دانلود مقاله ISI انگلیسی شماره 42425
ترجمه فارسی عنوان مقاله

یادگیری اجتماعی و اثرات شرکت های هم نظیر

عنوان انگلیسی
Social learning and corporate peer effects ☆
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
42425 2015 17 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Financial Economics, Volume 117, Issue 3, September 2015, Pages 653–669

ترجمه کلمات کلیدی
تجزیه سهام - یادگیری اجتماعی
کلمات کلیدی انگلیسی
G19; G39Peer effect; Stock splits; Social learning
پیش نمایش مقاله
پیش نمایش مقاله  یادگیری اجتماعی و اثرات شرکت های هم نظیر

چکیده انگلیسی

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.