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- W2264808220 abstract "We test the split signaling hypothesis by studying sophisticated investors’ reaction to stock split announcements. Return-based tests of signaling used in earlier studies produce conflicting results and have been recently criticized as unreliable. We bypass this criticism by focusing on longterm post-split behavior of short sellers who are generally recognized as sophisticated investors. Upon controlling for alternative hypotheses and conventional short selling determinants, we show that short interest permanently declines in reaction to split announcements. Furthermore, consistent with signaling, the degree of the decline is positively related to signal strength and to the splitter’s level of information asymmetry. Overall, our results are consistent with the view that firms use stock splits to relay positive value-relevant signals." @default.
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- W2264808220 date "2011-01-01" @default.
- W2264808220 modified "2023-09-24" @default.
- W2264808220 title "Signaling Via Stock Splits: Evidence from Short Interest" @default.
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- W2264808220 doi "https://doi.org/10.2139/ssrn.1787161" @default.
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