THE IMPACT OF STOCK SPLIT ANNOUNCEMENTS ON STOCK PRICE: A TEST OF MARKET EFFICIENCY

The purpose of this study is to test whether the investor can make an above normal return by relying on public information impounded in a stock split announcement. Using risk adjusted event study methodology, this study tests how and when public announcements of forward and reverse stock splits affect stock price. Stock split announcement samples include 38 two for one, 39 three for two, and 10 reverse splits. A total o f 36,714 observations for the announcement samples and the corresponding S&P 500 stock index were analyzed using standard risk adjusted event study methodology. Results suggest that the firms\u27 public stock split announcements did not affect stock price on the announcement day. Rather, for the two for one and three for two forward split samples, stock price exhibited a significant positive reaction up to 27 days prior to the announcement. For the reverse split sample, stock price exhibited a significant negative reaction up to 30 days prior to the announcement. Results support the semi-strong form efficient market hypothesis since stock prices adjust so fast to public information that no investor can earn an above normal return by trading on the announcement day. Investors greet forward stock split announcement with a positive sign, whereas they view reverse splits as bad news. Management may be using stock splits to adjust stock price to a more marketable range, downward with forward and upward for reverse splits. Evidence here suggests signs of insider trading activity up to twenty-seven days prior to the announcement of the stock split

La gestión del conocimiento en la Universidad Politécnica de Madrid

Based on the uniqueness of its origin and creation, the Polytechnic University of Madrid has developed procedures to identify, manage and share the intellectual assets of its members. The main goal is to exploit its knowledge resources to reach a better position in an increasingly competitive context, with the expectation of attracting good students, getting greater research resources and achieving a higher international standing. This article describes the main activities and achievements that have been developed along different points of view. First, we have to consider the educational resources such as: efforts to improve the integration of new students, the development of generic skills or the implementation of virtual and remote laboratories accessible through the Internet. Second, there are those related to the management of spaces and organizational structures such as: the creation of Educational Innovation Teams or the development of innovation policies. Third, we present the information systems such as: the DataWare- House or the data collected from the application of questionnaires to the staff or the students. Finally and especially, we can’t forget the people as an irreplaceable element in the process of knowledge management. We have tried to maintain a comprehensive approach combining the ability to manage information and resources with the ability of humans to create and innovate.Partiendo de una situación singular en lo referente a su origen y creación, la Universidad Politécnica de Madrid ha desarrollado procedimientos para identificar, ordenar y compartir los activos intelectuales de sus miembros con el fin de explotar sus recursos de conocimiento y competir en un entorno universitario cada vez más competitivo en la captación de buenos estudiantes, recursos de investigación y posición internacional. En este artículo se describen las principales actuaciones y logros que se han desarrollado desde el punto de vista de los recursos educativos (integración de los nuevos estudiantes, desarrollo de competencias genéricas, plataformas experimentales a través de la red y recursos en abierto), espacios y estructura organizativa (Grupos de Innovación Educativa y políticas asociadas), sistemas de información (DataWareHouse y estudios basados en cuestionarios) y especialmente las personas como elemento insustituible en el proceso de gestión del conocimiento. Todo ello con un planteamiento integral que busca la combinación sinérgica de la capacidad de gestión de la información y recursos con la capacidad creativa e innovadora de los seres humanos