政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/72706

English | 正體中文 | 简体中文 | Post-Print筆數 : 27 | Items with full text/Total items : 113303/144284 (79%)
Visitors : 50809147 Online Users : 757

RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.

Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer

政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/72706

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/72706

Title:	The Market Reaction around Ex-Dates of Stock Splits Before and After Decimalization
Authors:	周冠男 Chou, Robin K.;Lee, Wan-Chen;Chen, Sheng-Syan
Contributors:	財管系
Keywords:	Stock splits;decimalization;ex-dates
Date:	2005-08
Issue Date:	2015-01-08 17:58:11 (UTC+8)
Abstract:	This paper examines the stock price behavior around the ex-split dates both before and after the decimalization on the New York Stock Exchange (NYSE). We find that the abnormal ex-split day returns decrease and the abnormal trading volume increases in the 1/16th and decimal pricing eras, relative to the 1/8th pricing era. These findings are consistent with the microstructure-based explanations for the ex-day price movements. Our study also supports the hypothesis that short-term traders perform arbitrage activities during the ex-split dates when transaction costs become lower after the tick size is reduced.
Relation:	Review of Pacific Basin Financial Markets and Policies, 8(2), 201-216.
Data Type:	article
Appears in Collections:	[財務管理學系] 期刊論文

Files in This Item:

File	Description	Size	Format
201216.pdf		176Kb	Adobe PDF2	1193	View/Open

社群 sharing

著作權政策宣告 Copyright Announcement

1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.

Loading...