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- W3177111203 abstract "Studies show that investors’ anchoring bias associated with past 52-week highs of firms’ stock prices leads to undervaluation. We propose that the resulting price distortion misguides managerial incentives and resource allocation, and motivates managers to split stocks (to induce more analyst coverage and attract more investors). Indeed, we find that firms are more likely to split stocks when subject to the anchoring bias, especially when having higher profitability but undervalued. Furthermore, the likelihood of stock splits increases with CEO wealth-performance sensitivity, and firms’ investment-price sensitivity increases after stock splits. Our findings provide a rationale and managerial incentives for stock splits." @default.
- W3177111203 created "2021-07-05" @default.
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- W3177111203 date "2020-01-01" @default.
- W3177111203 modified "2023-10-02" @default.
- W3177111203 title "Can Firms Break Investors’ 52-Week High Anchoring Bias?" @default.
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- W3177111203 doi "https://doi.org/10.2139/ssrn.3535243" @default.
- W3177111203 hasPublicationYear "2020" @default.
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