Utility Stock Splits PDF Download
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Author | : Maria Mercedes Miranda |
Publisher | : |
Total Pages | : |
Release | : 2005 |
Genre | : |
ISBN | : |
Download Utility Stock Splits Book in PDF, ePub and Kindle
Despite the rich literature on theories of stock splits, studies have omitted public utility firms from their analysis and only analyzed split by industrial firms when examining managerial motives for splitting their stock. I examine the liquidity-marketability hypothesis, which states that stock splits enhance the attractiveness of shares to individual investors and increase trading volume by adjusting prices to an optimum trading range. Changes in the regulatory process, resulting from EPACT, have opened a window of opportunity for the study and comparison of the two traditional motives for splitting stock --signaling versus liquidity-marketability motives. Public electric utility firms provide a clean testing ground for these two non-mutually exclusive theories as liquidity/marketability hypothesis should dominate before the enactment of the EPACT since the conventional signaling theory of common stock splits should not apply given the low levels of information asymmetry in regulated utility companies. In the post-EPACT period, however, the signaling effect is expected to play a more dominant role. Based on both univariate and multivariate analyses, my results are consistent with the hypothesis posed. For the pre-EPACT period, liquidity motive seems to predominate in explaining the abnormal announcement return of utility stock splits. On the other hand, the results support the signaling motive as a leading explanation of abnormal returns in the post-EPACT period.
Author | : Daniel D. Singer |
Publisher | : Irwin Professional Publishing |
Total Pages | : 440 |
Release | : 1990 |
Genre | : Business & Economics |
ISBN | : |
Download Investing in Utilities Book in PDF, ePub and Kindle
A thoroughly comprehensive guidebook. Focusing on the electric, telecommunications, natural gas, and water industries. Teaches everything needed to properly understand and evaluate the stocks of companies in these industries.
Author | : Roger Lee Miller |
Publisher | : |
Total Pages | : 232 |
Release | : 1962 |
Genre | : |
ISBN | : |
Download The Effect of Stock Split-ups and Stock Dividends on Market Price Book in PDF, ePub and Kindle
Author | : Paul M. Healy |
Publisher | : Forgotten Books |
Total Pages | : 36 |
Release | : 2017-11-21 |
Genre | : Business & Economics |
ISBN | : 9780331631852 |
Download Earnings and Stock Splits (Classic Reprint) Book in PDF, ePub and Kindle
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 | : C. Wei Li |
Publisher | : |
Total Pages | : 35 |
Release | : 2016 |
Genre | : |
ISBN | : |
Download Stock Splits as a Corporate Governance Device Book in PDF, ePub and Kindle
This paper models a stock split as a mechanism for inducing uninformed investors to pay brokers' analysts (through trading commissions) and informed investors (through trading losses) to monitor managers and make stock price more informative, which in turn creates a better investment environment with lower information risk for themselves. The increased price informativeness enhances the efficiency of equity-based managerial compensation, which motivates managers to put more efforts and consume less perks, but causing them to face higher stock price volatility. To overcome the adverse effect of price volatility on their expected utility, managers would do a stock split only when the firm has been doing well and the persistent component of earnings is sufficiently large. Thus, our model suggests that stock splits have economic benefits because they serve as a corporate governance device that invites market monitoring and keeps managers better motivated.
Author | : Middle South Utilities, Inc |
Publisher | : |
Total Pages | : 22 |
Release | : 1969 |
Genre | : Electric utilities |
ISBN | : |
Download Financial and Operating Data Book in PDF, ePub and Kindle
Author | : United States. Federal Trade Commission |
Publisher | : |
Total Pages | : 1926 |
Release | : 1932 |
Genre | : |
ISBN | : |
Download Utility Corporations Book in PDF, ePub and Kindle
Author | : Merrill Lynch, Pierce, Fenner & Beane |
Publisher | : |
Total Pages | : 40 |
Release | : 1949 |
Genre | : |
ISBN | : |
Download Utilities Book in PDF, ePub and Kindle
Author | : Texas Utilities Company |
Publisher | : |
Total Pages | : 28 |
Release | : 1955 |
Genre | : Public utilities |
ISBN | : |
Download Annual Report Book in PDF, ePub and Kindle
Author | : Henry Clifford Spurr |
Publisher | : |
Total Pages | : 652 |
Release | : 1967 |
Genre | : Law reports, digests, etc |
ISBN | : |
Download Public Utilities Reports Book in PDF, ePub and Kindle
Containing decisions of the regulatory commissions and of state and federal courts.