Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/75780
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dc.contributorSchool of Accounting and Financeen_US
dc.creatorChan, KNen_US
dc.creatorLi, Fen_US
dc.creatorLin, JCen_US
dc.creatorLin, TCen_US
dc.date.accessioned2018-05-10T02:54:36Z-
dc.date.available2018-05-10T02:54:36Z-
dc.identifier.issn0929-1199en_US
dc.identifier.issn0929-1199-
dc.identifier.urihttp://hdl.handle.net/10397/75780-
dc.language.isoenen_US
dc.publisherElsevieren_US
dc.rights© 2017 Elsevier B.V. All rights reserved.en_US
dc.rights© 2017. This manuscript version is made available under the CC-BY-NC-ND 4.0 license https://creativecommons.org/licenses/by-nc-nd/4.0/en_US
dc.rightsThe following publication Chan, K., Li, F., Lin, J. C., & Lin, T. C. (2017). What do stock price levels tell us about the firms?. Journal of corporate finance, 46, 34-50 is available at https://doi.org/10.1016/j.jcorpfin.2017.06.013.en_US
dc.subjectStock price levelen_US
dc.subjectPrice informativenessen_US
dc.subjectO/Sen_US
dc.subjectFuture earningsen_US
dc.subjectStock splitsen_US
dc.titleWhat do stock price levels tell us about the firms?en_US
dc.typeJournal/Magazine Articleen_US
dc.identifier.spage34en_US
dc.identifier.epage50en_US
dc.identifier.volume46en_US
dc.identifier.doi10.1016/j.jcorpfin.2017.06.013en_US
dcterms.abstractWe 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.en_US
dcterms.accessRightsopen accessen_US
dcterms.bibliographicCitationJournal of corporate finance, Oct. 2017, v. 46, p. 34-50en_US
dcterms.isPartOfJournal of corporate financeen_US
dcterms.issued2017-10-
dc.identifier.isiWOS:000413284700003-
dc.identifier.eissn1872-6313en_US
dc.identifier.eissn1872-6313-
dc.description.validate201805 bcrcen_US
dc.description.oaAccepted Manuscripten_US
dc.identifier.FolderNumberAF-0144-
dc.description.fundingSourceOthersen_US
dc.description.fundingTextNational Science Council, Taiwan (NSC 101-2410-H-004-085).en_US
dc.description.pubStatusPublisheden_US
dc.identifier.OPUS6757181-
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