This study examines the impact of stock splits on stock liquidity in Bursa Malaysia from 2004–2018. The study uses event study methodology and investigates liquidity changes, the role of liquidity, and the relationship between abnormal returns and liquidity as well. We found a significant liquidity improvement on the splits announcement, announcement of book closing date and split execution date (Ex-date), while it declined after the split Ex-date. The findings also indicate that firms with a low-level liquidity prior to split announcements experienced an increase in liquidity after Ex-date. Using panel data analysis, we find that the fixed effect model is more appropriate than the pooled OLS, and the abnormal announcement returns are driven by stock liquidity.

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The purpose of this study is to investigate the impact of global financial crisis on firm performance, financial decision and corporate governance of the Indonesian listed firms. The financial data are retrieved from Reuters Data stream and annual reports for 212 firms over the period 2003-2013. Hence, the data is a balanced panel data with 2332 observations. The impacts of the financial crises on the research variables are tested using a special two-way cell-means (ANOVA) model of each of the research variables by Time-Period, and Sectors. The factor Time-Period (TP) has three levels, namely before, during and after crises, respectively and the factor Sector has two levels; Manufacturing and Service sectors respectively. The findings of cell-mean parameter show that market performance (TOBINS_Q) is lower during crisis period compared to before and after crisis period, indicating the mean parameters are significantly greater than its mean during the crisis period for both sectors. Meanwhile, accounting performance (ROA) appears to have lower mean parameter during crisis period compared to after crisis. However, based on the coefficient of firm performance, the impact of financial crisis is more on the market performance and less on the accounting performance. The findings also show that investment is lower during crisis period compared to before and after crisis period, while leverage is lower during crisis compared to before crisis period for both sectors. Interestingly, the results show that financial crisis had no impact on dividend per share, while free cash flow and corporate governance are less impacted by the financial crisis. This study extends the current understanding of firm performance, financial decision and corporate governance by providing new empirical evidence of the impact of financial crisis by sector.

This study explores the behaviour of initial public offerings (IPOs) investors in the immediate aftermarket. Specifically, this study investigates the role of investors’ heterogeneity of opinion and IPO initial return in determining their flipping activities in Malaysia. The results from the first model show that both IPO initial return and heterogeneity of opinion have a significant positive effect on flipping activities. Furthermore, the effect of heterogeneity of opinion is more pronounced than IPO initial return, which drives us to conclude that the former is the main explanatory variable of investors’ flipping activities in the immediate first-day aftermarket. The results of the second model show that most flipping activities happen when the price range is at its highest level in the secondary market. Finally, the study concludes that investors’ flipping activities in the Malaysian IPO market are driven by quick and riskless capital gains.