hogyan viszonyul egymáshoz az oldalazás, a részvényfelaprózás és a likviditás??...:))... a tőzsdetudomány már tuggya a választ!
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2.2. Trading range hypothesis
Copeland (1979) argues that firms prefer to keep the prices of their stocks within a certain range. He explains that keeping a certain price range can attract a specific kind of clientele or disperse the ownership of the company. The kind of clientele attracted by the lower prices brought about after a stock split is usually considered to be uninformed or small investors. Baker and Gallagher (1980) make a survey on managements’ views on stock split. The survey reveals that the majority of a firm’s financial officers believe that the stock split is a good device to bring the stock price to an optimal trading range. A lower stock price will attract investors and then enhance the ownership base. Evidence has been found to support this hypothesis. Lamoureux and Poon (1987) find that the daily number of transactions along with the raw trading volume of shares increases following splits. Kryzanowski and Zhang (1996) make use of the trading value to measure small and large traders and find that small traders trade more frequently after stock split and that the trade direction changes significantly from sell to buy. Angel et al. (1997), Desai et al. (1998), and Schultz (2000) also find evidence of changes in trading behavior after stock splits. But why would a company want to attract small or uninformed traders to invest in its stocks? One of the most popular explanations is that the enlarged investor base will increase the liquidity of the stock and thereby reduce the trading cost for the investors. Therefore, the motivation of the managers to split stocks is to enhance liquidity. From the viewpoint of liquidity, the trading range hypothesis is also called “liquidity hypothesis.” Merton (1987) sets up a model of capital market equilibrium with incomplete information. The model indicates that an increase in the relative size of the firm’s investor base will reduce the firm’s cost of capital and increase the market value of the firm. It is also stated that managers have incentives to expand the firm’s investor base. This theory can explain the reaction of stock prices to stock splits. Because lower prices attract small investors to take part in buying or selling stocks after a split, the liquidity of the stock increases. Small traders are also considered as noise traders in contrast to informed traders. Black (1986) states that noise trading is essential to the existence of liquid markets, and the more noise trades there are, the more liquid the markets will be. ..."
világos... már csak le kell kereskedni oszt... profit!!!... :Đ)
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2.2. Trading range hypothesis
Copeland (1979) argues that firms prefer to keep the prices of their stocks within a certain range. He explains that keeping a certain price range can attract a specific kind of clientele or disperse the ownership of the company. The kind of clientele attracted by the lower prices brought about after a stock split is usually considered to be uninformed or small investors. Baker and Gallagher (1980) make a survey on managements’ views on stock split. The survey reveals that the majority of a firm’s financial officers believe that the stock split is a good device to bring the stock price to an optimal trading range. A lower stock price will attract investors and then enhance the ownership base. Evidence has been found to support this hypothesis. Lamoureux and Poon (1987) find that the daily number of transactions along with the raw trading volume of shares increases following splits. Kryzanowski and Zhang (1996) make use of the trading value to measure small and large traders and find that small traders trade more frequently after stock split and that the trade direction changes significantly from sell to buy. Angel et al. (1997), Desai et al. (1998), and Schultz (2000) also find evidence of changes in trading behavior after stock splits. But why would a company want to attract small or uninformed traders to invest in its stocks? One of the most popular explanations is that the enlarged investor base will increase the liquidity of the stock and thereby reduce the trading cost for the investors. Therefore, the motivation of the managers to split stocks is to enhance liquidity. From the viewpoint of liquidity, the trading range hypothesis is also called “liquidity hypothesis.” Merton (1987) sets up a model of capital market equilibrium with incomplete information. The model indicates that an increase in the relative size of the firm’s investor base will reduce the firm’s cost of capital and increase the market value of the firm. It is also stated that managers have incentives to expand the firm’s investor base. This theory can explain the reaction of stock prices to stock splits. Because lower prices attract small investors to take part in buying or selling stocks after a split, the liquidity of the stock increases. Small traders are also considered as noise traders in contrast to informed traders. Black (1986) states that noise trading is essential to the existence of liquid markets, and the more noise trades there are, the more liquid the markets will be. ..."
világos... már csak le kell kereskedni oszt... profit!!!... :Đ)
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