| dc.contributor | 財務管理學系 | |
| dc.creator (作者) | Chan, Konan;Li, Fengfei;Lin, Ji-Chai;Lin, Tse-Chun | en-US |
| dc.creator (作者) | 湛可南 | zh-tw |
| dc.date (日期) | 2017 | |
| dc.date.accessioned | 20-七月-2017 15:22:17 (UTC+8) | - |
| dc.date.available | 20-七月-2017 15:22:17 (UTC+8) | - |
| dc.date.issued (上傳時間) | 20-七月-2017 15:22:17 (UTC+8) | - |
| dc.identifier.uri (URI) | http://nccur.lib.nccu.edu.tw/handle/140.119/111261 | - |
| dc.description.abstract (摘要) | We hypothesize that high stock price levels impede informed trading on the stocks and reduce price informativeness. This is because uninformed trading is needed to facilitate informed trading, and high stock prices may impose budget constraints on uninformed investors. Indeed, we find, for high-price firms, (i) options to stock trading volume (O/S), an informed trading measure in options market, is higher, (ii) price informativeness about future earnings is lower, and (iii) investment sensitivity to price is lower. We also find these patterns reverse after stock splits, suggesting that firms can use splits to improve informed trading and enhance price informativeness. © 2017 Elsevier B.V. | |
| dc.format.extent | 560747 bytes | - |
| dc.format.mimetype | application/pdf | - |
| dc.relation (關聯) | Journal of Corporate Finance, 46, 34-50 | |
| dc.title (題名) | What do stock price levels tell us about the firms? | en-US |
| dc.type (資料類型) | article | |
| dc.identifier.doi (DOI) | 10.1016/j.jcorpfin.2017.06.013 | |
| dc.doi.uri (DOI) | http://dx.doi.org/10.1016/j.jcorpfin.2017.06.013 | |
