caa a22 4500 445316373 CHVBK 20180317142648.0 cr unu---uuuuu 170323e20111101xx s 000 0 eng 10.1007/s11146-009-9222-y doi (NATIONALLICENCE)springer-10.1007/s11146-009-9222-y REIT Stock Splits and Liquidity Changes [Elektronische Daten] [Gow-Cheng Huang, Kartono Liano, Ming-Shiun Pan] This study examines the motive of stock splits made by REITs. We find that REIT liquidity increases after the split announcement. However, the increase in liquidity is limited to days around the split announcement. After the ex-date, the liquidity tends to revert back to the pre-split level. We find that the positive market reaction around the announcement date is positively related to the change in short-term liquidity but not to the change in long-term liquidity. The announcement effect is also not correlated with future changes in operating performance. Overall, our results suggest that REITs split their share to attract investors' attention rather than to signal or to improve trading liquidity in the long run. Springer Science+Business Media, LLC, 2009 REIT stock split nationallicence Liquidity nationallicence Attention-grabbing nationallicence Signaling nationallicence Huang Gow-Cheng Department of Accounting and Finance, Alabama State University, 36101, Montgomery, AL, USA aut Liano Kartono Department of Finance and Economics, Mississippi State University, 39762, Mississippi State, MS, USA aut Pan Ming-Shiun Department of Finance and Supply Chain Management, Shippensburg University, 17257, Shippensburg, PA, USA aut The Journal of Real Estate Finance and Economics Springer US; http://www.springer-ny.com 43/4(2011-11-01), 527-547 0895-5638 43:4<527 2011 43 11146 https://doi.org/10.1007/s11146-009-9222-y text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s11146-009-9222-y text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Huang Gow-Cheng Department of Accounting and Finance, Alabama State University, 36101, Montgomery, AL, USA aut NATIONALLICENCE 700 1- Liano Kartono Department of Finance and Economics, Mississippi State University, 39762, Mississippi State, MS, USA aut NATIONALLICENCE 700 1- Pan Ming-Shiun Department of Finance and Supply Chain Management, Shippensburg University, 17257, Shippensburg, PA, USA aut NATIONALLICENCE 773 0- The Journal of Real Estate Finance and Economics Springer US; http://www.springer-ny.com 43/4(2011-11-01), 527-547 0895-5638 43:4<527 2011 43 11146 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer