An analysis of changes in liquidity around share splits

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dc.contributor.advisorUliana, Enricoen_ZA
dc.contributor.authorSmith, Brian Ashleyen_ZA
dc.date.accessioned2016-03-07T04:13:18Z
dc.date.available2016-03-07T04:13:18Z
dc.date.issued1997en_ZA
dc.descriptionBibliography: pages [91]-95.en_ZA
dc.description.abstractSurveys of U.S. market participants reveal a belief that liquidity improves following a share split. Contrary to this, empirical studies on U.S. markets generally conclude that liquidity worsens. These contradictory views have as yet not been reconciled. Furthermore, there is little evidence as to the charge of liquidity on the Johannesburg Stock Exchange ("the JSE"). The primary objective of this study is to understand how liquidity, as measured by trading volumes, changes around a share split on the JSE. The study also seeks to gain a more precise understanding of the nature of any change in liquidity in order that it may be related to the effect that a split has on volatility and returns. Twenty-three share splits were selected from the period between December 1990 and June 1996. These splits were screened to ensure that no contemporaneous events were present which may have influenced the results. Five study periods were then defined around each split.en_ZA
dc.identifier.apacitationSmith, B. A. (1997). <i>An analysis of changes in liquidity around share splits</i>. (Thesis). University of Cape Town ,Faculty of Commerce ,College of Accounting. Retrieved from http://hdl.handle.net/11427/17535en_ZA
dc.identifier.chicagocitationSmith, Brian Ashley. <i>"An analysis of changes in liquidity around share splits."</i> Thesis., University of Cape Town ,Faculty of Commerce ,College of Accounting, 1997. http://hdl.handle.net/11427/17535en_ZA
dc.identifier.citationSmith, B. 1997. An analysis of changes in liquidity around share splits. University of Cape Town.en_ZA
dc.identifier.ris TY - Thesis / Dissertation AU - Smith, Brian Ashley AB - Surveys of U.S. market participants reveal a belief that liquidity improves following a share split. Contrary to this, empirical studies on U.S. markets generally conclude that liquidity worsens. These contradictory views have as yet not been reconciled. Furthermore, there is little evidence as to the charge of liquidity on the Johannesburg Stock Exchange ("the JSE"). The primary objective of this study is to understand how liquidity, as measured by trading volumes, changes around a share split on the JSE. The study also seeks to gain a more precise understanding of the nature of any change in liquidity in order that it may be related to the effect that a split has on volatility and returns. Twenty-three share splits were selected from the period between December 1990 and June 1996. These splits were screened to ensure that no contemporaneous events were present which may have influenced the results. Five study periods were then defined around each split. DA - 1997 DB - OpenUCT DP - University of Cape Town LK - https://open.uct.ac.za PB - University of Cape Town PY - 1997 T1 - An analysis of changes in liquidity around share splits TI - An analysis of changes in liquidity around share splits UR - http://hdl.handle.net/11427/17535 ER - en_ZA
dc.identifier.urihttp://hdl.handle.net/11427/17535
dc.identifier.vancouvercitationSmith BA. An analysis of changes in liquidity around share splits. [Thesis]. University of Cape Town ,Faculty of Commerce ,College of Accounting, 1997 [cited yyyy month dd]. Available from: http://hdl.handle.net/11427/17535en_ZA
dc.language.isoengen_ZA
dc.publisher.departmentCollege of Accountingen_ZA
dc.publisher.facultyFaculty of Commerceen_ZA
dc.publisher.institutionUniversity of Cape Town
dc.subject.otherAccountingen_ZA
dc.titleAn analysis of changes in liquidity around share splitsen_ZA
dc.typeMaster Thesis
dc.type.qualificationlevelMasters
dc.type.qualificationnameMComen_ZA
uct.type.filetypeText
uct.type.filetypeImage
uct.type.publicationResearchen_ZA
uct.type.resourceThesisen_ZA
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