یادگیری اجتماعی و اثرات شرکت های هم نظیر
|کد مقاله||سال انتشار||مقاله انگلیسی||ترجمه فارسی||تعداد کلمات|
|42425||2015||17 صفحه PDF||سفارش دهید||14940 کلمه|
Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)
Journal : Journal of Financial Economics, Volume 117, Issue 3, September 2015, Pages 653–669
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.