Stock Splits: Evidence from Mutual Funds
研究发现共同基金拆分发生在高价位基金经历异常高回报之后，拆分后股东数和资产并未增加，但每账户持股量恢复正常，并指出信号、流动性和最小报价单位理论不适用于共同基金拆分。
Mutual fund splits occur in high‐priced funds after unusually high returns. Split factors are related to the deviation of a fund's price from the mean of all fund prices. Post‐split prices are below the mean of other funds' prices. Post‐split numbers of shareholders and assets do not increase compared with funds having similar rates of asset growth. However, I find evidence that mutual fund splits bring per account shareholdings back up to normal levels. I argue that signaling, liquidity, and tick size theories do not apply to mutual fund splits.