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Excerpt from Earnings and Stock Splits<br><br>We wish to thank Robert Holthausen, Robert Kaplan, Richard Leftwich, Robert Merton, Richard Ruback and Karen Wruck for their comments on an earlier draft of this paper. We also wish to thank the participants at seminars at Harvard University, New York University and the University of Chicago. Finally we wish to thank Lydia Magliozzi and Eric Wolff for their assistance in data collection.<br><br>About the Publisher<br><br>Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com<br><br>This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.