메뉴 건너뛰기




Volumn 33, Issue 2, 1998, Pages 1-18

Insider ownership and signals: Evidence from stock split announcement effects

Author keywords

Information asymmetry; Insider ownership; Signals; Stock splits

Indexed keywords


EID: 85016000177     PISSN: 07328516     EISSN: 15406288     Source Type: Journal    
DOI: 10.1111/j.1540-6288.1998.tb01365.x     Document Type: Article
Times cited : (21)

References (41)
  • 1
    • 84977431848 scopus 로고
    • Quarterly dividend and earnings announcement and stockholders’ returns: An empirical analysis
    • Aharony, J., and I. Swary., 1980. Quarterly dividend and earnings announcement and stockholders’ returns: An empirical analysis, Journal of Finance 35, 1-12.
    • (1980) Journal of Finance , vol.35 , pp. 1-12
    • Aharony, J.1    Swary, I.2
  • 3
    • 0002286246 scopus 로고
    • Predisclosure information, firm capitalization and security price behavior round earnings announcements
    • Atiase, R., 1985. Predisclosure information, firm capitalization and security price behavior round earnings announcements, Journal of Accounting Research 23, 21-36.
    • (1985) Journal of Accounting Research , vol.23 , pp. 21-36
    • Atiase, R.1
  • 4
    • 84977419016 scopus 로고
    • Reexamination of stock splits using moving betas
    • Bar-Yosef, S., and L. Brown., 1977. Reexamination of stock splits using moving betas, Journal of Finance 32, 1069-1080.
    • (1977) Journal of Finance , vol.32 , pp. 1069-1080
    • Bar-Yosef, S.1    Brown, L.2
  • 6
    • 0018393437 scopus 로고
    • Imperfect information, dividend policy, and the ‘bird in the hand’ fallacy
    • Bhattacharya, S., 1979. Imperfect information, dividend policy, and the ‘bird in the hand’ fallacy, Bell Journal of Economics 10, 259-270.
    • (1979) Bell Journal of Economics , vol.10 , pp. 259-270
    • Bhattacharya, S.1
  • 7
    • 0002760588 scopus 로고
    • Nondissipative signalling structures and dividend policy
    • Bhattacharya, S., 1980. Nondissipative signalling structures and dividend policy, Quarterly Journal of Economics 95, 1-24.
    • (1980) Quarterly Journal of Economics , vol.95 , pp. 1-24
    • Bhattacharya, S.1
  • 8
    • 0002809168 scopus 로고
    • Insider ownership and signals: Evidence from dividend initiation announcement effects
    • Born, J., 1988. Insider ownership and signals: evidence from dividend initiation announcement effects, Financial Management 17, 38-45.
    • (1988) Financial Management , vol.17 , pp. 38-45
    • Born, J.1
  • 9
    • 0002237597 scopus 로고
    • Stock splits, stock prices, and transaction costs
    • Brennan, M., and T. Copeland., 1988. Stock splits, stock prices, and transaction costs, Journal of Financial Economics 22, 83-101.
    • (1988) Journal of Financial Economics , vol.22 , pp. 83-101
    • Brennan, M.1    Copeland, T.2
  • 10
    • 84977728601 scopus 로고
    • Stock prices and supply of information
    • Brennan, M., and P. Hughes., 1991. Stock prices and supply of information, Journal of Finance 46, 1665-1691.
    • (1991) Journal of Finance , vol.46 , pp. 1665-1691
    • Brennan, M.1    Hughes, P.2
  • 11
    • 36749092418 scopus 로고
    • Using daily stock returns: The case of event studies
    • Brown, S., and J. Warner., 1985. Using daily stock returns: The case of event studies, Journal of Financial Economics 14, 1-31.
    • (1985) Journal of Financial Economics , vol.14 , pp. 1-31
    • Brown, S.1    Warner, J.2
  • 12
    • 84977714126 scopus 로고
    • The effects of stock splits on bid-ask spreads
    • Conroy, R., R. Harris., and B. Benet., 1990. The effects of stock splits on bid-ask spreads, Journal of Finance 45, 1285-1295.
    • (1990) Journal of Finance , vol.45 , pp. 1285-1295
    • Conroy, R.1    Harris, R.2    Benet, B.3
  • 13
    • 84977369864 scopus 로고
    • Liquidity changes following stock splits
    • Copeland, T., 1979. Liquidity changes following stock splits, Journal of Finance 34, 115-141.
    • (1979) Journal of Finance , vol.34 , pp. 115-141
    • Copeland, T.1
  • 14
    • 84935941592 scopus 로고
    • The structure of corporate ownership: Causes and consequences
    • Demsetz, H., and K. Lehn., 1985. The structure of corporate ownership: causes and consequences, Journal of Political Economy 93, 1155-1177.
    • (1985) Journal of Political Economy , vol.93 , pp. 1155-1177
    • Demsetz, H.1    Lehn, K.2
  • 15
    • 84975964822 scopus 로고
    • Empirical evidence on dividends as a signal of firm value
    • Eades, K., 1982. Empirical evidence on dividends as a signal of firm value, Journal of Financial and Quantitative Analysis 17, 471-500.
    • (1982) Journal of Financial and Quantitative Analysis , vol.17 , pp. 471-500
    • Eades, K.1
  • 16
    • 0002513432 scopus 로고
    • On interpreting security returns during the ex-dividend period
    • Eades, K., P. Hess., and E. Kim., 1984. On interpreting security returns during the ex-dividend period, Journal of Financial Economics 13, 3-34.
    • (1984) Journal of Financial Economics , vol.13 , pp. 3-34
    • Eades, K.1    Hess, P.2    Kim, E.3
  • 17
    • 0001437113 scopus 로고
    • Determinants of brokerage commission rates for institutional investors: A note
    • Edmister, R., and N. Subramanian., 1982. Determinants of brokerage commission rates for institutional investors: a note, Journal of Finance 37, 1087-1094.
    • (1982) Journal of Finance , vol.37 , pp. 1087-1094
    • Edmister, R.1    Subramanian, N.2
  • 18
    • 0000806744 scopus 로고
    • Agency problems and the theory of the firm
    • Fama, E., 1980. Agency problems and the theory of the firm, Journal of Political Economy 88, 288-307.
    • (1980) Journal of Political Economy , vol.88 , pp. 288-307
    • Fama, E.1
  • 19
    • 0000864783 scopus 로고
    • The association between accounting earnings and security returns for large and small firms
    • Freeman, R., 1987. The association between accounting earnings and security returns for large and small firms, Journal of Accounting and Economics 9, 195-228.
    • (1987) Journal of Accounting and Economics , vol.9 , pp. 195-228
    • Freeman, R.1
  • 21
    • 0000315933 scopus 로고
    • Information and competitive price systems
    • Grossman, S., and J. Stiglitz., 1976. Information and competitive price systems, American Economic Review 66, 246-253.
    • (1976) American Economic Review , vol.66 , pp. 246-253
    • Grossman, S.1    Stiglitz, J.2
  • 22
    • 84977722619 scopus 로고
    • Insider trading, ownership structure, and the market assessment of corporate sell-offs
    • Hirschey, M., and J. Zaima., 1989. Insider trading, ownership structure, and the market assessment of corporate sell-offs, Journal of Finance 44, 971-980.
    • (1989) Journal of Finance , vol.44 , pp. 971-980
    • Hirschey, M.1    Zaima, J.2
  • 23
    • 34447504242 scopus 로고
    • The market for corporate control: The scientific evidence
    • Jensen, M., and R. Ruback., 1983. The market for corporate control: the scientific evidence, Journal of Financial Economics 11, 5-50.
    • (1983) Journal of Financial Economics , vol.11 , pp. 5-50
    • Jensen, M.1    Ruback, R.2
  • 24
    • 84944836061 scopus 로고
    • Dividends, dilution, and taxes: A signaling equilibrium
    • John, K., and J. Williams., 1985. Dividends, dilution, and taxes: A signaling equilibrium, Journal of Finance 40, 1053-1070.
    • (1985) Journal of Finance , vol.40 , pp. 1053-1070
    • John, K.1    Williams, J.2
  • 25
    • 0001664151 scopus 로고
    • Signaling, information content, and the reluctance to cut dividends
    • Kalay, A., 1980. Signaling, information content, and the reluctance to cut dividends, Journal of Financial and Quantitative Analysis 15, 855-864.
    • (1980) Journal of Financial and Quantitative Analysis , vol.15 , pp. 855-864
    • Kalay, A.1
  • 26
    • 84977717052 scopus 로고
    • Stock splits and stock dividends: Why, who, and when
    • Lakonishok, J., and B. Lev., 1987. Stock splits and stock dividends: why, who, and when, Journal of Finance 42, 913-932.
    • (1987) Journal of Finance , vol.42 , pp. 913-932
    • Lakonishok, J.1    Lev, B.2
  • 27
    • 84977727783 scopus 로고
    • The market reaction to stock splits
    • Lamoureux, C., and P. Poon., 1987. The market reaction to stock splits, Journal of Finance 42, 1347-1370.
    • (1987) Journal of Finance , vol.42 , pp. 1347-1370
    • Lamoureux, C.1    Poon, P.2
  • 28
    • 0000243013 scopus 로고
    • Dividend announcements: Cash flow signaling vs. free cash flow hypothesis
    • Lang, L., and R. Litzenberger., 1989. Dividend announcements: Cash flow signaling vs. free cash flow hypothesis, Journal of Financial Economics 24, 181-191.
    • (1989) Journal of Financial Economics , vol.24 , pp. 181-191
    • Lang, L.1    Litzenberger, R.2
  • 29
    • 0000140435 scopus 로고
    • Informational asymmetries, financial structure, and financial intermediation
    • Leland, H., and D. Pyle., 1977. Informational asymmetries, financial structure, and financial intermediation, Journal of Finance 22, 371-381.
    • (1977) Journal of Finance , vol.22 , pp. 371-381
    • Leland, H.1    Pyle, D.2
  • 30
    • 0001628666 scopus 로고
    • The effects of capital structure change on security returns: A study of exchange offers
    • Masulis, R., 1980. The effects of capital structure change on security returns: A study of exchange offers, Journal of Financial Economics 8, 105-139.
    • (1980) Journal of Financial Economics , vol.8 , pp. 105-139
    • Masulis, R.1
  • 31
    • 0011088442 scopus 로고
    • Additional evidence on equity ownership and corporate value
    • McConnell, J., and H. Servaes., 1990. Additional evidence on equity ownership and corporate value, Journal of Financial Economics 27, 595-612.
    • (1990) Journal of Financial Economics , vol.27 , pp. 595-612
    • McConnell, J.1    Servaes, H.2
  • 32
    • 84977711501 scopus 로고
    • Stock dividends, stock splits, and signaling
    • McNichols, M., and A. Dravid., 1990. Stock dividends, stock splits, and signaling, Journal of Finance 45, 857-879.
    • (1990) Journal of Finance , vol.45 , pp. 857-879
    • McNichols, M.1    Dravid, A.2
  • 33
    • 33645896609 scopus 로고
    • Management ownership and market valuation: An empirical analysis
    • Morck, R., A. Shleifer., and R. Vishny., 1988. Management ownership and market valuation: An empirical analysis, Journal of Financial Economics 20, 293-315.
    • (1988) Journal of Financial Economics , vol.20 , pp. 293-315
    • Morck, R.1    Shleifer, A.2    Vishny, R.3
  • 35
    • 0000132603 scopus 로고
    • Volatility increases subsequent to stock splits: An empirical aberration
    • Ohlson, J., and S. Penman., 1985. Volatility increases subsequent to stock splits: An empirical aberration, Journal of Financial Economics 14, 251-266.
    • (1985) Journal of Financial Economics , vol.14 , pp. 251-266
    • Ohlson, J.1    Penman, S.2
  • 37
    • 0017470663 scopus 로고
    • The determination of financial structure: The incentive-signaling approach
    • Ross, S., 1977. The determination of financial structure: The incentive-signaling approach, Bell Journal of Economics 8, 23-40.
    • (1977) Bell Journal of Economics , vol.8 , pp. 23-40
    • Ross, S.1
  • 39
    • 84987492899 scopus 로고
    • The effect of managerial ownership on stock split-induced abnormal returns
    • Szewczyk, S., and G. Tsetsekos., 1993. The effect of managerial ownership on stock split-induced abnormal returns, Financial Review 28, 351-370.
    • (1993) Financial Review , vol.28 , pp. 351-370
    • Szewczyk, S.1    Tsetsekos, G.2
  • 40
    • 49049145214 scopus 로고
    • Common stock repurchases and market signaling: An empirical study
    • Vermaelen, T., 1981. Common stock repurchases and market signaling: An empirical study, Journal of Financial Economics 9, 139-183.
    • (1981) Journal of Financial Economics , vol.9 , pp. 139-183
    • Vermaelen, T.1
  • 41
    • 84974423192 scopus 로고
    • Firm size and the information content of financial statements
    • Zeghal, D., 1984. Firm size and the information content of financial statements, Journal of Financial and Quantitative Analysis 19, 299-310.
    • (1984) Journal of Financial and Quantitative Analysis , vol.19 , pp. 299-310
    • Zeghal, D.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.