Stock Splits and Stock Dividends: Why, Who, and When
实证研究公司为何进行股票拆分或发放股票股利，以及市场为何对此反应积极。研究发现股票拆分主要旨在将股价恢复至“正常范围”，而股票股利则与现金股利存在替代关系。
ABSTRACT This study investigates empirically why firms split their stock or distribute stock dividends and why the market reacts favorably to these distributions. The findings suggest that stock splits are mainly aimed at restoring stock prices to a “normal range.” Some support can also be found for the oft‐mentioned signalling motive of stock splits. Stock dividends are altogether different from stock splits, and they appear to be a decreasing phenomenon. The clue to stock dividend distributions may lie in their perceived substitution for relatively low cash dividends.