This paper examines the intra-industry effects of 120 stock split announcements within the insurance industry between 1985 and 2006. Our results of the valuation effects are suggestive of dominant competitive effects for stock splits by insurance companies, especially life insurers, thus...

An analysis of real estate investment trust (REIT) stock splits is presented. Evaluation of the initial reaction to split REITs supports efficient market pricing where REITs generate statistically significant positive announcement date returns, no statistically significant record date returns,...

A widely cited finding from Grinblatt et al. (1984) (hereafter GMT) is that the market response to the announcement of a small stock distribution is greater than the response to a large one. However, the GMT result is not found for distributions declared from the early 1980s through the end of...

A widely cited finding from Grinblatt et al. (1984) (hereafter GMT) is that the market response to the announcement of a small stock distribution is greater than the response to a large one. However, the GMT result is not found for distributions declared from the early 1980s through the end of...

Bonus issues, share splits and rights issues are studied in a replication and extension of the classic Fama, Fisher, Jensen and Roll study. On the Melbourne exchange, each category on average is associated with positive abnormal returns. However, the market does not appear to value bonuses or...

This paper examines the intra-industry effects of 120 stock split announcements within the insurance industry between 1985 and 2006. Our results of the valuation effects are suggestive of dominant competitive effects for stock splits by insurance companies, especially life insurers, thus...

This study examines the information content of stock split announcements. It is hypothesized that there are abnormal returns around the stock split announcement dates. Negative AARs are found before and after the announcement. The negative reaction after the stock split announcement suggests...

In this survey paper I summarize the literature's findings on the short-run and long-run effects of stock split announcements as well as what happens in the preceding and subsequent years around a stock split event. I also summarize how firm characteristics influence these results. Furthermore,...