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- W2104489435 abstract "We propose a novel conditional value premium measure based on the present-value relation that market reaction to a firm’s public announcement reveals the firm’s discount rates. Specifically, because most splitting stocks are growth stocks on which, by construction, the value premium has strong influence, the average splitting stock announcement-day returns track closely conditional value premium. We find qualitatively similar results using announcements of divested asset acquisitions in which acquirers are usually growth firms. Consistent with risk-based explanations, our conditional value premium measures correlate positively with future GDP growth and help explain the cross-section of stock returns." @default.
- W2104489435 created "2016-06-24" @default.
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- W2104489435 date "2010-01-01" @default.
- W2104489435 modified "2023-09-26" @default.
- W2104489435 title "Stock Splits and Conditional Value Premium" @default.
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- W2104489435 doi "https://doi.org/10.2139/ssrn.1661248" @default.
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