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Cited by 406

The DOI matches its Crossref record; 21 of the 21 references it cites were found in a registry or an index.

What Do Stock Splits Really Signal?

Ikenberry, David L., Rankine, Graeme, Stice, Earl K.·1996·The Journal of Financial and Quantitative Analysis
DOI 10.2307/2331396
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Abstract

We observe significant post-split excess returns of 7.93 percent in the first year and 12.15 percent in the first three years for a sample of 1, 275 two-for-one stock splits. These excess returns follow an announcement return of 3.38 percent, indicating that the market underreacts to split announcements. The evidence suggests that splits realign prices to a lower trading range, but managers self-select by conditioning the decision to split on expected future performance. Presplit runup and post-split excess returns are inversely related, indicating that our results are not caused by momentum.

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Metadata

Authors
Ikenberry, D. L., Rankine, G., & Stice, E. K.
Venue
The Journal of Financial and Quantitative Analysis
Publisher
JSTOR
Published
1996-09
Volume
31
Issue
3
Pages
357
ISSN
0022-1090 (ISSN-L)
DOI
10.2307/2331396
OpenAlex
W2168591193
Cited by
406
References
21
FWCI
15.53
Type
journal article
Language
en
Open access
closed

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CoChat. (2026). Citation check: What Do Stock Splits Really Signal? https://app.cochat.ai/papers/10.2307/2331396
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Ikenberry, D. L., Rankine, G., & Stice, E. K. (1996). What Do Stock Splits Really Signal? The Journal of Financial and Quantitative Analysis. https://doi.org/10.2307/2331396

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.