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Reverse Stock Splits: An Empirical Approach to the Signaling and Trading Range Hypotheses on Swedish Stocks Subject to Reverse Split between 1995 and 2004
Jönköping University, Jönköping International Business School, JIBS, Economics.
2005 (English)Independent thesis Advanced level (degree of Magister), 10 points / 15 hpStudent thesis
Abstract [sv]

Den här uppsatsen behandlar företag som är listade på Stockholmsbörsen som gjorde omvänd split mellan 1995 och 2004. Företagen är testade för abnormal avkastning kring tillkännagivandet av den omvända spliten, samt förändringar i köp-sälj ratio, handels volym och antalet handelsdagar där ingen handel skedde i aktien. Inga abnormala avkastningar eller signifikanta förändringar i köp-sälj ration eller handelsvolymen kunde hittas. Däremot så visar förändringen i antalet handelsdagar utan handel i aktien en försämring och antalet handelsdagar minskade i de aktier som genomgått en omvänd split. Detta medför att likviditeten minskade för de företag som genomförde en omvänd split.

Abstract [en]

This paper addresses reverse splits for firms trading on the Stockholm stock exchange between 1995 and 2004. The related sample are tested for abnormal returns surrounding the announcement day of the reverse split, as well as any changes in bid-ask spread, trading volume and the number of non-trading days. No findings of abnormal returns or significant changes in either bid-ask spread or trading volume could be found, while the number of non-trading days for the whole sample increased. This may suggest that the marketability decreased for the reverse splitting firms.

Place, publisher, year, edition, pages
2005. , p. 21
Keywords [en]
Reverse split, bid-ask spread, trading volume, non-trading days, liquidity
National Category
Economics
Identifiers
URN: urn:nbn:se:hj:diva-268OAI: oai:DiVA.org:hj-268DiVA, id: diva2:3970
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samhälle/juridik
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Available from: 2005-09-28 Created: 2005-09-28

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CiteExportLink to record
Permanent link

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Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
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More styles
Language
  • de-DE
  • en-GB
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  • fi-FI
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  • Other locale
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Output format
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