Perception, Illusion and Reality: Stock Splits and Index Inclusions (Exclusions)

Aswath Damodaran

On August 31, 2020, the two biggest news events of the day were the stock splits at Apple (4 for 1) and Tesla and the reconstruction of the Dow 30, with Honeywell, Salesforce and Amgen replacing Exxon, Raytheon and Pfizer. In this session, I start with my value vs price contrast to classify events in terms of their impact: 1, Value events change cash flows, expected growth or risk, and thus value. 2. Pricing events affect liquidity and/or momentum in a stock and thus price 3. Gap events do not change value, but by drawing attention to a company, can cause the gap between price and value, if one exists, to close.

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