Valuation effects of Canadian stock split announcements

Lawrence Kryzanowski and Hao Zhang

Economics Letters, 1991, vol. 36, issue 3, 317-322

Abstract: The abnormal returns for two types of announcement dates are examined for a large sample of stock splits on the Toronto Stock Exchange (TSE). The mean abnormal return is positive and statistically significant for the split proposal announcement date, and positive and not statistically significant for the split approval date. These findings are not only consistent with those found for stock splits in the United States [Grinblatt, Masulis and Titman (1984)], but are also robust to various thin-trading autocorrelation and heteroscedasticity adjustments, and the exclusion of splitting stocks which are interlisted on non-Canadian stock markets.

Date: 1991
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:36:y:1991:i:3:p:317-322

DOI: 10.1016/0165-1765(91)90040-R

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