Stock Splits: Evidence from Mutual Funds  

Oleh:

Rozeff, Michael S.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 53 no. 1 (Feb. 1998), page 335-349.
Topik: Stock Splits; mutual funds; mutual funds Splits; shareholders; the Post split
Fulltext: p 335.pdf (83.64KB)

Isi artikel

Mutual fund splits occur in high-priced funds after unusually high returns. Split factors are related to the deviation of a fund’s price from the mean of all fund prices. Post-split prices are below the mean of other funds’ prices. Post-split numbers of shareholders and assets do not increase compared with funds having similar rates of asset growth. However, I find evidence that mutual fund splits bring per account shareholdings back up to normal levels. I argue that signaling, liquidity, and tick size theories do not apply to mutual fund splits.

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