Rien, that lower price after a split and higher volatility for cheaper stocks (but no stock will split to a level under $10) play a part may be true or not, but the efficient market crew will not be impressed. It seems to assume that all investors are just a bit dumb, with the exception of you and me, of course. I did try to give an answer within the bounds of that theory, although I myself rather subscribe to the 'more or less efficient market theory'.
Regards,
Karel