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dc.contributor.authorHu, May
dc.contributor.editorTanzil Hoque
dc.date.accessioned2017-01-30T11:55:20Z
dc.date.available2017-01-30T11:55:20Z
dc.date.created2015-03-03T20:13:52Z
dc.date.issued2012
dc.identifier.citationHu, 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.
dc.identifier.urihttp://hdl.handle.net/20.500.11937/16351
dc.identifier.doi10.2139/ssrn.1914392
dc.description.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.

dc.publisherWorld Business Institute Australia
dc.titleA Real Determinant of Stock Split Announcements
dc.typeConference Paper
dcterms.source.startPage1
dcterms.source.endPage55
dcterms.source.titleProceedings of Global Accounting, Finance and Economics Conference
dcterms.source.seriesProceedings of Global Accounting, Finance and Economics Conference
dcterms.source.isbn978-1-922069-18-4
dcterms.source.conferenceGlobal Accounting, Finance and Economics Conference
dcterms.source.conference-start-dateFeb 20 2012
dcterms.source.conferencelocationRydges Hotel, 186 Exhibition Street, Melbourne, Australia
dcterms.source.placeAustralia
curtin.departmentDepartment of Finance and Banking
curtin.accessStatusFulltext not available


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