Stock Dividends, Stock Splits, and Signaling
发现公司通过选择股票分割比例来传递未来盈利的私有信息，分割比例与盈利预测误差正相关，且公告价格变化与分割比例显著相关，表明管理层行为向投资者传递了价值信号。
ABSTRACT This paper provides evidence that firms signal their private information about future earnings by their choice of split factor. Split factors are increasing in earnings forecast errors, after controlling for differences in pre‐split price and firm size. Furthermore, price changes at stock dividend and split announcements are significantly correlated with split factors, holding other factors constant, and with earnings forecast errors. These correlations suggest that management's choice of split factor signals private information about future earnings and that investors revise their beliefs about firm value accordingly. The analysis also suggests, however, that announcement returns are significantly correlated with split factors after controlling for earnings forecast errors. This suggests that earnings forecast errors measure management's private information about future earnings with error, that split factors signal other valuation‐relevant attributes, or that a signaling explanation is incomplete.