It appears that the effect of stock splits on ownership structure is country (or region) specific. In our study, ownership structure post-split exhibited a more concentrated ownership. Our results are markedly different from Abrahamson, below.
Article Stock Split and Ownership
If you do not like stocksplits at least not often then I have shown in coauthored papers that stock prices and dynamics depend on equivalent monetary investment in stocks at the issue date and also, conclusively, on the identity of stocks differentiated by industries and p/e ratios due to incompleteness of markets. Please refer to my paper on Stock Pricing in Emerging Markets.
I would say that the impact of country or market specific. In illiwuid markets where stock parices are "high", the average investor cannot get involved. Following splits, prices come down and as a result, "small" investor can get involved. This is why following splits, the ownership structure is expected to become less concentrated.
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