Ann: Notice of Extraordinary General Meeting/Proxy Form, page-10

Surely the market is more sophisticated than to rally purely on the basis of a stock split...

As for the research, it would makes sense that above average quality companies whose share prices increase materially over time would be more likely to split their shares and conversely poor quality companies that destroy shareholder value may consolidate shares from time to time.

Thus, on average, share splits may be indicative of above average businesses and share consolidations indicative of below average businesses. However, it's all a very academic view of the world.

Share prices rise and fall with business performance... increasing or decreasing the number of shares in circulation is merely a side show.