On August 11, 2020, at 16:59 EDT, Tesla announced a 5-for-1 stock split. The trading in the after-market and during the subsequent 2 days amounts to a unique financial economic experiment. Although stock splits have no fundamental impact on value, Tesla’s stock price rose 17.94% in the 2 days following the split—adding almost $50 billion in market value. This paper examines that price increases in detail and concludes there is no rational explanation for the size of the run-up following Tesla’s stock split announcement.

中文翻译：

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特斯拉股票分割实验

2020年8月11日，美国东部时间下午16:59，特斯拉宣布了5股换1股的股票分配。在售后市场以及随后的两天内进行的交易构成了独特的金融经济实验。尽管股票拆分对价值没有根本影响，但特斯拉股价在拆分后的两天内上涨了17.94％，市值增加了近500亿美元。本文详细研究了价格上涨的情况，并得出结论，在特斯拉股票拆分公告之后，没有对涨幅的大小做出合理的解释。