G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w29212
来源IDWorking Paper 29212
Corporate Actions and the Manipulation of Retail Investors in China: An Analysis of Stock Splits
Sheridan Titman; Chishen Wei. Wei; Bin Zhao
发表日期2021-09-06
出版年2021
语种英语
摘要We identify a group of “suspicious” firms that use stock splits—perhaps, along with other activities—to artificially inflate their share prices. Following the initiation of suspicious splits, share prices temporarily increase, and subsequently decline below their pre-split levels. Using account level data from the Shanghai Stock Exchange, we find that small retail investors acquire shares in firms initiating suspicious splits, while more sophisticated investors accumulate positions before suspicious split announcements and sell in the post-split period. We also find that insiders sell large blocks of shares and obtain loans using company stock as collateral around the initiation of suspicious splits.
主题Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets
URLhttps://www.nber.org/papers/w29212
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/586885
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GB/T 7714
Sheridan Titman,Chishen Wei. Wei,Bin Zhao. Corporate Actions and the Manipulation of Retail Investors in China: An Analysis of Stock Splits. 2021.
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