Reverse Stock Splits, Institutional Holdings, and Share Value
研究发现，当反向分割前股价低于5美元且目标价高于5美元时，机构投资者数量和持股比例显著增加，且这种效应大于其他反向分割，表明机构持股受审慎人规则影响，而反向分割被用于缓解这一约束，同时机构持股增加与股价上涨相关。
We show that both the number of institutional investors and the percentage of shares that are held by institutional investors increase significantly after reverse splits with a presplit price lower than $5 and a target price higher than $5. This effect is larger than for other comparable reverse splits. These results suggest institutional holdings are affected by the prudent‐person rule and reverse splits are used by firms to alleviate this constraint. We also show that an increase in institutional holdings that results from reverse splits is associated with an increase in share price.