Evaluating the information content of stock dividend announcements: The case of Companies quoted at the Nairobi stock Exchange

Abstract

Despite their longevity, splits have long puzzled finance theorists. After all, splits are at one level only cosmetic change, slicing the same pie into smaller pieces but not changing an investors fractional ownership of the equity interest and votes in the Company. In this paper, i examine the impact of stock dividend announcement on share price of companies....