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Analysis of motives and trends in stock splits in the Spanish stock market: do stock splits improve liquidity?

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dc.contributor.author Bernadas Sigüenza, Joan
dc.contributor.author Cantera Ruiz, Víctor
dc.contributor.author Gardinetti Salazar, Alessandro
dc.contributor.author Sánchez Rico, Óscar
dc.date.accessioned 2021-11-11T13:48:53Z
dc.date.available 2021-11-11T13:48:53Z
dc.date.issued 2021
dc.identifier.uri http://hdl.handle.net/10230/48956
dc.description Treball de Fi de Grau en Estudis Internacionals d'Economia i Empresa. Curs 2020-2021
dc.description Tutor: Xavier Freixas Dargallo
dc.description.abstract Stock splits represent corporate cosmetic events which should theoretically not alter the fundamentals of a company. However, extensive literature analyses the effects of stock splits on publicly traded companies’ capitalization, liquidity and ownership structure. Applying the methodology used by academic experts studying the NYSE and NASDAQ stock exchange markets, we analyze a sample of Spanish companies which undertook a split between 2001 and 2018. Our aim is to examine the effects that stock split events generate on the liquidity of publicly traded Spanish companies and compare the results with previous literature. Using as a proxy of liquidity the percentage bid-ask spread, our findings suggest that stock splits damage the liquidity of the security traded.
dc.format.mimetype application/pdf
dc.language.iso eng
dc.rights © Tots els drets reservats
dc.subject.other Treball de fi de grau – Curs 2020-2021
dc.title Analysis of motives and trends in stock splits in the Spanish stock market: do stock splits improve liquidity?
dc.type info:eu-repo/semantics/bachelorThesis
dc.subject.keyword Stock splits
dc.subject.keyword Liquidity
dc.subject.keyword Bid-ask
dc.subject.keyword Corporate governance
dc.rights.accessRights info:eu-repo/semantics/openAccess


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