The study looked at how stock split announcements affect stock prices. They found that stock prices don't change much on the announcement day, but for two for one and three for two splits, prices go up before the announcement. For reverse splits, prices go down before the announcement. This shows that stock prices adjust quickly to public information, so investors can't make extra money by trading on the announcement day. Forward splits are seen as good news, while reverse splits are seen as bad news. It seems like insiders might be trading based on this information before the official announcement.