Earnings And Stock Splits
Earnings And Stock Splits
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Earnings increases prior to the split announcement are due to industry and firm-specific factors. Firms that announce stock splits are in industries which perform well, but outperform their industries in the year prior to the split date.
Second, the stock price reaction to firms' split announcements is related to their earnings increases in the two years prior to the splits, and is unrelated to the earnings changes in the years following the splits. This is consistent with an upward revision in... investors' probability assessments that pre-split earnings increases are permanent rather than transitory.
- 16 Third, the significant stock price reaction to our sample of split announcements cannot be solely attributed to expectations of near-term dividend increases. Our sample firms do not pay dividends prior to the split announcement, and the fraction of firms that initiate dividend payments within five years is similar to that for all Compustat firms.
Since our sample of stock splits consists of firms that do not pay cash dividends, it is possible that the results are not applicable to stock splits by dividend paying firms.
What to read after Earnings And Stock Splits?
You can find similar books in the "Read Also" column, or choose other free books by Paul M Healy to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
Earnings increases prior to the split announcement are due to industry and firm-specific factors. Firms that announce stock splits are in industries which perform well, but outperform their industries in the year prior to the split date.
Second, the stock price reaction to firms' split announcements is related to their earnings increases in the two years prior to the splits, and is unrelated to the earnings changes in the years following the splits. This is consistent with an upward revision in... investors' probability assessments that pre-split earnings increases are permanent rather than transitory.
- 16 Third, the significant stock price reaction to our sample of split announcements cannot be solely attributed to expectations of near-term dividend increases. Our sample firms do not pay dividends prior to the split announcement, and the fraction of firms that initiate dividend payments within five years is similar to that for all Compustat firms.
Since our sample of stock splits consists of firms that do not pay cash dividends, it is possible that the results are not applicable to stock splits by dividend paying firms.
What to read after Earnings And Stock Splits?
You can find similar books in the "Read Also" column, or choose other free books by Paul M Healy to read onlineMoreLess
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