
ISBN | : |
Download The Valuation Effects of Stock Splits and Stock Dividends Book in PDF, ePub and Kindle
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 | : James A. Millar |
Publisher | : |
Total Pages | : 246 |
Release | : 1971 |
Genre | : Dividends |
ISBN | : |
Download The Effect of Stock Splits and Stock Dividends on the Monthly Price Relatives of Common Stocks Book in PDF, ePub and Kindle
Author | : H. Kent Baker |
Publisher | : John Wiley & Sons |
Total Pages | : 552 |
Release | : 2009-05-04 |
Genre | : Business & Economics |
ISBN | : 0470455802 |
Download Dividends and Dividend Policy Book in PDF, ePub and Kindle
Dividends And Dividend Policy As part of the Robert W. Kolb Series in Finance, Dividends and Dividend Policy aims to be the essential guide to dividends and their impact on shareholder value. Issues concerning dividends and dividend policy have always posed challenges to both academics and professionals. While all the pieces to the dividend puzzle may not be in place yet, the information found here can help you gain a firm understanding of this dynamic discipline. Comprising twenty-eight chapters—contributed by both top academics and financial experts in the field—this well-rounded resource discusses everything from corporate dividend decisions to the role behavioral finance plays in dividend policy. Along the way, you'll gain valuable insights into the history, trends, and determinants of dividends and dividend policy, and discover the different approaches firms are taking when it comes to dividends. Whether you're a seasoned financial professional or just beginning your journey in the world of finance, having a firm understanding of the issues surrounding dividends and dividend policy is now more important than ever. With this book as your guide, you'll be prepared to make the most informed dividend-related decisions possible—even in the most challenging economic conditions. The Robert W. Kolb Series in Finance is an unparalleled source of information dedicated to the most important issues in modern finance. Each book focuses on a specific topic in the field of finance and contains contributed chapters from both respected academics and experienced financial professionals.
Author | : Cheng F. Lee |
Publisher | : World Scientific |
Total Pages | : 270 |
Release | : 2008 |
Genre | : Business & Economics |
ISBN | : 9812791698 |
Download Advances in Quantitative Analysis of Finance and Accounting Book in PDF, ePub and Kindle
Advances in Quantitative Analysis of Finance and Accounting is an annual publication designed to disseminate developments in the quantitative analysis of finance and accounting. The publication is a forum for statistical and quantitative analyses of issues in finance and accounting, as well as applications of quantitative methods to problems in financial management, financial accounting, and business management. The objective is to promote interaction between academic research in finance and accounting and applied research in the financial community and accounting profession. The chapters in this volume cover a wide range of important topics, including corporate finance and debt management, earnings management, options and futures, equity market, and portfolio diversification. These topics are very useful for both academicians and practitioners in the area of finance.
Author | : Hemang Desai |
Publisher | : |
Total Pages | : |
Release | : 2012 |
Genre | : |
ISBN | : |
Download Long-Run Common Stock Returns Following Stock Splits and Stock Dividends Book in PDF, ePub and Kindle
We examine one-to three-year performance of common stocks following stock split and stock dividend announcements made during the period 1976 to 1991. The average one-and three-year buy-and-hold abnormal returns after the announcement month are 8.19% and 7.55% respectively. Also, smaller firms exhibit larger announcement period as well as larger one-to three-year abnormal returns. The results cannot be explained away by general cash-dividend increase announcements or earnings announcements. Overall, the results are consistent with the hypothesis that the market underreacts to the stock split and the stock dividend announcements.
Author | : Cheng Few Lee |
Publisher | : World Scientific |
Total Pages | : 270 |
Release | : 2008-03-14 |
Genre | : Business & Economics |
ISBN | : 9814471836 |
Download Advances In Quantitative Analysis Of Finance And Accounting (Vol. 6) Book in PDF, ePub and Kindle
News Professor Cheng-Few Lee ranks #1 based on his publications in the 26 core finance journals, and #163 based on publications in the 7 leading finance journals (Source: Most Prolific Authors in the Finance Literature: 1959-2008 by Jean L Heck and Philip L Cooley (Saint Joseph's University and Trinity University).Advances in Quantitative Analysis of Finance and Accounting is an annual publication designed to disseminate developments in the quantitative analysis of finance and accounting. The publication is a forum for statistical and quantitative analyses of issues in finance and accounting, as well as applications of quantitative methods to problems in financial management, financial accounting, and business management. The objective is to promote interaction between academic research in finance and accounting and applied research in the financial community and accounting profession.The chapters in this volume cover a wide range of important topics, including corporate finance and debt management, earnings management, options and futures, equity market, and portfolio diversification. These topics are very useful for both academicians and practitioners in the area of finance.
Author | : Graeme Rankine |
Publisher | : |
Total Pages | : |
Release | : 2000 |
Genre | : |
ISBN | : |
Download Stock Splits and Large Stock Dividends Book in PDF, ePub and Kindle
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 | : Shane Shepherd |
Publisher | : |
Total Pages | : 274 |
Release | : 2008 |
Genre | : Corporations |
ISBN | : |
Download Cash Holdings, Stock Splits, and Mergers Book in PDF, ePub and Kindle