Although several researchers have speculated that stock splits may affect the ownership structure of firms, there is very little empirical evidence available in this regard. We investigate a broad sample of stock splits by firms without confounding events, controlling for industry and size...

This paper investigates the effect of stock splits on individual and institutional shareholders, which has been a matter of speculation in several studies. We test a broad sample of firms without confounding events and control for industry and size effects. Our results show that stock splits...