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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/113711
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/113711

    Title: What do Stock Price Levels Tell us about The Firms?
    Authors: 湛可南
    Chan, Konan
    Li, Fengfei
    Lin, Ji-Chai
    Lin, Tse-Chun
    Contributors: 財管系
    Keywords: Stock price level;Price informativeness;O/S;Future earnings;Stock splits
    Date: 2017-10
    Issue Date: 2017-10-17 15:51:11 (UTC+8)
    Abstract: We hypothesize that high stock price levels impede informed trading on the stocks and reduce price informativeness. This is because uninformed trading is needed to facilitate informed trading, and high stock prices may impose budget constraints on uninformed investors. Indeed, we find, for high-price firms, (i) options to stock trading volume (O/S), an informed trading measure in options market, is higher, (ii) price informativeness about future earnings is lower, and (iii) investment sensitivity to price is lower. We also find these patterns reverse after stock splits, suggesting that firms can use splits to improve informed trading and enhance price informativeness.
    Relation: Journal of Corporate Finance, Vol.46, pp.34-50
    Data Type: article
    DOI 連結: https://doi.org/10.1016/j.jcorpfin.2017.06.013
    DOI: 10.1016/j.jcorpfin.2017.06.013
    Appears in Collections:[財務管理學系] 期刊論文

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