Stock Splits and Information: The Role of Share Price
研究发现管理者设计股票拆分是为了将股价恢复到上次拆分后的水平，而股价低于上次拆分水平会被投资者和分析师视为积极信号。
Managers appear to design stock splits to return the price of the company's shares to the price level achieved after the last split. Reducing the share price below the price achieved in the last split is interpreted by investors and securities analysts as a positive signal.