Stock Splits and Bond Yields: Isolating the Signaling Hypothesis
研究股票拆分后公司债券收益率利差显著下降，支持拆分传递正面信号的假说，并验证了拆分后盈利预测和实际盈利的改善。
Abstract One explanation offered for stock splits is that the split signals positive information by reducing the stock price range in expectation of improved future prospects. Price declines also lead to changes in stock price dynamics, but related securities are not subject to these other changes and therefore can be used to provide a separate assessment of the markets’ interpretation of the split. We examine corporate bond issues around stock splits and find a significant decline in the bond yield spread following stock splits, supporting the signaling hypothesis. We also confirm improvements in forecasted and realized earnings subsequent to stock splits.