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https://ptsldigital.ukm.my/jspui/handle/123456789/513681Full metadata record
| DC Field | Value | Language |
|---|---|---|
| dc.contributor.advisor | Othman Yong, Prof. Dr. | |
| dc.contributor.author | Seyed Amir Tabibian (ZP01000) | |
| dc.date.accessioned | 2023-10-16T04:49:42Z | - |
| dc.date.available | 2023-10-16T04:49:42Z | - |
| dc.date.issued | 2017-02-03 | |
| dc.identifier.other | ukmvital:99795 | |
| dc.identifier.uri | https://ptsldigital.ukm.my/jspui/handle/123456789/513681 | - |
| dc.description | The subject of stock splits is still a puzzling and unsolved phenomenon, which attracts the attention of scholars. This study provides evidence of the market reaction to the stock splits as well as managerial motivation for stock splits in Bursa Malaysia, and examines the role of securities regulation as well as firm performance on the market reaction and managerial motivation. It employs event study methodology and multivariate analysis with proper econometric tests and investigates interaction relationships between various control variables. Although the abnormal return and stock liquidity enhancement are significant on announcements of book closing date (Ann-BC), they are insignificant on splits execution date (Ex-date). Compared to the first (2004-2006) and second (2007-2009) period, the zero abnormal return induced on splits circular-day reveals the improvement of market efficiency in the third period (2010-2014). This study unveils a decrease in the stock liquidity in the year following the split Ex-date, however, there is no significant decrease for the sample in the third period. The findings also indicate that both signaling and liquidity hypotheses apply with the sample in the third period, albeit they could not explain managerial motives for the sample in the first period. Nevertheless, the managerial motivation for the whole sample could be explained by the signaling hypothesis. Furthermore, the splitting firms with a high-level MVA in the year prior to the announcement experience no stock liquidity improvement on announcement day, while there is a significant increase in stock liquidity for the whole sample as well as firms with a low-level MVA. Finally, the splitting firms with positive/high MVA significantly experience lower abnormal return than the negative/low MVA on the split announcement.,Ph.D. | |
| dc.language.iso | eng | |
| dc.publisher | UKM, Bangi | |
| dc.relation | Graduate School of Business / Pusat Pengajian Siswazah Perniagaan | |
| dc.rights | UKM | |
| dc.subject | Marketing | |
| dc.subject | Stock splitting | |
| dc.title | An empirical test of stock splits in relation to market effiency, market value added, and financial disclosure regulation | |
| dc.type | Theses | |
| dc.format.pages | 158 | |
| dc.identifier.callno | HG4028.S75T333 2017 tesis | |
| dc.identifier.barcode | 003323(2018) | |
| Appears in Collections: | Graduate School of Business / Pusat Pengajian Siswazah Perniagaan | |
Files in This Item:
| File | Description | Size | Format | |
|---|---|---|---|---|
| ukmvital_99795+SOURCE1+SOURCE1.0.PDF Restricted Access | 1.39 MB | Adobe PDF |  View/Open |
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