Stock Splits, Tick Size, and Sponsorship
研究股票拆分后小股东数量增加的原因，发现最小买卖价差扩大和经纪商激励增强是主要驱动因素，并利用1993-1994年纳斯达克和纽交所数据验证了交易成本上升和做市成本下降的证据。
A traditional explanation for stock splits is that they increase the number of small shareholders who own the stock. A possible reason for the increase is that the minimum bid‐ask spread is wider after a split and brokers have more incentive to promote a stock. I document a large number of small buy orders following Nasdaq and NYSE/AMEX splits during 1993 to 1994. I also find strong evidence that trading costs increase, and weak evidence that costs of market making decline following splits. This is consistent with splits acting as an incentive to brokers to promote stocks.