Number of shareholders and stock prices: Evidence from Japan

Yakov Amihud, Haim Mendelson, Jun Uno

研究成果: Article査読

100 被引用数 (Scopus)

抄録

Merton (1987) proposes that an increase in a firm's investor base increases the firm's value. In Japan, companies can reduce their stock's minimum trading unit -the number of shares in a "round lot" - which facilitates trading in the stock by small investors. We find that a reduction in the minimum trading unit greatly increases a firm's base of individual investors and its stock liquidity, and is associated with a significant increase in the stock price. Further, the stock price appreciation is positively related to an increase in the number of shareholders.

本文言語English
ページ(範囲)1169-1184
ページ数16
ジャーナルJournal of Finance
54
3
DOI
出版ステータスPublished - 1999 6月
外部発表はい

ASJC Scopus subject areas

  • 会計
  • 財務
  • 経済学、計量経済学

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