Catering through Nominal Share Prices
提出并检验了名义股价的迎合理论，发现当投资者偏好低价股时，管理者会通过拆股等方式降低股价来迎合，反之亦然。
ABSTRACT We propose and test a catering theory of nominal stock prices. The theory predicts that when investors place higher valuations on low‐price firms, managers respond by supplying shares at lower price levels, and vice versa. We confirm these predictions in time‐series and firm‐level data using several measures of time‐varying catering incentives. More generally, the results provide unusually clean evidence that catering influences corporate decisions, because the process of targeting nominal share prices is not well explained by alternative theories.