KOSDAQ기업의 주식액면분할의 동기에 관한 연구

A Study on the motive of stock splits for KOSDAQ firms

This Study is examine the motive stock splits on daily stock returns and daily trading volume for a sample of 19 stock splits cases from Jan to September 2003 in KOSDAQ of study as follow. First, stocks which are splitted have abnormal exess return. Second, stocks which are high splitted have more abnormal exess return. Third, stock which are splitted in a bull market have abnormal exess return and stocks which are splitted in a bearich market have abnormal exess loss. Fourth, the test on difference in the trading between the period before and ex-date shows that a significant in crease is not found in average trading volume.