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The effects of stock splits on stock liquidity

Research Project

Project/Area Number 15K17097
Research Category

Grant-in-Aid for Young Scientists (B)

Allocation TypeMulti-year Fund
Research Field Money/ Finance
Research InstitutionFukuyama University

Principal Investigator

KOHSAKA Youki  福山大学, 経済学部, 講師 (60632817)

Project Period (FY) 2015-04-01 – 2019-03-31
Project Status Completed (Fiscal Year 2018)
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)
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
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.

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。

Report

(5 results)
  • 2018 Annual Research Report   Final Research Report ( PDF )
  • 2017 Research-status Report
  • 2016 Research-status Report
  • 2015 Research-status Report
  • Research Products

    (8 results)

All 2019 2017 2016 Other

All Presentation (5 results) Book (1 results) Remarks (2 results)

  • [Presentation] 株式分割の流動性改善効果2017

    • Author(s)
      高阪勇毅
    • Organizer
      日本ファイナンス学会
    • Place of Presentation
      千葉工業大学 津田沼キャンパス
    • Year and Date
      2017-06-03
    • Related Report
      2016 Research-status Report
  • [Presentation] 株式分割の流動性改善効果2017

    • Author(s)
      高阪勇毅
    • Organizer
      日本ファイナンス学会第25回大会
    • Related Report
      2017 Research-status Report
  • [Presentation] 株式分割の個人投資家への影響2017

    • Author(s)
      高阪勇毅
    • Organizer
      TKU現代ファイナンス研究センター第37回 研究会
    • Related Report
      2017 Research-status Report
  • [Presentation] 株式分割実施による取引活動、スプレッド、株主構成への効果2017

    • Author(s)
      高阪勇毅
    • Organizer
      大阪大学 数理・データ科学セミナー 金融・保険セミナー 第86回
    • Related Report
      2017 Research-status Report
  • [Presentation] 株式分割と株式併合が流動性に与える影響2016

    • Author(s)
      高阪勇毅
    • Organizer
      Monetary Economics Workshop
    • Place of Presentation
      龍谷大学 深草キャンパス
    • Year and Date
      2016-07-23
    • Related Report
      2016 Research-status Report
  • [Book] 今日から使える行動経済学2019

    • Author(s)
      山根承子、黒川博文、佐々木周作、高阪勇毅
    • Total Pages
      224
    • Publisher
      ナツメ社
    • ISBN
      4816366105
    • Related Report
      2018 Annual Research Report
  • [Remarks] Youki Kohsaka

    • URL

      http://youkikohsaka.wordpress.com/

    • Related Report
      2018 Annual Research Report 2017 Research-status Report
  • [Remarks] Youki Kohsaka

    • URL

      https://youkikohsaka.wordpress.com/

    • Related Report
      2016 Research-status Report

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Published: 2015-04-16   Modified: 2020-03-30  

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