Is Share Price Related to Marketability? Evidence from Mutual Fund Share Splits
Is Share Price Related to Marketability? Evidence from Mutual Fund Share Splits
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股价与市场流通性有关吗？
DOI：
10.2139/ssrn.8288
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发表时间：
1999
期刊：
影响因子：
--
通讯作者：
P. Spindt
中科院分区：
文献类型：
--
作者：
Chitru S. Fernando;Srinivasan Krishnamurthy;P. Spindt
我们研究了“市场性假说”，该假说认为股票分割通过将价格恢复到一个偏好的交易区间来增强股票对投资者的吸引力。我们研究共同基金份额的分割，因为它们为市场化假设提供了一个干净的测试基础，因为普通股分割的传统理论不适用。我们发现，拆分基金的经验显着增加（相对于非拆分匹配基金）的净资产和股东。股票分割似乎确实提高了市场流通性。
We examine the "marketability hypothesis," which states that stock splits enhance the attractiveness of shares to investors by restoring prices to a preferred trading range. We examine splits of mutual fund shares because they provide a clean testing ground for the marketability hypothesis, since the conventional rationales for common stock splits do not apply. We find that splitting funds experience significant increases (relative to non-splitting matched funds) in net assets and shareholders. Stock splits do appear to enhance marketability.