Social learning and corporate peer effects

被引:294
作者
Kaustia, Markku [1 ]
Rantala, Ville [1 ]
机构
[1] Aalto Univ, Sch Business, Dept Finance, FI-00076 Aalto, Finland
关键词
Peer effect; Stock splits; Social learning; SHARE PRICE PUZZLE; STOCK SPLITS; SECURITY ANALYSTS; EARNINGS FORECASTS; CAREER CONCERNS; PARTICIPATION; COMPENSATION; PERFORMANCE; RETURNS; OTHERS;
D O I
10.1016/j.jfineco.2015.06.006
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
We find that firms are more likely to split their stock if their peer firms have recently done so. The effect is comparable to an increase of 40-50% in the share price. Splitting probability is also increasing in the announcement returns of peer splits. These results are consistent with social learning from peers' actions and outcomes. The unique features of the setting and various further tests render alternative explanations unlikely. We find no clear benefit in following successful peer splitters. Firms are sometimes suspected to succumb to imitation, and the effect we show could be a case in point. (C) 2015 Elsevier B.V. All rights reserved.
引用
收藏
页码:653 / 669
页数:17
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