标题： 关于谁对股票分割感兴趣以及原因的研究：考虑公司、股东或管理者 显示英文标题

标题： A study about who is interested in stock splitting and why: considering companies, shareholders or managers

摘要： 围绕股票价格、股票分割、股东、投资者和管理层对这些信息的行为存在许多误解，这是由于许多混淆因素造成的。 本文通过一个选定的数据库检验假设，探讨问题“股票分割对公司有吸引力吗？” 换句话说，“为什么公司要分割股票？”、“为什么管理者要分割股票？”有时是没有好处的，以及“为什么股东会同意这样的决定？”。 我们通过讨论近年来（有选择地）九个事件，为现有的知识做出贡献，观察信息不对称的作用，以及事件前后收益和交易量的变化。 因此，计算每个样本的β值，发现股票分割（i）在短期内影响市场并略微提高交易量，（ii）增加了公司的股东基础，（iii）对市场的流动性有积极影响。 我们同意股票分割公告可以降低信息不对称的水平。 投资者重新调整他们对公司信念，尽管大多数公司在股票分割年度被错误定价。 显示英文摘要

摘要： There are many misconceptions around stock prices, stock splits, shareholders, investors, and managers behaviour about such informations due to a number of confounding factors. This paper tests hypotheses with a selected database, about the question ''is stock split attractive for companies?'' in another words, ''why companies split their stock?'', ''why managers split their stock?'', sometimes for no benefit, and ''why shareholders agree with such decisions?''. We contribute to the existing knowledge through a discussion of nine events in recent (selectively chosen) years, observing the role of information asymmetries, the returns and traded volumes before and after the event. Therefore, calculating the beta for each sample, it is found that stock splits (i) affect the market and slightly enhance the trading volume in a short-term, (ii) increase the shareholder base for its firm, (iii) have a positive effect on the liquidity of the market. We concur that stock split announcements can reduce the level of information asymmetric. Investors readjust their beliefs in the firm, although most of the firms are mispriced in the stock split year.