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<title>Stock split</title>

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</style><table class="sidebar nomobile nowraplinks plainlist"><tbody><tr><td class="sidebar-pretitle">Part of a series on</td></tr><tr><th class="sidebar-title-with-pretitle"><a href="Financial_market" title="Financial market">Financial markets</a></th></tr><tr><td class="sidebar-image"><span class="notpageimage" typeof="mw:File"></span></td></tr><tr><td class="sidebar-above" style="padding-bottom:0.7em;">

<ul><li><a href="Market_(economics)" title="Market (economics)">Public market</a></li>

<li><a href="Exchange_(organized_market)" title="Exchange (organized market)">Exchange</a> <b>·</b> <a href="Security_(finance)" title="Security (finance)">Securities</a></li></ul></td></tr><tr><th class="sidebar-heading" style="background:#ddddff;">

<a href="Bond_market" title="Bond market">Bond market</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;">

<ul><li><a href="Bond_valuation" title="Bond valuation">Bond valuation</a></li>

<li><a href="Corporate_bond" title="Corporate bond">Corporate bond</a></li>

<li><a href="Fixed_income" title="Fixed income">Fixed income</a></li>

<li><a href="Government_bond" title="Government bond">Government bond</a></li>

<li><a href="High-yield_debt" title="High-yield debt">High-yield debt</a></li>

<li><a href="Municipal_bond" title="Municipal bond">Municipal bond</a></li>

<li><br><a href="Securitization" title="Securitization">Securitization</a></li></ul></td>

</tr><tr><th class="sidebar-heading" style="background:#ddddff;">

<a href="Stock_market" title="Stock market">Stock market</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;">

<ul><li><a href="Common_stock" title="Common stock">Common stock</a></li>

<li><a href="Growth_stock" title="Growth stock">Growth stock</a></li>

<li><a href="Preferred_stock" title="Preferred stock">Preferred stock</a></li>

<li><a href="Registered_share" title="Registered share">Registered share</a></li>

<li><a href="Shareholder" title="Shareholder">Shareholder</a></li>

<li><a href="Stock" title="Stock">Stock</a></li>

<li><a href="Stockbroker" title="Stockbroker">Stockbroker</a></li>

<li><a href="Stock_certificate" title="Stock certificate">Stock certificate</a></li>

<li><a href="Stock_exchange" title="Stock exchange">Stock exchange</a></li>

<li><a href="Watered_stock" title="Watered stock">Watered stock</a></li></ul></td>

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Other markets</th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;">

<div style="display:inline-block; padding:0.2em 0.4em; line-height:1.2em; line-height:1.25em;"><a href="Derivatives_market" title="Derivatives market">Derivatives</a> <div class="hlist"><ul><li>(<a href="Credit_derivative" title="Credit derivative">Credit derivative</a></li><li><a href="Futures_exchange" title="Futures exchange">Futures exchange</a></li><li><a href="Hybrid_security" title="Hybrid security">Hybrid security</a>)</li></ul></div> </div>

<div style="display:inline-block; padding:0.2em 0.4em; line-height:1.2em; line-height:1.25em;padding-bottom:0.25em;"><a href="Foreign_exchange_market" title="Foreign exchange market">Foreign exchange</a> <div class="hlist"><ul><li>(<a href="Currency" title="Currency">Currency</a></li><li><a href="Exchange_rate" title="Exchange rate">Exchange rate</a>)</li></ul></div> </div>

<ul><li><a href="Commodity_market" title="Commodity market">Commodity</a></li>

<li><a href="Money_market" title="Money market">Money</a></li>

<li><a href="Mutual_fund" title="Mutual fund">Mutual fund</a></li>

<li><a href="Option_(finance)" title="Option (finance)">Option</a></li>

<li><a href="Real_estate" title="Real estate">Real estate</a></li>

<li><a href="Reinsurance" title="Reinsurance">Reinsurance</a></li>

<li><a href="Structured_product" title="Structured product">Structured product</a></li>

<li><a href="Swap_(finance)" title="Swap (finance)">Swap (finance)</a></li></ul></td>

</tr><tr><th class="sidebar-heading" style="background:#ddddff;">

<a href="Alternative_investment" title="Alternative investment">Alternative investment</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;">

<ul><li><a href="Private_equity" title="Private equity">Private equity</a></li>

<li><a href="Private_credit" title="Private credit">Private credit</a></li>

<li><a href="Leveraged_buyout" title="Leveraged buyout">Leveraged buyout</a></li>

<li><a href="Venture_capital" title="Venture capital">Venture</a></li>

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<li><a href="Leverage_(finance)" title="Leverage (finance)">Leveraged finance</a></li></ul></td>

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<a href="Over-the-counter_(finance)" title="Over-the-counter (finance)">Over-the-counter (off-exchange)</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;">

<div class="hlist"><ul><li><a href="Forward_contract" title="Forward contract">Forwards</a></li><li><a href="Option_(finance)" title="Option (finance)">Options</a></li></ul></div>

<div class="hlist"><ul><li><a href="Spot_market" title="Spot market">Spot market</a></li><li><a href="Swap_(finance)" title="Swap (finance)">Swaps</a></li></ul></div></td>

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<a href="Trader_(finance)" title="Trader (finance)">Trading</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;">

<ul><li><a href="Financial_market_participants" title="Financial market participants">Participants</a></li>

<li><a href="Financial_regulation" title="Financial regulation">Regulation</a></li>

<li><a href="Clearing_(finance)" title="Clearing (finance)">Clearing</a></li></ul></td>

</tr><tr><th class="sidebar-heading" style="background:#ddddff;">

Related areas</th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;">

<ul><li><a href="Asset_management" title="Asset management">Asset management</a></li>

<li><a href="Bank" title="Bank">Banks and banking</a></li>

<li><a href="Bull_(stock_market_speculator)" title="Bull (stock market speculator)">Bulls</a> and <a href="Market_trend#Bear_market)" title="Market trend">Bears</a></li>

<li><a href="Diversification_(finance)" title="Diversification (finance)">Diversification</a></li>

<ul><li><a href="Climate_finance" title="Climate finance">Climate finance</a></li>

<li><a href="Eco-investing" title="Eco-investing">Eco-investing</a></li>

<li><a href="Impact_investing" title="Impact investing">Impact investing</a></li>

<li><a href="Sustainable_finance" title="Sustainable finance">Sustainable finance</a></li>

<li><a href="Greenwashing" title="Greenwashing">Greenwashing</a></li></ul></li>

<li><a href="Financial_technology" title="Financial technology">Financial technology</a></li>

<li><a href="Investment_management" title="Investment management">Investment management</a></li>

<li><a href="Market_risk" title="Market risk">Market risk</a></li>

<li><a href="Market_trend" title="Market trend">Market trend</a></li>

<li><a href="Speculative_attack" title="Speculative attack">Speculative attack</a></li></ul></td>

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<p>A <b>stock split</b> or <b>stock divide</b> increases the number of <a href="Share_(finance)" title="Share (finance)">shares</a> in a <a href="Company" title="Company">company</a>. For example, after a 2-for-1 split, each investor will own double the number of shares, and each share will be worth half as much.

A stock split causes a decrease of market price of individual shares, but does not change the total <a href="Market_capitalization" title="Market capitalization">market capitalization</a> of the company: <a href="Stock_dilution" title="Stock dilution">stock dilution</a> does not occur.<sup id="cite_ref-SECAnswers_1-0" class="reference"><a href="#cite_note-SECAnswers-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup>

</p><p>A company may split its stock when the market price per share is so high that it becomes unwieldy when traded. One of the reasons is that a very high share price may deter small investors from buying the shares. Stock splits are usually initiated after a large run up in share price.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup>

</p>

<div class="mw-heading mw-heading2"><h2 id="Effects">Effects</h2></div>

<p>The main effect of stock splits is an increase in the <a href="Market_liquidity" title="Market liquidity">liquidity</a> of a stock:<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> there are more buyers and sellers for 10 shares at $10 than 1 share at $100.

Some companies avoid a stock split to obtain the opposite strategy: by refusing to split the stock and keeping the price high, they reduce trading volume. <a href="Berkshire_Hathaway" title="Berkshire Hathaway">Berkshire Hathaway</a> is a notable example of this. As of 2023, the company has never split its stock and trades at over US$500,000.

</p><p>One possible explanation for increased trading volume is confusion. If some investors are unable to recognize that a split stock should trade at a lower price than before the split, the result can be a temporary increase in demand and the share price.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> Others contend that the management of a company, by initiating a stock split, is implicitly <a href="Signalling_(economics)" title="Signalling (economics)">signaling</a> its confidence in the future prospects of the company.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup>

</p><p>In a market where there is a high minimum number of shares, or a penalty for trading in so-called <a href="Odd_lot" class="mw-redirect" title="Odd lot">odd lots</a> (a non multiple of some arbitrary number of shares), a reduced share price may attract more attention from small investors. Small investors such as these, however, will have negligible impact on the overall price.

</p>

<div class="mw-heading mw-heading2"><h2 id="Split_ratios">Split ratios</h2></div>

<p>Ratios of <i>2-for-1</i>, <i>3-for-1</i>, and <i>3-for-2</i> splits are the most common, but any ratio is possible. Splits of 4-for-3, 5-for-2, and 5-for-4 are used, though less frequently. Investors will sometimes receive cash payments in lieu of fractional shares.

</p><p>In the above examples ‘y-for-x’ Shows the number of shares before (x) and after (y). Other common reporting nomenclatures are ‘x-y’ and ‘stock dividend’ of [=]y-x. In the above ‘3-for-1’ example (or 1-3 and 2 share stock dividend) would mean a stockholder holding 100 shares (on record date) will receive 200 new shares after the split for those 100 shares.

</p>

<div class="mw-heading mw-heading2"><h2 id="Example">Example</h2></div>

<p>A company which has 100 issued shares priced at $50 per share, has a market capitalization of $5000 = 100 × $50. If the company splits its stock 2-for-1, there are now 200 shares of stock and each shareholder holds twice as many shares. The price of each share is adjusted to $25 = $5000 / 200. The market capitalization is 200 × $25 = $5000, the same as before the split.

</p>

<div class="mw-heading mw-heading2"><h2 id="Currency">Currency</h2></div>

<p>The analog in <a href="Currency" title="Currency">currency</a> would be <a href="Redenomination" title="Redenomination">redenomination</a>. This would be where a currency increases in value so that people have to use small fractions. Then a new unit (such as dollar) can be introduced, such that an old unit is equal to 10 (or some number) new units.

</p><p>An example is with the Australian currency. In 1966 the Australian pound was split into two <a href="Australian_dollar" title="Australian dollar">Australian dollars</a>.

</p>

<div class="mw-heading mw-heading2"><h2 id="Effect_on_historical_charts">Effect on historical charts</h2></div>

<p>When a stock splits, many charts show it similarly to a <a href="Dividend" title="Dividend">dividend</a> payout and therefore do not show a dramatic dip in price. Taking the same example as above, a company with 100 shares of stock priced at $50 per share. The company splits its stock 2-for-1. There are now 200 shares of stock and each shareholder holds twice as many shares.

</p><p>The price of each share is adjusted to $25. As a result, when looking at a historical chart, one might expect to see the stock dropping from $50 to $25. To avoid these discontinuities, many charts use what is known as an adjusted share price; that is, they divide all closing prices before the split by the split ratio. Thus, when looking at the charts it will seem as if the price was always $25. Both the Yahoo! historical price charts<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> and the Google historical price charts<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> show the adjusted close prices.

</p>

<ul><li><a href="Reverse_stock_split" title="Reverse stock split">Reverse stock split</a></li>

<li><a href="Share_repurchase" title="Share repurchase">Share repurchase</a> also known as stock buyback</li>

<li><a href="Market_depth" title="Market depth">Market depth</a></li></ul>

<div class="mw-heading mw-heading2"><h2 id="References">References</h2></div>

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</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.sec.gov/answers/stocksplit.htm">"Stock Splits"</a>. <a href="U.S._Securities_and_Exchange_Commission" class="mw-redirect" title="U.S. Securities and Exchange Commission">U.S. Securities and Exchange Commission</a>. 2010-03-29<span class="reference-accessdate">. Retrieved <span class="nowrap">2014-06-05</span></span>.</cite></span>

</li>

<li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://modernagebank.com/2023/11/24/why-do-companies-split-stocks/">"Why Do Companies Split Stocks? - ModernAgeBank"</a>. 2023-11-24<span class="reference-accessdate">. Retrieved <span class="nowrap">2023-11-27</span></span>.</cite></span>

</li>

<li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><cite id="CITEREFSaldanha2020" class="citation web cs1">Saldanha, Ruth (August 18, 2020). <a rel="nofollow" class="external text" href="https://www.morningstar.ca/ca/news/204805/what-is-a-stock-split.aspx">"What is a Stock Split?"</a>. <i>Morningstar.ca</i><span class="reference-accessdate">. Retrieved <span class="nowrap">August 19,</span> 2020</span>.</cite></span>

</li>

<li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"> <a rel="nofollow" class="external text" href="https://www.sciencedirect.com/science/article/pii/S0167268123002858">Duffy, J, Rabanal, JP, Rud, O, "Market Reactions to Stock Splits: Experimental Evidence" Journal of Economic Behavior and Organization, 214 (2023), pp. 325-345.</a></span>

</li>

<li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.sec.gov/Archives/edgar/data/1042046/000104204606000050/stocksplitfaqsa.htm">"COMMONLY ASKED QUESTIONS AND ANSWERS"</a>. <i>www.sec.gov</i><span class="reference-accessdate">. Retrieved <span class="nowrap">2023-08-01</span></span>.</cite></span>

</li>

<li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://finance.yahoo.com/q/hp?s=CI&a=05&b=1&c=2007&d=05&e=8&f=2007&g=d">Yahoo Finance Historical Charts</a></span>

</li>

<li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20080220005406/http://finance.google.com/finance/historical?cid=6276&startdate=Jun++1%2C+2007&enddate=Jun++8%2C+2007">Google Finance Historical Charts</a></span>

</li>

</ol></div></div>

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</style></div><div role="navigation" class="navbox" aria-labelledby="Financial_markets208" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><div id="Financial_markets208" style="font-size:114%;margin:0 4em"><a href="Financial_market" title="Financial market">Financial markets</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Types of <a href="Capital_market" title="Capital market">markets</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Primary_market" title="Primary market">Primary market</a></li>

<li><a href="Secondary_market" title="Secondary market">Secondary market</a></li>

<li><a href="Third_market" title="Third market">Third market</a></li>

<li><a href="Fourth_market" title="Fourth market">Fourth market</a></li></ul>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Types of <a href="Stock" title="Stock">stocks</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Common_stock" title="Common stock">Common stock</a></li>

<li><a href="Golden_share" title="Golden share">Golden share</a></li>

<li><a href="Preferred_stock" title="Preferred stock">Preferred stock</a></li>

<li><a href="Restricted_stock" title="Restricted stock">Restricted stock</a></li>

<li><a href="Tracking_stock" title="Tracking stock">Tracking stock</a></li></ul>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="Share_capital" title="Share capital">Share capital</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Authorised_capital" title="Authorised capital">Authorised capital</a></li>

<li><a href="Issued_shares" title="Issued shares">Issued shares</a></li>

<li><a href="Shares_outstanding" title="Shares outstanding">Shares outstanding</a></li>

<li><a href="Treasury_stock" title="Treasury stock">Treasury stock</a></li></ul>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Participants</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Broker" title="Broker">Broker</a>

<ul><li><a href="Floor_broker" title="Floor broker">Floor broker</a></li>

<li><a href="Inter-dealer_broker" title="Inter-dealer broker">Inter-dealer broker</a></li></ul></li>

<li><a href="Broker-dealer" title="Broker-dealer">Broker-dealer</a></li>

<li><a href="Market_maker" title="Market maker">Market maker</a></li>

<li><a href="Trader_(finance)" title="Trader (finance)">Trader</a>

<ul><li><a href="Floor_trader" title="Floor trader">Floor trader</a></li>

<li><a href="Proprietary_trading" title="Proprietary trading">Proprietary trader</a></li></ul></li>

<li><a href="Quantitative_analysis_(finance)" title="Quantitative analysis (finance)">Quantitative analyst</a></li>

<li><a href="Investor" title="Investor">Investor</a></li>

<li><a href="Hedge_(finance)" title="Hedge (finance)">Hedger</a></li>

<li><a href="Speculation" title="Speculation">Speculator</a></li>

<li><a href="Arbitrage" title="Arbitrage">Arbitrager</a>

<ul><li><a href="Scalping_(trading)" title="Scalping (trading)">Scalper</a></li></ul></li>

<li><a href="Financial_regulation" title="Financial regulation">Regulator</a></li></ul>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Trading venues</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Exchange_(organized_market)" title="Exchange (organized market)">Exchange</a>

<ul><li><a href="List_of_major_stock_exchanges" title="List of major stock exchanges">List of major stock exchanges</a></li></ul></li>

<li><a href="Over-the-counter_(finance)" title="Over-the-counter (finance)">Over-the-counter</a> (off-exchange)</li>

<li><a href="Alternative_trading_system" title="Alternative trading system">Alternative trading system</a> (ATS)</li>

<li><a href="Multilateral_trading_facility" title="Multilateral trading facility">Multilateral trading facility</a> (MTF)</li>

<li><a href="Electronic_communication_network" title="Electronic communication network">Electronic communication network</a> (ECN)</li>

<li><a href="Direct_market_access" title="Direct market access">Direct market access</a> (DMA)</li>

<li><a href="Straight-through_processing" title="Straight-through processing">Straight-through processing</a> (STP)</li>

<li><a href="Dark_pool" title="Dark pool">Dark pool</a> (private exchange)</li>

<li><a href="Crossing_network" title="Crossing network">Crossing network</a></li>

<li><a href="Foreign_exchange_aggregator" title="Foreign exchange aggregator">Liquidity aggregator</a></li></ul>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="Stock_valuation" title="Stock valuation">Stock valuation</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Alpha_(finance)" title="Alpha (finance)">Alpha</a></li>

<li><a href="Arbitrage_pricing_theory" title="Arbitrage pricing theory">Arbitrage pricing theory</a> (APT)</li></ul>

<li><a href="Buffett_indicator" title="Buffett indicator">Buffett indicator</a> (Cap-to-GDP)</li>

<li><a href="Book_value" title="Book value">Book value</a> (BV)</li>

<li><a href="Capital_asset_pricing_model" title="Capital asset pricing model">Capital asset pricing model</a> (CAPM)</li>

<li><a href="Capital_market_line" title="Capital market line">Capital market line</a> (CML)</li>

<li><a href="Dividend_discount_model" title="Dividend discount model">Dividend discount model</a> (DDM)</li>

<li><a href="Dividend_yield" title="Dividend yield">Dividend yield</a></li>

<li><a href="Earnings_yield" title="Earnings yield">Earnings yield</a></li>

<li><a href="EV/Ebitda" class="mw-redirect" title="EV/Ebitda">EV/EBITDA</a></li>

<li><a href="Fed_model" title="Fed model">Fed model</a></li>

<li><a href="Net_asset_value" title="Net asset value">Net asset value</a> (NAV)</li>

<li><a href="Security_characteristic_line" title="Security characteristic line">Security characteristic line</a></li>

<li><a href="Security_market_line" title="Security market line">Security market line</a> (SML)</li>

<li><a href="T-model" title="T-model">T-model</a></li></ul>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Trading theories<br> and <a href="Trading_strategy" title="Trading strategy">strategies</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Algorithmic_trading" title="Algorithmic trading">Algorithmic trading</a></li>

<li><a href="Contrarian_investing" title="Contrarian investing">Contrarian investing</a></li>

<li><a href="Dollar_cost_averaging" title="Dollar cost averaging">Dollar cost averaging</a></li>

<li><a href="Efficient-market_hypothesis" title="Efficient-market hypothesis">Efficient-market hypothesis</a> (EMH)</li>

<li><a href="Fundamental_analysis" title="Fundamental analysis">Fundamental analysis</a></li>

<li><a href="Growth_stock" title="Growth stock">Growth stock</a></li>

<li><a href="Market_timing" title="Market timing">Market timing</a></li>

<li><a href="Modern_portfolio_theory" title="Modern portfolio theory">Modern portfolio theory</a> (MPT)</li>

<li><a href="Momentum_investing" title="Momentum investing">Momentum investing</a></li>

<li><a href="Mosaic_theory_(investments)" title="Mosaic theory (investments)">Mosaic theory</a></li>

<li><a href="Pairs_trade" title="Pairs trade">Pairs trade</a></li>

<li><a href="Post-modern_portfolio_theory" title="Post-modern portfolio theory">Post-modern portfolio theory</a> (PMPT)</li>

<li><a href="Random_walk_hypothesis" title="Random walk hypothesis">Random walk hypothesis</a> (RMH)</li>

<li><a href="Sector_rotation" title="Sector rotation">Sector rotation</a></li>

<li><a href="Style_investing" title="Style investing">Style investing</a></li>

<li><a href="Swing_trading" title="Swing trading">Swing trading</a></li>

<li><a href="Technical_analysis" title="Technical analysis">Technical analysis</a></li>

<li><a href="Trend_following" title="Trend following">Trend following</a></li>

<li><a href="Value_averaging" title="Value averaging">Value averaging</a></li>

<li><a href="Value_investing" title="Value investing">Value investing</a></li></ul>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related terms</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Bid%E2%80%93ask_spread" title="Bid–ask spread">Bid–ask spread</a></li>

<li><a href="Block_trade" title="Block trade">Block trade</a></li>

<li><a href="Cross_listing" title="Cross listing">Cross listing</a></li>

<li><a href="Dividend" title="Dividend">Dividend</a></li>

<li><a href="Dual-listed_company" title="Dual-listed company">Dual-listed company</a></li>

<li><a href="DuPont_analysis" title="DuPont analysis">DuPont analysis</a></li>

<li><a href="Efficient_frontier" title="Efficient frontier">Efficient frontier</a></li>

<li><a href="Financial_law" title="Financial law">Financial law</a></li>

<li><a href="Flight-to-quality" title="Flight-to-quality">Flight-to-quality</a></li>

<li><a href="Government_bond" title="Government bond">Government bond</a></li>

<li><a href="Greenspan_put" title="Greenspan put">Greenspan put</a></li>

<li><a href="Haircut_(finance)" title="Haircut (finance)">Haircut</a></li>

<li><a href="Initial_public_offering" title="Initial public offering">Initial public offering</a> (IPO)</li>

<li><a href="Mandatory_offer" title="Mandatory offer">Mandatory offer</a></li>

<li><a href="Margin_(finance)" title="Margin (finance)">Margin</a></li>

<li><a href="Market_anomaly" title="Market anomaly">Market anomaly</a></li>

<li><a href="Market_capitalization" title="Market capitalization">Market capitalization</a></li>

<li><a href="Market_depth" title="Market depth">Market depth</a></li>

<li><a href="Market_manipulation" title="Market manipulation">Market manipulation</a></li>

<li><a href="Market_trend" title="Market trend">Market trend</a></li>

<li><a href="Mean_reversion_(finance)" title="Mean reversion (finance)">Mean reversion</a></li>

<li><a href="Momentum_(finance)" title="Momentum (finance)">Momentum</a></li>

<li><a href="Open_outcry" title="Open outcry">Open outcry</a></li>

<li><a href="Order_book" title="Order book">Order book</a></li>

<li><a href="Position_(finance)" title="Position (finance)">Position</a></li>

<li><a href="Public_float" title="Public float">Public float</a></li>

<li><a href="Public_offering" title="Public offering">Public offering</a></li>

<li><a href="Rally_(stock_market)" title="Rally (stock market)">Rally</a></li>

<li><a href="Returns-based_style_analysis" title="Returns-based style analysis">Returns-based style analysis</a></li>

<li><a href="Reverse_stock_split" title="Reverse stock split">Reverse stock split</a></li>

<li><a href="Share_repurchase" title="Share repurchase">Share repurchase</a></li>

<li><a href="Short_(finance)" title="Short (finance)">Short selling</a></li>

<li><a href="Short_squeeze" title="Short squeeze">Short squeeze</a></li>

<li><a href="Slippage_(finance)" title="Slippage (finance)">Slippage</a></li>

<li><a href="Speculation" title="Speculation">Speculation</a></li>

<li><a href="Squeeze-out" title="Squeeze-out">Squeeze-out</a></li>

<li><a href="Stock_dilution" title="Stock dilution">Stock dilution</a></li>

<li><a href="Stock_exchange" title="Stock exchange">Stock exchange</a></li>

<li><a href="Stock_market_index" title="Stock market index">Stock market index</a></li>

<li><a href="Stock_swap" title="Stock swap">Stock swap</a></li>

<li><a href="Trade_(finance)" title="Trade (finance)">Trade</a></li>

<li><a href="Tender_offer" title="Tender offer">Tender offer</a></li>

<li><a href="Uptick_rule" title="Uptick rule">Uptick rule</a></li>

<li><a href="Volatility_(finance)" title="Volatility (finance)">Volatility</a></li>

<li><a href="Voting_interest" title="Voting interest">Voting interest</a></li>

<li><a href="Yield_(finance)" title="Yield (finance)">Yield</a></li></ul>

</div></td></tr></tbody></table></div></div><div><div class="zim-footer">

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