Reverse Splits and Shareholder Wealth
探讨反向股票分割对股东财富的影响，指出在完美市场中分割不影响财富，但现实中市场不完美可能使分割成为管理工具。
perfect capital markets, neither reverse nor direct splits influence shareholder wealth. In practice, however, market imperfections such as transactions costs and information asymmetries can be cited in defending splits as management tools. In their seminal article, Fama, Fisher, Jensen, and Roll [2] analyze the impact of direct splits on stockholder returns. Their conclusion, which has been corroborated in subsequent studies, is that direct splits, per se, have no effect on shareholder wealth.