Stock splits: Evidence from mutual funds

• 成果类型: Article
• 署名作者: Rozeff, MS
• 署名单位: State University of New York (SUNY) System; University at Buffalo, SUNY
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/0022-1082.125499
• 发表日期: 1998
• 页码: 335-349
• 关键词: dividends; prices

摘要

Mutual fund splits occur in high-priced funds after unusually high returns. Split factors are related to the deviation of a fund's price from the mean of all fund prices. Post-split prices are below the mean of other funds' prices. Post-split numbers of shareholders and assets do not increase compared with funds having similar rates of asset growth. However, I find evidence that mutual fund splits bring per account shareholdings back up to normal levels. I argue that signaling, liquidity, and tick size theories do not apply to mutual fund splits.