Curtin University Homepage
  • Library
  • Help
    • Admin

    espace - Curtin’s institutional repository

    JavaScript is disabled for your browser. Some features of this site may not work without it.
    View Item 
    • espace Home
    • espace
    • Curtin Research Publications
    • View Item
    • espace Home
    • espace
    • Curtin Research Publications
    • View Item

    A Real Determinant of Stock Split Announcements

    Access Status
    Fulltext not available
    Authors
    Hu, May
    Date
    2012
    Type
    Conference Paper
    
    Metadata
    Show full item record
    Citation
    Hu, M. 2012. A Real Determinant of Stock Split Announcements, in Hoque, T. (ed), Global Accounting, Finance and Economics Conference, Feb 20-21 2012, pp. 1-55. Melbourne, Australia: World Business Institute Australia.
    Source Title
    Proceedings of Global Accounting, Finance and Economics Conference
    Source Conference
    Global Accounting, Finance and Economics Conference
    DOI
    10.2139/ssrn.1914392
    ISBN
    978-1-922069-18-4
    School
    Department of Finance and Banking
    URI
    http://hdl.handle.net/20.500.11937/16351
    Collection
    • Curtin Research Publications
    Abstract

    This paper examines the aggregate determinants of corporate events of stock splits. The evidence shows that good market conditions can drive firms’ decisions to split shares and increase their associated returns. However, the most dominant effect of macroeconomic factors on stock split announcements is business cycle variations. Firms are most likely to split their stocks when they have been experiencing enough excess earnings in economic upturns. This result is more consistent with the Neoclassical Efficiency Hypothesis. This research sheds light on the reasons why we observe corporate events happening in waves and enhance the understanding of why firms split shares at the aggregate level.

    Related items

    Showing items related by title, author, creator and subject.

    • Housing tenure, energy expenditure and the principal-agent problem in Australia
      Wood, Gavin; Ong, Rachel; McMurray, Clinton (2011)
      The Australian Government is currently committed to delivering a cut in carbon emissions in response to climate change concerns. In this context, much research and policy attention has been given in recent times to the ...
    • The real effect of partial privatization on corporate innovation: Evidence from China’s split share structure reform
      Tan, Yongxian; Tian, Xuan; Zhang, Xinde; Zhao, Hailong (2020)
      We examine the real effect of partial privatization on corporate innovation. To establish causality, we explore plausibly exogenous variation in the expectation of further partial privatization generated by China’s split ...
    • An analysis of Australian mutual fund performance and market relationships
      Pojanavatee, Sasipa (2013)
      Mutual funds are emerging as an opportunity for investors to automatically diversify their investments in such a way that all their money is pooled and the investment decisions are left to a professional manager. There ...
    Advanced search

    Browse

    Communities & CollectionsIssue DateAuthorTitleSubjectDocument TypeThis CollectionIssue DateAuthorTitleSubjectDocument Type

    My Account

    Admin

    Statistics

    Most Popular ItemsStatistics by CountryMost Popular Authors

    Follow Curtin

    • 
    • 
    • 
    • 
    • 

    CRICOS Provider Code: 00301JABN: 99 143 842 569TEQSA: PRV12158

    Copyright | Disclaimer | Privacy statement | Accessibility

    Curtin would like to pay respect to the Aboriginal and Torres Strait Islander members of our community by acknowledging the traditional owners of the land on which the Perth campus is located, the Whadjuk people of the Nyungar Nation; and on our Kalgoorlie campus, the Wongutha people of the North-Eastern Goldfields.