Pavabutr, Pantisa; Sirodom, Kulpatra - In: Pacific-Basin Finance Journal 18 (2010) 5, pp. 427-441
This paper uses intraday and daily data from the Stock Exchange of Thailand (SET) between 2002 and 2004 to provide evidence that firms use stock splits to bring their stock prices down to a preferred trading range of their clientele base. Stock splits reduce bid-ask spreads and intraday and...