We propose the change in short interest as a new metric of the signaling strength of a corporate event. If an event signals positive information, short interest should decline at the event announcement. We study short interest around stock split announcements made by NYSE firms during 1990-94....

Explores the nature of the venture capital investment through examination of initial public offerings (IPOs). Venture capitalists are often active investors who participate in management of the firms. The venture capital investment can be ended in a variety of ways, with the sale of the...

Stock splits are a common capital structure alteration which ought to have no effect on firm value in perfect capital markets. Empirical studies find that stock prices increase upon announcement of stock splits. The two traditional explanations for the rise in prices are information signaling on...