Earnings and Stock Splits.
研究股票拆分是否传递盈利信息，发现公司通常在盈利大幅增长后拆分股票，拆分公告使投资者更倾向于认为盈利增长是永久性的，而非预期未来盈利或现金股利增加。
Abstract ABSTRACT: This paper examines whether stock Splits convey Information about earnings. The results Indicate that firms split their shares after a significant Increase in earnings. Before the stock split announcement, the market expects these earnings Increases to be temporary. The split announcement leads investors to increase their expectations that the past earnings increases are permanent. The evidence also suggests that the market's reaction to split announcements cannot be attributed to expectations of either future earnings increases or near-term cash dividend Increases.