Why do firms manage their stock price levels?

被引：3

作者：

Amini, Shima ^{[1
]}

Buchner, Axel ^{[2
]}

Cai, Charlie X. ^{[3
]}

Mohamed, Abdulkadir ^{[1
]}

机构：

[1] Univ Leeds, Leeds Univ Business Sch, Leeds LS2 9JT, W Yorkshire, England

[2] Univ Passau, Dept Business & Econ, D-94030 Passau, Germany

[3] Univ Liverpool, Management Sch, Liverpool L69 3BX, Merseyside, England

来源：

JOURNAL OF INTERNATIONAL FINANCIAL MARKETS INSTITUTIONS & MONEY | 2020年 / 67卷

关键词：

Institutional ownership; Share price puzzle; IPO; Stock split; Norm hypothesis; Catering hypothesis; INSTITUTIONAL INVESTORS; CROSS-SECTION; TICK SIZE; IMPACT; PERFORMANCE; OWNERSHIP; SPLITS; MICROSTRUCTURE; ILLIQUIDITY; RETURNS;

D O I：

10.1016/j.intfin.2020.101220

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Building on the catering hypothesis and institutional investor preference literature, we propose a generalized catering hypothesis that managers cater their share price level to different types of investor (individual vs institutional) in order to attract them, conditional on the firm's preferences as to ownership mix. We show that an institutional ownership premium provides strong explanatory power to the change in share price norm. This evidence supports our hypothesis that managers cater their share price level to the preference of institutional investors, but only when there is substantial benefit in doing so. Further tests reveal that the premium is higher for long term than for short term investors. (C) 2020 Elsevier B.V. All rights reserved.

引用

页数：14

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