Why are Stock Splits Declining?
研究发现，1982年至2009年间进行股票拆分的公司比例从23%降至不足1%，这与家庭投资者持股比例下降和家庭收入上升显著相关，表明企业理性回应投资者特征变化。
The percentage of firms undertaking stock splits has fallen from a peak of 23% in 1982 to less than 1% in 2009. Controlling for time trends and other economic determinants, the declining incidence of stock splits is significantly associated with a drop in household investors’ equity holdings and with a rise in household income. We also report a decline in the size of split factors that is associated with an increase in institutional ownership of equity and with an increase in household income. Collectively, the evidence is consistent with firms responding rationally to changes in investor characteristics.