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학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
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연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
논문 기본 정보
- 자료유형
- 학술저널
- 저자정보
- 발행연도
- 2004.12
- 수록면
- 151 - 181 (31page)
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초록· 키워드
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Stock split indicates a division of face value. The reason why firms split their stock is to secure liquidity and to achieve easier trade with an increase of the number of stock. In general. face split is actively progressed in a perspective of liquidity reinforcement in stock price increase period while face merger is intended rather than split because of anxiety on resource burden in stock price decrease period. Expectation is based on experiences on markets.
This study demonstrated whether the results of previous studies on positive excess earning rate of stock split may be applied for the recent stock market from 1999 to late 2003 after a foreign exchange crisis. For the study. 88 firms which officially disclosed stock split from 1999 to 2003 were finally selected. To demonstrate the effect of stock split in varied viewpoints. this study classified the subject according to the date of decision-making on stock split by a board of directors and general meeting of stockholders, split ratio. total assets. number of stock issued. and stock price and compared them.
The results of the study are summarized as follows:
First. official announcement of stock split shows statistically significant positive excess returns in our stock market. However. the effect is shown on the date of announcement and the next day, and further persistent increase was not found. Accumulated excess returns reaches at peak on the date of announcement and the next day. and then gradually decreases. Persistence of stock reaction after split announcement was not found in this study. but it is found that it has some influence on the increase in the stock price level.
Second. the announcement by the board of directors shows higher returns than that by the stockholders meeting. which indicates that information effect is more reflected on the date when the board of directors decides the announcement.
Third. small firms and those with higher split ratios and more number of stock issued showed higher excess returns. which indicates that higher reinforcement of liquidity influences positively on stock prices.
This study demonstrated whether the results of previous studies on positive excess earning rate of stock split may be applied for the recent stock market from 1999 to late 2003 after a foreign exchange crisis. For the study. 88 firms which officially disclosed stock split from 1999 to 2003 were finally selected. To demonstrate the effect of stock split in varied viewpoints. this study classified the subject according to the date of decision-making on stock split by a board of directors and general meeting of stockholders, split ratio. total assets. number of stock issued. and stock price and compared them.
The results of the study are summarized as follows:
First. official announcement of stock split shows statistically significant positive excess returns in our stock market. However. the effect is shown on the date of announcement and the next day, and further persistent increase was not found. Accumulated excess returns reaches at peak on the date of announcement and the next day. and then gradually decreases. Persistence of stock reaction after split announcement was not found in this study. but it is found that it has some influence on the increase in the stock price level.
Second. the announcement by the board of directors shows higher returns than that by the stockholders meeting. which indicates that information effect is more reflected on the date when the board of directors decides the announcement.
Third. small firms and those with higher split ratios and more number of stock issued showed higher excess returns. which indicates that higher reinforcement of liquidity influences positively on stock prices.
목차
Abstract
Ⅰ. 서론
Ⅱ. 이론적 배경 및 선행연구
Ⅲ. 연구설계
Ⅳ. 실증분석
Ⅴ. 결론
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