| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29212 |
| 来源ID | Working 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 |
| URL | https://www.nber.org/papers/w29212 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/586885 |
| 推荐引用方式 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. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w29212.pdf（855KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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