The Effects of Reverse Splits on the Liquidity of the Stock
研究反向股票分割对股票流动性的影响，发现分割后买卖价差缩小、交易量增加、非交易日减少，表明反向分割提升了流动性。
This study investigates the liquidity effects of reverse stock splits using bid-ask spread, trading volume, and the number of nontrading days as proxies for the liquidity of the stock. Results indicate a decrease in bid-ask spread and an increase in trading volume after reverse splits. More importantly, the number of nontrading days significantly declines following reverse splits. For the control group, however, no such changes are observed. These results suggest that reverse splits enhance the liquidity of the stock.