业务
抵押品
货币经济学
库存(枪支)
已发行股份
中国
股东
财务
股票价格
商业
经济
公司治理
系列(地层学)
法学
古生物学
工程类
生物
机械工程
政治学
作者
Sheridan Titman,Chishen Wei,Bin Zhao
标识
DOI:10.1016/j.jfineco.2021.09.018
摘要
We identify a group of “suspicious” firms that use stock splits, perhaps along with other activities, to artificially inflate their share prices. Following the initiation of suspicious splits, share prices temporarily increase, and subsequently decline below their presplit levels. Using account level data, we find that small retail investors acquire shares in firms initiating suspicious splits, while more sophisticated investors accumulate positions before suspicious split announcements and sell in the postsplit period. We also find that insiders sell large blocks of shares and obtain loans using company stock as collateral around the initiation of suspicious splits.
科研通智能强力驱动
Strongly Powered by AbleSci AI