Number of Shareholders and Stock Prices: Evidence from Japan
Number of Shareholders and Stock Prices: Evidence from Japan
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股东数量和股价：来自日本的证据
DOI：
10.1111/0022-1082.00141
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发表时间：
1999
影响因子：
8
通讯作者：
Junko Uno
中科院分区：
文献类型：
--
作者：
Y. Amihud;H. Mendelson;Junko Uno
默顿(1987)提出，公司投资者基础的增加会增加公司的价值。在日本，公司可以降低其股票的最小交易单位，即“整批”的股票数量--这有利于小投资者进行股票交易。我们发现，最小交易单位的减少极大地增加了公司的个人投资者基础和股票流动性，并与股票价格的显著增加有关。此外，股价上涨与股东数量的增加呈正相关。
Merton (1987) proposes that an increase in a firm's investor base increases the firm's value. In Japan, companies can reduce their stock's minimum trading unitthe number of shares in a "round lot"-which facilitates trading in the stock by small investors. We find that a reduction in the minimum trading unit greatly increases a firm's base of individual investors and its stock liquidity, and is associated with a significant increase in the stock price. Further, the stock price appreciation is positively related to an increase in the number of shareholders.