Why are Stock Splits Declining?
Why are Stock Splits Declining?
复制标题
为什么股票分割减少？
DOI：
10.2139/ssrn.1785757
复制
发表时间：
2013
期刊：
影响因子：
--
通讯作者：
K. Raman
中科院分区：
文献类型：
--
作者：
Kristina Minnick;K. Raman
type=“main”>进行股票分割的公司比例从1982年的23%的峰值下降到2009年的不到1%。在控制时间趋势和其他经济决定因素的情况下，股票分割发生率的下降与家庭投资者的股票持有量下降和家庭收入增加密切相关。我们还报告了与机构股权所有权增加和家庭收入增加相关的分割因子大小的下降。总的来说，这些证据与公司对投资者特征变化的理性反应一致。
type="main"> The percentage of firms undertaking stock splits has fallen from a peak of 23% in 1982 to less than 1% in 2009. Controlling for time trends and other economic determinants, the declining incidence of stock splits is significantly associated with a drop in household investors’ equity holdings and with a rise in household income. We also report a decline in the size of split factors that is associated with an increase in institutional ownership of equity and with an increase in household income. Collectively, the evidence is consistent with firms responding rationally to changes in investor characteristics.