Stock split signalling: Evidence from short interest
通过分析精明投资者（卖空者）在股票拆分公告后的行为，发现卖空兴趣显著下降，且下降幅度与信号强度和信息不对称程度正相关，支持了股票拆分传递正面信号的假说。
We test the split signaling hypothesis by examining the reaction of sophisticated investors to stock split announcements. Return-based tests of signaling used in earlier studies produce conflicting results and have been criticized as unreliable. We overcome this issue by focusing on the long-term post-split behavior of short sellers, who are widely regarded as sophisticated investors. Upon controlling for alternative hypotheses and conventional short selling determinants, we find a substantial reduction in short interest in reaction to split announcements. Furthermore, consistent with signaling, the degree of the reduction is positively related to signal strength and to the splitter's level of information asymmetry. Overall, our results are consistent with the view that firms use stock splits to relay positive value-relevant signals.