The effects of stock splits on stock liquidity
| Project/Area Number |
15K17097
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| Research Category |
Grant-in-Aid for Young Scientists (B)
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| Allocation Type | Multi-year Fund |
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| Research Field |
Money/ Finance
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| Research Institution | Fukuyama University |
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Principal Investigator |
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| Project Period (FY) |
2015-04-01 – 2019-03-31
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| Project Status |
Completed (Fiscal Year 2018)
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| Budget Amount *help |
¥2,600,000 (Direct Cost: ¥2,000,000、Indirect Cost: ¥600,000)
Fiscal Year 2017: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2016: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2015: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
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| Keywords | 株式分割 / 市場流動性 / 証券市場の活性化政策 / 流動性 / 個人投資家 / 売買単位の集約 / 市場活性化政策 / 投資家行動 |
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| Outline of Final Research Achievements |
On April 2014, the trading unit of listed stocks was consolidated to 100 shares. Stock splits became the only way to reduce the minimum purchase price and more strategic importance for listed companies. In this research, we demonstrated the improving liquidity of the stock split. As a result, we found that the stock splits increased the activation of orders, the traded volume, and the turnover and decreased the bid-ask spread, and the reverse selection costs. In addition, the stock splits increased the number of total shareholders and the individual shareholders, and the share of individual shareholders. On the basis of these results, the listed companies have succeeded in improving the liquidity of stocks and further broaden the investor base, which is the main purpose of the stock split for them.
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| Academic Significance and Societal Importance of the Research Achievements |
株式分割実施企業が株式分割の実施を発表する場合、「当社株式の流動性の向上と投資家層の更なる拡大を図ることを目的とする」との記載されることが多い。本研究ではその実現を明らかにしており、今後株式分割を実施する企業の指針のひとつとなる成果が得られている。また、逆選択コストの減少により、最低購入金額の低下だけでなく、暗黙的な取引コストも減少していることを明らかにしており、株式分割が個人投資家への好影響も明らかにしている。
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Report
(5 results)
Research Products
(8 results)
