Share Split and Market Performance - Case of Polish Stock Exchange

Inhaltsverzeichnis (Table of Contents)

• Abstract
• Table of Contents
• Introduction
• Share splits hypothesis
• Hypothesis about signaling good perspectives
• Hypothesis of attracting investors
• Hypothesis of optimal price range
• Hypothesis of increase in liquidity
• Hypothesis of split as a marketing tool
• Analysis of share splits in Poland
• Methodology
• Zero order models
• First order models
• Shifts and Pulses
• Share splits on Warsaw Stock Exchange – estimation results
• Conclusions
• References
• APPENDIX

Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)

This paper examines the influence of share splits on share performance and investor behavior on the Polish stock exchange. The research aims to identify how share splits impact security prices and trading volumes, and to understand how Polish investors react to these events.

• Impact of share splits on share performance
• Investor behavior in response to share splits
• Comparison of Polish stock exchange to other markets
• The role of share splits in price correction
• The effectiveness of the Polish stock market

Zusammenfassung der Kapitel (Chapter Summaries)

• Introduction: This chapter introduces the concept of share splits and their historical context. It discusses the rational basis for splits and explores the key questions surrounding their purpose. The chapter also provides a historical overview of share splits, highlighting different periods of time and their associated hypotheses.
• Share splits hypothesis: This chapter examines various hypotheses about the reasons behind share splits. It focuses on the signaling hypothesis, the hypothesis of attracting investors, the optimal price range hypothesis, the liquidity hypothesis, and the marketing hypothesis. The chapter presents both supporting and challenging evidence for each hypothesis from various studies.

Schlüsselwörter (Keywords)

This paper focuses on share splits, their impact on share performance, and investor behavior. Key concepts include intervention analysis, modified CAPM, stock market efficiency, investor reaction, and price correction. The research explores the Polish stock exchange as a case study, comparing its dynamics to more developed markets.