Joint research from Professor Baruch Lev investigating why firms split their stock or distribute stock dividends and why the market reacts favorably to these distributions is cited
— August 14, 2020
Excerpt from Barron's -- "Critics point out that there’s no guarantee that a stock’s value will continue to rise after the split. They also take issue with the expanded-ownership argument. Average trading volume—measured by dollar amounts traded—don’t change much post-split, according to a widely cited academic paper by Josef Lakonishok and Baruch Lev."