| dc.contributor | 財管系 | |
| dc.creator (作者) | 周冠男 | zh_TW |
| dc.creator (作者) | Chou, Robin K.;Lee, Wan-Chen;Chen, Sheng-Syan | |
| dc.date (日期) | 2005-08 | |
| dc.date.accessioned | 8-Jan-2015 17:58:11 (UTC+8) | - |
| dc.date.available | 8-Jan-2015 17:58:11 (UTC+8) | - |
| dc.date.issued (上傳時間) | 8-Jan-2015 17:58:11 (UTC+8) | - |
| dc.identifier.uri (URI) | http://nccur.lib.nccu.edu.tw/handle/140.119/72706 | - |
| dc.description.abstract (摘要) | This paper examines the stock price behavior around the ex-split dates both before and after the decimalization on the New York Stock Exchange (NYSE). We find that the abnormal ex-split day returns decrease and the abnormal trading volume increases in the 1/16th and decimal pricing eras, relative to the 1/8th pricing era. These findings are consistent with the microstructure-based explanations for the ex-day price movements. Our study also supports the hypothesis that short-term traders perform arbitrage activities during the ex-split dates when transaction costs become lower after the tick size is reduced. | |
| dc.format.extent | 181149 bytes | - |
| dc.format.mimetype | application/pdf | - |
| dc.relation (關聯) | Review of Pacific Basin Financial Markets and Policies, 8(2), 201-216. | |
| dc.subject (關鍵詞) | Stock splits; decimalization; ex-dates | |
| dc.title (題名) | The Market Reaction around Ex-Dates of Stock Splits Before and After Decimalization | |
| dc.type (資料類型) | article | en |
