Date of Award

Spring 5-5-2023

Document Type


Degree Name

Master of Arts (MA)



First Advisor

Partha Deb

Second Advisor

Karna Basu

Academic Program Adviser

Karna Basu


We find that a company’s decision to execute a stock split is affected by the number of stock splits carried out by its peers. Through the use of a broad peer group construction methodology, we also reveal the presence of asymmetric effects with regard to companies of different market capitalization size. In the periods of 1983–1996 and 1997–2009 we find that firms are more likely to split their stock if more of their peers have recently done so. However, in the period of 2010–2019 we see that the opposite is true. These results provide further evidence on social learning from peers’ actions.



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