Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/23022
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dc.contributor.authorChemmanur, TJen_US
dc.contributor.authorHu, Gen_US
dc.contributor.authorHuang, Jen_US
dc.date.accessioned2015-10-13T08:27:34Z-
dc.date.available2015-10-13T08:27:34Z-
dc.date.issued2015-
dc.identifier.citationJournal of financial and quantitative analysis, 2015, v. 50, no. 3, p. 413-445en_US
dc.identifier.issn0022-1090-
dc.identifier.urihttp://hdl.handle.net/10397/23022-
dc.description.abstractWe make use of a large sample of transaction-level institutional trading data to test an extended version of Brennan and Hughes' (1991) information production theory of stock splits. We compare brokerage commissions paid by institutional investors before and after a split, assess the private information held by them, and relate the informativeness of their trading to brokerage commissions paid. We show that institutions make abnormal profits net of brokerage commissions by trading in splitting stocks. We also show that the information asymmetry faced by firms goes down after stock splits. Overall, our empirical results support the information production theory.en_US
dc.description.sponsorshipSchool of Accounting and Financeen_US
dc.language.isoenen_US
dc.publisherCambridge University Pressen_US
dc.relation.ispartofJournal of financial and quantitative analysisen_US
dc.titleInstitutional Investors and the Information Production Theory of Stock Splitsen_US
dc.typeJournal/Magazine Articleen_US
dc.identifier.spage413-
dc.identifier.epage445-
dc.identifier.volume50-
dc.identifier.issue3-
dc.identifier.doi10.1017/S0022109015000162-
dc.identifier.scopus2-s2.0-84939254667-
dc.identifier.eissn1756-6916-
dc.identifier.rosgroupid2014003208-
dc.description.ros2014-2015 > Academic research: refereed > Publication in refereed journal-
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