The Nominal Share Price Puzzle
研究发现纽约证券交易所普通股的平均名义股价自大萧条以来因股票拆分一直保持在约35美元，而同期物价上涨超十倍，且交易十股35美元股票的佣金约为交易一股350美元股票的十倍，现有理论无法解释这一现象，可能与习俗和规范有关。
The average nominal share prices of common stocks traded on the New York Stock Exchange have remained constant at approximately $35 per share since the Great Depression as a result of stock splits. It is surprising that U.S. firms actively maintained constant nominal prices for their shares while general prices in the economy went up more than tenfold. This is especially puzzling given that commissions paid by investors on trading ten $35 shares are about ten times those paid on a single $350 share. We review potential explanations including signaling and optimal trading ranges and find that none of the existing theories are able to explain the observed constant nominal prices. We suggest that the evidence is consistent with the idea that customs and norms can explain the nominal price puzzle.