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The prime concern of this article is to present an instrument called an actual stock split. This article aims to determine the effectiveness of the conducted actual stock splits in the background of the factors specific for the company, the stock of the company and the phase of the stock market. The article presents the results of empirical studies of foreign markets, and the results of empirical research conducted by the author on the Warsaw Stock Exchange. The parameter observed in the study is an abnormal rate of return. In this study the Author analyzes the impact of the actual split on stock prices. The results of Author's research on WSE are in contrast to the regularities captured in most of presented foreign studies. (original abstract)
Słowa kluczowe
Czasopismo
Rocznik
Tom
Numer
Strony
81--95
Opis fizyczny
Twórcy
autor
- Szkoła Główna Handlowa w Warszawie
Bibliografia
- Arbel A., Swanson G., The Role of Information in Split Announcement Effects, "Quarterly Journal of Business and Economics", Vol. 32, 1993, pp.14-25.
- Bley J., Stocks Splits and Stock Return Behavior: How Germany Tries to Improve the Attractiveness of its Stock Market, "Applied Financial Economics", Vol. 12, pp.85-93.
- Charitou A., Vafeas N., Zachariades C., Irrational Investor Response to Stock Splits in an Emerging Market, "The International Journal of Accounting", 2005, No. 40, pp.133-149.
- Copeland T. E., Liquidity Changes Following Stock Splits, "Journal of Finance", Vol. 37, 1979, pp.115-142.
- Fama E. F., Fisher L., Jensen M. C., Roll R., The Adjustment of Stock Prices to New Information, "International Economic Review", 10, 1969, pp.1-21.
- Farinos J. E., Garcia C. J., Ruiz M. E., Does Methodology Determine the Identification of Stock Split Motivations? Evidence from Spain, University of Valencia, 2006, pp 1-33
- Grinblatt M. S., Masulis R. W, Titman S., The Valuation Effect of Stock Splits and Stock Dividends, "Journal of Financial Economics", 1984, No. 13, pp.461-490.
- Gurgul H., Analiza zdarzeń na rynkach akcji, Oficyna Ekonomiczna, Kraków 2006, pp.155-157.
- Haugen R. A., Teoria nowoczesnego inwestowania, WIG-Press, Warszawa 1996, p 121
- Kunz R. M., Majhsensek S., Stock Splits in Switzerland: Much Ado about Nothing?, Working paper / Universität Koblenz, 2002.
- Lamoureux C., Poon P, The Market Reaction to Stock Splits, "Journal of Finance", Vol. 42, 1987, pp.1347-1370.
- Maloney M. T., Mulherin J. H., The Effects of Splitting on the Ex: A Microstructure Reconciliation, "Financial Management", 1992, No. 21, pp.44-59.
- Mukherji S., Kim Z., Walker M., The Effect of Stock Splits on the Ownership Structure of Firms, "Journal of Corporate Finance", Vol. 3, 1997, pp.167-188.
- Rudnicki J., Czy podział akcji maksymalizuje bogactwo akcjonariuszy?, Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu, No. 246, Wrocław 2012.
- Torabzadeh K, Bertin W., Leveraged Buyouts and Shareholders Returns, "Journal of Economic Research", 1987, Winter 1987, pp. 315.
- Wu L., Chan B., Existence of an Optimal Stock Price: Evidence From Stock splits and Reverse Stock Splits in Hong Kong, Working Paper / California State University, 2000
- Wulff C., The Market Reaction to Stock Splits - Evidence from Germany, Institute of Banking, Humboldt-Universität zu Berlin, 1999, pp.1-33.
Typ dokumentu
Bibliografia
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Identyfikator YADDA
bwmeta1.element.ekon-element-000171341173