Number of Shareholders and Stock Prices: Evidence from Japan  

Oleh:

Amihud, Yakov ; Mendelson, Haim ; Uno, Jun

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 54 no. 3 (Jun. 1999), page 1169-1184.
Fulltext: 1169.pdf (116.5KB)

Isi artikel

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 unit—the 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.

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