Stock Splits: Tests of the Earnings Signaling and Attention Directing Hypotheses Using Analyst Forecasts and Revisions
The major findings of this study are: (1) earnings performance of splitting firms is favorable relative to preevent longterm analyst (Value Line) forecasts; (2) analysts significantly revise earnings forecasts upward in response to stock split announcements; and (3) in the case of stock split announ...
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| Veröffentlicht in: | Journal of accounting, auditing & finance auditing & finance, 1994-07, Vol.9 (3), p.411-422 |
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| Sprache: | eng |
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| container_end_page | 422 |
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| container_issue | 3 |
| container_start_page | 411 |
| container_title | Journal of accounting, auditing & finance |
| container_volume | 9 |
| creator | Doran, David T. |
| description | The major findings of this study are: (1) earnings performance of splitting firms is favorable relative to preevent longterm analyst (Value Line) forecasts; (2) analysts significantly revise earnings forecasts upward in response to stock split announcements; and (3) in the case of stock split announcing firms, there is a high correlation between future earnings performance and analyst forecast revision.
These findings indicate that stock split announcements convey “permanent” earnings information to the market, and security analysts scrutinize the earnings signal at the firm specific level. The results support both the earnings signaling hypothesis and the attention directing hypothesis concerning stock split events. |
| doi_str_mv | 10.1177/0148558X9400900302 |
| format | Article |
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| fulltext | fulltext |
| identifier | ISSN: 0148-558X |
| ispartof | Journal of accounting, auditing & finance, 1994-07, Vol.9 (3), p.411-422 |
| issn | 0148-558X 2160-4061 |
| language | eng |
| recordid | cdi_crossref_primary_10_1177_0148558X9400900302 |
| source | Business Source Complete; SAGE Complete A-Z List |
| title | Stock Splits: Tests of the Earnings Signaling and Attention Directing Hypotheses Using Analyst Forecasts and Revisions |
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