Yagüe, José; Gómez-Sala, J. - In: Spanish Economic Review 7 (2005) 2, pp. 111-138
We investigate the low prices preferences and the optimal relative tick size hypotheses, as possible explanations of the stock split execution effects in a pure order-driven and multi-tick market. Using intraday data for the Spanish Stock Exchange during 1997-2001, we find that stock splits do...