The Economic Consequences of Accounting for Stock Splits and Large Stock Dividends
研究发现，当股票分割或股票股利的会计处理减少了可分配权益时，会传递出更正面的信息，纠正了以往研究对现金股利限制的错误假设。
Prior studies of dividends and have failed to provide valid tests of earnings signaling because they incorrectly assume that stock splits do not restrict future cash dividends. Unlike previous studies, which also incorrectly assume that cash dividends are limited only to the amount of retained earnings, we present a study based on actual accounting treatment and appropriate statutory definitions of distributable equity. We find that more positive information is signaled if the distribution accounting choice reduces distributable equity.