I agree that the motivating factors behind the split, are responsible for the VAST majority of the negative effect on shareholder value, following the split( and I meant to imply that).
However, "human psychology" being what it is, a small % of the "investor pool" is "affected" by the split, resulting in a change in their investment behavior toward the stock in question.
So we are in basic agreement, my experience merely indicates a slight effect due to the actual RS.
GLTU