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Information content and policy implications of stock splits: New evidence from the Saudi Arabian capital market.

机译：股票分割的信息内容和政策含义：来自沙特阿拉伯资本市场的新证据。

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摘要

This study's objective is to provide new empirical capital market evidence on the impact of a unique natural experiment on a stock split policy which was decreed several years ago by the Saudi Arabian government. First, the capital market reaction to the government decreed stock split is assessed. In particular, the study examines whether abnormal returns are associated with the decreed stock split, whether abnormal returns are positively related to the market values of shares, and whether abnormal returns vary across market sectors. Finally, in addition to assessing policy implications, the microstructure determinants of cumulative abnormal returns associated with decreed stock split are also evaluated: ownership structure, number of trades, turnover, and trading volume.; The stock splits literature has evolved dramatically in recent years. Initially, stock splits were seen as primarily "cosmetic"---stock splits were viewed as merely slicing the same "cake" into small pieces without any real benefit to stockholders. However, numerous empirical studies found evidence of abnormal positive returns associated with stock splits (e.g. Forjan and McCorry, 1998). The prevalent theoretical literature attributes a stock splits wealth effect to either management information signaling (Brennan and Copeland, 1988) or a liquidity effect (Lakonishok and Lev, 1987); (McNickols and Dravid, 1990). This study presents a unique opportunity to distinguish between these two competing hypotheses. The management signaling effect is not an issue since the stock split decision is decreed by the Saudi Arabian government.; The results indicate that the market reaction to the announcement of the decreed policy is statistically significant but mixed and varies with the economic sector (industry) level. While the cement industry demonstrates positive abnormal returns, the banking, manufacturing, and service sector, in general, demonstrate negative abnormal returns. Surprisingly, the agriculture and electricity sectors demonstrate no market reaction. The study also finds that firm size is positively related to the overall market reaction, while the book to market ratio is negatively related. Finally, the study empirically shows that the stock split decreed policy goal of increasing the total number of shareholders in the market was not accomplished. However, the volume effect and number of trades varies across the sampled firms. The results of the study have important implications for both Saudi Arabian capital market policy makers and investors.
机译：这项研究的目的是为独特的自然实验对股票分割政策的影响提供新的经验资本市场证据，沙特阿拉伯政府在几年前颁布了该实验。首先，评估资本市场对政府按比例分配股票的反应。特别是，该研究检查了异常收益是否与减少的股票分割相关联，异常收益是否与股票的市场价值正相关以及异常收益是否在各个市场部门之间变化。最后，除了评估政策含义外，还评估了与减少的股票分割相关的累积异常收益的微观结构决定因素：所有权结构，交易数量，营业额和交易量。近年来，股票分割文献发生了巨大变化。最初，股票拆分被视为主要是“化妆品” ---股票拆分被视为仅将相同的“蛋糕”切成小块，而对股东没有任何实际好处。但是，许多实证研究都发现与股票分割相关的异常正收益的证据（例如Forjan和McCorry，1998年）。流行的理论文献将股票分割财富效应归因于管理信息信号（Brennan和Copeland，1988年）或流动性效应（Lakonishok和Lev，1987年）。 （McNickols and Dravid，1990）。这项研究提供了一个独特的机会来区分这两个相互竞争的假设。由于股票分割决定是由沙特阿拉伯政府颁布的，因此管理信号传递的影响不是问题。结果表明，市场对宣布该法令的反应具有统计学意义，但随着经济部门（行业）水平的变化而变化。水泥行业显示出正的异常收益，而银行，制造业和服务业总体上显示出负的异常收益。令人惊讶的是，农业和电力部门没有表现出市场反应。研究还发现，公司规模与整体市场反应呈正相关，而账面市销率则呈负相关。最后，研究表明，股票分割法令增加市场股东总数的政策目标没有实现。但是，数量影响和交易数量在样本公司之间有所不同。研究结果对沙特阿拉伯的资本市场政策制定者和投资者都具有重要意义。

著录项

  • 作者

    Serhan, Ali Mofarreh Ali.;

  • 作者单位

    University of Arkansas.;

  • 授予单位 University of Arkansas.;
  • 学科 Business Administration Accounting.
  • 学位 Ph.D.
  • 年度 2005
  • 页码 131 p.
  • 总页数 131
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 财务管理、经济核算;
  • 关键词

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